Bytom

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Discover Bytom's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Bytom?

Bytom (BTM) is a blockchain protocol designed to bridge digital and physical assets, facilitating the exchange, management, and tokenization of various assets. It uses a triple-layer approach to blockchain distributed applications, enabling faster and more secure transactions. The Bytom token (BTM) has three main uses: transaction fees, dividends, and asset issuance deposits. The protocol aims to create a decentralized network where different types of assets can be registered and exchanged efficiently and securely.

How is Bytom used?

Bytom (BTM) is the native cryptocurrency of the Bytom blockchain, which is designed to bridge the physical and digital worlds by creating a digital asset layer protocol. The Bytom ecosystem is powered by BTM, which serves several purposes within the network:

  1. Transaction Fees: BTM is used to pay for network fees on the Bytom blockchain, facilitating transactions and asset management.

  2. Dividends: BTM is used to distribute dividends to asset holders, ensuring a secure and efficient process through smart contracts.

  3. Asset Issuance Deposits: BTM is required for asset issuance and management, allowing users to register, manage, and exchange digitized assets.

In summary, Bytom (BTM) is the core currency that enables the functioning of the Bytom blockchain, supporting various financial and digital asset applications.

How do I store Bytom?

To store Bytom (BTM) tokens, you should use the Bytom official wallet. It is available on Windows, Mac, and Linux operating systems. The Bytom team has also created a user manual to help you set up and use the wallet. Ensure that you only send the regular BTM tokens to the official wallet, as the ERC20 BTM tokens are being converted to the regular tokens on the Bytom blockchain.

How to buy Bytom?

To buy Bytom (BTM) tokens, follow these steps:

  1. Choose a Platform: Select a reliable platform such as MEXC, Kriptomat, Bitget, or Gate.io to purchase your Bytom tokens.

  2. Create and Verify Your Account: On the chosen platform, sign up with your name and email or use Google or Apple to register. Verify your email, phone number, and identity to unlock the full potential of the platform.

  3. Add Funds: Deposit funds into your account using a bank transfer or credit/debit card. This will enable you to purchase Bytom and other cryptocurrencies.

  1. Select Bytom: Navigate to the platform's cryptocurrency list and choose Bytom (BTM).

  2. Enter Amount and Confirm: Enter the amount of Bytom you want to buy, preview the transaction, and confirm your purchase.

By following these steps, you can securely and efficiently buy Bytom tokens on your chosen platform.

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History of Bytom

Bytom (BTM) is a blockchain-based digital asset management platform that was founded in 2017. It aims to bridge the gap between digital and physical assets, facilitating the exchange, management, and tokenization of various types of assets. Bytom's unique features include its dual-atomic model, which combines the advantages of both UTXO and Account models, and its scalable sidechain solution, which enables seamless cross-chain interoperability.

The project began in January 2017, and the team released their first testnet in September of the same year. They launched the first version of the mainnet at the end of April 2018. Bytom has made significant progress since its inception, including passing the Howey Test, which means the SEC does not classify the token as a security.

Bytom's founders, Chang Jia and Duan Xinxing, are prominent figures in the blockchain space. Chang Jia, a former Sci-Fi writer, founded 8btc, one of the largest Bitcoin and blockchain news sites in China. Duan Xinxing is the former Vice President of OKCoin, one of the largest digital asset exchanges in the world.

Bytom's cryptocurrency, BTM, has had a turbulent trading history. After a brief spike in August 2017, the price remained relatively flat for most of that year. It saw a slight increase in October 2017 and significant growth in mid-December. The price fell sharply in January 2018 but has since recovered. Bytom's all-time high was reached in April 2018 at $1.13.

Bytom's official wallet is available for various desktop operating systems, and the cryptocurrency can be traded on several exchanges, including Huobi, Bibox, and Gate.io. The project has a total supply of 1,407,000,000 BTM and has been working on a one-stop big-data shop for government agencies and enterprises in China.

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How Bytom works

Bytom (BTM) is a digital asset layer protocol that enables individuals and institutions to build financial and digital asset applications. It operates on a three-layer architectural model, consisting of an application layer, a contract layer, and a data transmission layer. This structure allows for the registration, management, and exchange of digitized assets, including income assets, equity assets, and securitized assets, in a secure and efficient manner.

Key Features
  1. Asset Registration and Tokenization: Users can create asset-backed securities on the Bytom blockchain by registering and tokenizing their assets via smart contracts. This process is managed by the contract layer, ensuring that transactions are secure and transparent.

  2. Cross-Chain Transactions: Bytom supports cross-chain transactions through side chains, allowing for the transfer of assets between different blockchains. This is achieved by creating a smaller version of the chain and executing API calls through smart contracts to verify network activity on the main chain.

  3. Consensus Model: Bytom uses a Proof-of-Work (PoW) consensus model, similar to Bitcoin and Ethereum. This model prioritizes decentralization and security over performance, ensuring that the blockchain is not vulnerable to Sybil attacks and 51% attacks.

  1. Native Token (BTM): The Bytom Token (BTM) has three main uses: transaction fees, dividends, and asset issuance deposits. The total supply of BTM is 2.1 billion, with 1.407 billion coins currently in circulation.

  2. Governance Structure: Bytom has a governance structure resembling a corporate governance structure. Bytom coin holders form the Bytom Coin Holder Assembly, which votes to elect members of the Autonomous Committee. The Autonomous Committee, in turn, elects members of and supervises the work of the Executive Committee, responsible for daily operational matters.

Benefits
  1. Efficiency and Security: Bytom's blockchain-based system removes the need for middlemen in asset transfers and recordkeeping, leading to faster transactions and lower costs. The decentralized ledger also ensures that asset records are immutable and secure.

  2. Interoperability: Bytom aims to bridge the physical and digital worlds, allowing for the interaction and circulation of assets between the two. This interoperability is achieved through its unique triple-layer architecture and cross-chain transactions.

  3. Flexibility: Bytom supports a wide range of assets, including income assets, equity assets, and securitized assets, making it a versatile platform for various financial and digital asset applications.

Conclusion

Bytom is a promising cryptocurrency project that aims to create a decentralized network where various byte assets and atomic assets can be registered and exchanged. Its unique architecture, consensus model, and governance structure make it an attractive option for those looking to invest in a digital asset layer protocol.

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Bytom's strengths

The token Bytom (BTM) has several strengths that make it a notable player in the cryptocurrency market:

  1. Unique Triple-Layer Approach: Bytom uses a triple-layer approach to blockchain distributed applications, which allows for efficient data transactions and interoperability with other platforms.

  2. Tensority Algorithm: Bytom's Tensority algorithm is a Proof-of-Work consensus mechanism that leverages edge computing, enabling integration with AI deep learning and cloud computing. This makes it well-suited for AI hardware acceleration services and supports ASIC mining rigs.

  3. Interoperability: Bytom's architecture allows for seamless interactions between digital and physical assets, making it a unified platform for various asset classes. This interoperability is achieved through side chains, which enable cross-chain transactions and dividend distribution.

  1. Diverse Asset Support: Bytom supports a wide range of assets, including income assets (e.g., non-performing assets, local government investments), equity assets (e.g., private company shares), and securitized assets (e.g., debts, automobile loans). These assets can be registered and exchanged on the blockchain, providing a secure and efficient system.

  2. Strong Team: The Bytom team, headquartered in China, includes experienced professionals from the blockchain space, such as founder Chang Jia, who previously created 8btc, a prominent Bitcoin and blockchain news site in China.

  3. Wide Exchange Support: Bytom is traded on various popular cryptocurrency exchanges, including OKEx, CoinMex, Gate.io, CoinEgg, and Huobi Global, ensuring liquidity and accessibility for investors.

  1. Community Engagement: Bytom has a strong focus on community engagement, with initiatives like airdrops and a bounty system to reward participation in the ecosystem.

These strengths position Bytom as a robust and versatile cryptocurrency project, well-equipped to handle the complexities of digital and physical asset management.

Bytom's risks

Bytom (BTM) is a cryptocurrency that carries financial risks associated with investing in cryptocurrencies. These risks include the possibility of losing some or all of the investment amount. The risk assessment of Bytom varies depending on the analysis, with some sources indicating a low risk score and others indicating a high risk score. The risk score is calculated based on factors such as the amount of money required to move the price over a specific period, changes in volume, and market capitalization. This score can help investors gauge the potential for price manipulation and make informed investment decisions.

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Bytom’s team

  • Chang Jia: Founder and CEO of Bytom, a well-known figure in the Chinese blockchain community, and the founder of 8btc.com, a Chinese blockchain news and information platform. He is also a three-time recipient of the Chinese writer’s “Galaxy Award” for his science fiction writing.
  • Duan Xinxing: Co-founder and former Vice President of OKCoin, one of the largest digital asset exchanges in the world.
  • Lang Yu: Chief Technology Officer (CTO), a former Alipay senior system engineer and the developer behind a highly popular Chinese Bitcoin-based crowdfunding site.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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