Bytom (BTM) is a public blockchain platform created to help connect, manage, and solve problems related to assets in the digital world with real-world assets. Bytom’s mission is to bridge the digital and physical worlds, build a decentralized network where digital assets can be registered and exchanged with different physical assets.
Bytom’s goal is to become the largest public blockchain platform in the world, helping to connect different types of assets to blockchain in order to improve the liquidity, security and value of these assets.
BTM Coin is Bytom’s main digital currency used to pay for purchases or services in the platform, such as asset management fees, asset transaction fees.
Features of Bytom (BTM)
Bytom uses a UTXO model that allows verification of multiple transactions at the same time. Bytom’s UTXO model consists of three layers: the data transaction & transmission layer, contract layer, and asset interaction layer. The contract layer and asset interaction layer work by open contract (called Call contract – the contract has open terms, allowing participants to ask for good terms for themselves). The data transaction & transmission layer is compatible with the UTXO model and transmits data of Bitcoin to achieve the highest speed with the best security. The UTXO Bytom model allows for parallel processing of transactions. This makes the processing of transactions lighter than Ethereum. Bytom also has a lightweight verification mechanism. The user then only needs to verify the related transactions instead of the entire blockchain. The whole process is done through Merkle proof.
Using the common address format: The common address formats BIP32, BIP43 and BIP441 are used in the platform to facilitate the design of the Bytom wallet like the address format used to design Bitcoin wallets and Ethereum aims to support multiple currencies, multiple accounts, multiple addresses and multiple keys with Hierarchical Deterministic Wallets (HD wallets).
The PoW consensus algorithm is ASIC compatible: Similar to Bitcoin, Bytom allows ASIC mining through a separate proof-of-work. Bytom Blockchain’s PoW algorithm is designed to be compatible with AI’s ASIC chip. It allows matrix calculations to be included in the Hash function so miners can use AI hardware acceleration services.
Naming standard assets with ODIN: Asset naming will follow standards created separately in a platform called ODIN (Open Data Index Name) to ensure the uniqueness of assets across the entire blockchain network. ODIN is based on Bitcoin’s blockchain and supports other blockchains (such as public blockchains, linked blockchains, private blockchains) through multi-level marking. ODIN uses blockchain height as a naming standard instead of by character string.
Separate transaction signature: In Bytom’s design, a protocol called DLT allows interaction between a variety of assets. Many blockchains that use the same protocol can exist independently and can be exchanged across chains, making interaction differences in the same format. And to ensure the security of the assets, the platform creates a separate signature to make all transactions in Bytom.
Team
The Bytom project was launched in January 2017 and is based in China; the development team includes prominent names in the blockchain space such as:
Chang Jia: He is the founder of 8BTC – one of China’s largest cryptocurrency and Blockchain news sites. He is also an award-winning science fiction author and co-author of the first Chinese-language book on Bitcoin, “Bitcoin: A Real Yet Virtual Financial World (2014)”.
LangYu: Master’s Degree in Computer Science from Xidian University. System engineer at Alipay from 2012 to 2014. Join 8BTC in 2014 to develop a Bitcoin data center system, Blockmeta.com.
There are also a number of other notable members including:
Li ZhongCheng: Master’s degree in technical economics from Zhejiang Gongshang University. He used to work at Zhejiang International Bussiness Co., Ltd. and Codi Capital Group and joined 8BTC in 2017. He has many years of experience in investment and finance.
Qu ZhaoXiang: Master’s degree in electrical engineering from Hong Kong Polytechnic University. He joined 8BTC in 2014 as a COO. He is one of the authors of the Report on Digital Currency Development in 2014-2015.
Guo Guanghua: Working at ARRIS GROUP for many years. He was formerly a Java developer at Cryptape Inc. Guo is one of the developers of a Trust Automation team. He is also a developer of the intelligent digital drafting system of Zhongchao Smart Card Research Institute.
Conclusion
Bytom is a platform that enables the processing and data of physical and digital assets easily and quickly. It also provides users with the ability to create and exchange many assets that cannot be traded via traditional finance.
If it achieves its goal, Bytom will be one of the most important foundations in the area of asset digitization. However, projects that are highly focused on the future may be a barrier for investors at the moment.
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