The Bytom cryptocurrency (read as “byte”) is an interactive protocol that operates on so-called byte assets. The Bytom platform allows individuals and government agencies to operate finances and other assets through the blockchain and make direct (P2P) transfers. The BTM cryptocurrency used in the Bytom system serves to ensure the operation of the system and payments to miners.
Prerequisites for the appearance
Although the digital world is rapidly developing, from a historical point of view it is still in its early stages. In the future, widespread integration of digital technologies into all aspects of human life is likely, but today such technologies are in their infancy. The first step was the emergence of byte-tools - electronic word processors, e-mail, etc. Then byte-currencies appeared - Bitcoin and others that came after it. The next step should be the emergence of an ecosystem of digital assets, when all transactions with securities, property, etc. will be carried out on a global blockchain.
Anticipating this technological leap, Bytom developers decided to create a platform that would help bring the digital and real worlds together by tokenizing “real” assets and facilitating various transactions with them.
Bytom's country of origin is China; the platform began its journey in 2017.
Description
Official website: https://bytom.io/en/
Twitter: @Bytom_Official
CoinMarketCap: https://coinmarketcap.com/currencies/bytom/
Reddit: https://www.reddit.com/r/BytomBlockchain/
MMGP: https://mmgp.ru/showthread.php?t=539408&page=1#post13692033
Bitcointalk: https://bitcointalk.org/index.php?topic=1975390.0
Today, November 18, 2017, the cost of the BTM token is about 11 cents. The token ranks 58th in the ranking of cryptocurrencies by their capitalization and only 176th in the ranking by total trading volume on exchanges. A total of 1,407,000,000 coins were issued.
The record price was reached almost at the very beginning of trading, in mid-August. Then the price of the token was 33 cents. After this, the rate began to decline to 4 cents and recovered to its previous values.
Bytom concept
As mentioned, Bytom works with byte assets. There are two types of these in the system:
- elementary;
- external.
By elementary we mean any tokenized assets - bonds, shares, any other securities and derivatives that have not previously been converted into digital form. Elementary assets are digitized and entered into the blockchain as needed. External assets are exclusively digital: cryptocurrencies and various tokens.
At the moment, elementary assets dominate over external ones, but in the near future both types may become equal in popularity, and in the longer term external ones will take a larger share.
Typical assets that Bytom works with:
- property and other income-generating assets;
- equity (tokens of the digital world and shares of the real world);
- bonds, securities - so-called securitized assets.
The main goals that the developers set for themselves:
- Create a global platform for registering and operating byte assets, develop and consolidate standards for the creation and description of such assets.
- Develop an interactive toolkit for creating and working with byte assets that would support triggers, forecasting functionality and other necessary capabilities - purchase and sale, exchange, etc.
Where to store?
You can store Bytom coins on the official cold wallet from the project development team.
Text from the official website:
“Bytom Wallet is an official full node wallet, highly recommended for miners, developers, corporate and personal users.”
The official wallet is simple and well designed. Some of the available features are easy backup, the ability to create multiple accounts and addresses, and interaction with digitized assets and contracts.
The wallet can be installed on the following operating systems:
- Windows (Gui)
- Linux (Cli and Gui)
- Mac (Gui)
You can also store coins on mobile wallets
- Anybit
- Bepal
- Bitpie
- Bixin
- Cobo Wallet
- HOO.COM
You can also use a browser wallet – an extension for Google Chrome “Byone”.
Bytom technical device and features
The BTM cryptocurrency was created on the Bitcoin blockchain and largely replicates the original system. But there are a number of features that distinguish Bytom from Bitcoin-like projects.
Compatible with UTXO model
Bytom consists of three software layers:
- data transfer level;
- smart contract level;
- level of interaction with assets.
The latter performs operations with assets by accessing a smart contract. The data transfer level is compatible with the UTXO model and the structure of the Bitcoin blockchain, which allows you to achieve a high level of anonymity and data transfer speed.
Compatible with China National Encryption Standard
Data protection in Bytom is organized through secret and public security keys, as well as a special addressing system. Encryption uses the ECDSA algorithm and Bitcoin-like hashing using the SHA256 algorithm. The cryptographic algorithm for public and private keys uses SM2 and SM3 technologies approved by the Chinese government and included in the National Standard of this state. SM2 hashing shows a good increase in operating speed compared to DSA and RSA algorithms common in this area. And the compression technique used in SM3 is similar to that in SHA-256, although from a software design point of view, these technologies are significantly different.
Special addressing format in the system
The Bytom wallet uses its own blockchain addressing formats – BIP32, BIP43 and BIP44, which makes it possible to store not only Bytom’s own tokens, but also other crypto coins. This makes the wallet multi-currency: in addition, it supports working with multiple accounts, addresses and signature keys.
Using Proof-of-Work consensus focused on ASIC chips
As in the Bitcoin network, in Bytom consensus is achieved using the “proof of work” method. The PoW algorithm is specially optimized to work with modern ASIC miners.
Creation of asset names according to the ODIN standard
ODIN is an abbreviation for Open Data Index Name, a set of standards that ensure the uniqueness of each asset included in the blockchain. ODIN is based on the Bitcoin blockchain and supports working with assets of other networks.
Transfer of assets between blockchains and distribution of income through sidechains
The Bytom platform allows developers to create sidechains and special gateways for cross-chain operations. The system's API allows application authors to make requests to themselves through smart contracts: in this way, activity in a certain blockchain is controlled, cross-chain operations are carried out, funds and assets are transferred, profits are distributed according to the terms of the smart contract, etc.
Flexible deal options
Unlike the Ethereum protocol, the implementation of UTXO in the Bytom system allows you to confirm transactions in parallel using a nonce-like mechanism: each unsuccessful transfer is tied to a specific transaction. In addition, the Bytom network uses a “lighter” data model in conducting a transaction: transaction participants need to know and remember only the amount of unspent/unreceived funds, and the rest of the information is contained in the parameters of the transaction itself (asset identifiers, units of measurement, etc.) .
Also, the Bytom network uses a simplified confirmation system, which allows a participant to confirm “his” transaction in a block separately from others by confirming the amount signed by the sender of the funds. The complete confirmation cycle is based on Merkle trees.
Interesting: clients can delegate the blockchain monitoring function to trusted servers.
Three Layers Bytom
From the point of view of the logic of operation, the Bytom (BTM) cryptocurrency consists of three layers:
- application level – supports the development and programming of Digital Applications for working with the blockchain, accessing smart contracts, issuing assets, conducting transactions;
- smart contract level – contract programming, funds and transaction accounting system;
- data layer (also called “wallet layer”) – public blockchain, user wallets, PoW consensus.
Figure 1. Bytom device model.
Artificial intelligence
This is an extremely important feature of the Chinese project.
ASICs are supposed to be used not only for mining, but also for introducing AI technologies based on them, simplifying and speeding up the operation of the system.
Wallet
BTM tokens and other currencies are stored in Bytom's own wallet. The address is formed using the BIP32, BIP43 and BIP441 protocols, which provide users with the opportunity to deposit several types of coins into one electronic “wallet”.
Platform participants can manage assets in their wallets using public and private keys protected by a combination of SHA-256 and ESCDA encryption algorithms.
BTM token
The system uses its own ERC20-compatible BTM token, a cryptocurrency for internal needs. After MainNet is launched, it is distributed among users by Proof of Work consensus and serves to ensure the execution of tasks:
- payment of commissions to miners;
- payment of dividends from assets;
- placing deposits to secure assets.
Important: since Bytom is based on the Bitcoin blockchain, network participants can use BTC cryptocurrency for security. Conversion into local currency occurs through a special smart contract Xrelay.
Example of a contract:
Figure 2. Example of Xrelay operation.
Relays send BTC block headers to the network, the transaction is verified, a small commission is paid, then the confirmed transaction is transferred to the smart contract for further processing.
The emission of the token is limited - no more than 2 billion 100 million coins can be issued. 1 billion 407 million tokens are available for market trading.
Conclusion
With over $20 million in funding, over 20 team members, and the backing of some of the most influential players in the entire crypto industry, Bytom appears to have a bright future secured.
All these facts, combined with a structured business and management model developed by people with experience and success in the industry, give confidence that their goals will be achieved.
If they want to succeed in digitizing physical assets, they may have to compete directly with giants like Ethereum and NEO, which is a daunting task to say the least.
Key Events and Roadmap
Table 1. Main events Byte.
| 2017 |
|
| 2018 |
|
The full launch of Bytom MainNet was planned for the 2nd quarter of 2018, which took place on April 24:
Figure 3. Official release announcement.
In addition, the team continues to further develop the platform and plans to increase the capabilities of the system, introduce support for various assets, improve inter-blockchain interaction and expand the coverage of the BTM ecosystem.
Figure 4. Bytom's history and roadmap.
Where can I buy?
The coin is traded on the following exchanges:
| # | Exchange | Pair |
| 1 | BHEX | BTM/USDT |
| 2 | BHEX | BTM/BTC |
| 3 | Bibox | BTM/USDT |
| 4 | BHEX | BTM/ETH |
| 5 | Huobi | BTM/USDT |
| 6 | Binance JEX | BTM/USDT |
| 7 | Bibox | BTM/BTC |
| 8 | Bibox | BTM/ETH |
| 9 | DragonEX | BTM/BTC |
| 10 | BitMart | BTM/ETH |
| 11 | Gate.io | BTM/USDT |
| 12 | CoinEgg | BTM/BTC |
| 13 | CoinEx | BTM/BTC |
| 14 | TOKOK | BTM/ETH |
| 15 | CoinEx | BTM/ETH |
| 16 | HitBTC | BTM/USDT |
| 17 | ZBG | BTM/USDT |
| 18 | Huobi | BTM/BTC |
| 19 | ZB.COM | BTM/QC |
| 20 | Huobi Korea | BTM/KRW |
| 21 | CoinEx | BTM/USDT |
| 22 | Huobi | BTM/ETH |
| 23 | HitBTC | BTM/ETH |
| 24 | BigONE | BTM/USDT |
| 25 | BitMax | BTM/BTC |
| 26 | BitMart | BTM/BTC |
| 27 | CoinEx | BTM/BCH |
| 28 | BitMax | BTM/USDT |
| 29 | HitBTC | BTM/BTC |
| 30 | Gate.io | BTM/BTC |
| 31 | CoinTiger | BTM/BTC |
| 32 | BW.com | BTM/USDT |
| 33 | CoinTiger | BTM/ETH |
| 34 | BW.com | BTM/ETH |
| 35 | KuCoin | BTM/BTC |
| 36 | Gate.io | BTM/ETH |
| 37 | VCC Exchange | BTM/BTC |
| 38 | Bittrex | BTM/BTC |
| 39 | Huobi Korea | BTM/BTC |
| 40 | Huobi Korea | BTM/USDT |
| 41 | Huobi Korea | BTM/ETH |
| 42 | Livecoin | BTM/BTC |
| 43 | KuCoin | BTM/ETH |
| 44 | ZB.COM | BTM/BTC |
| 45 | ZB.COM | BTM/USDT |
| 46 | IDEX | BTM/ETH |
| 47 | OKEx Korea | BTM/BTC |
| 48 | OKEx Korea | BTM/USDT |
| 49 | Huobi Korea | BTM/USDT |
| 50 | OKEx | BTM/BTC |
| 51 | OKEx | BTM/USDT |
| 52 | OKEx | BTM/ETH |
Team
The Bytom team is led by Chang Jia, a Chinese science fiction writer and popularizer of cryptocurrencies. In addition to him, the project involves:
- Lang Yu, MS Computer Science, ex-Alipay employee;
- Duan Xingxing, platform co-founder, advertising specialist;
- Qu Zhaoxiang, Director of Operations;
- Guo Gunahua, Java developer;
- Li Yenfeng, interface designer;
- Ma Yao, blockchain engineer, etc.
Figure 5. Bytom co-founders.
Founders of the project
Bytom was founded by Chang Jia and Lang Yu. Lang is the former vice president of the OKCoin exchange and has led other successful blockchain projects.
In total, the team includes more than 20 participants.
What does it represent?
Bytom is a peer-to-peer platform that allows users to interact with both elementary and external assets. It significantly expands the set of tools that help you manage your financial resources. By accessing the functionality of the platform, anyone can buy, sell or convert a wide range of digital currencies from any corner of the globe.
Elementary assets have always occupied a leading position compared to other varieties, however, with the advent of the digital age, their dominance is gradually fading away. If previously the key component of the virtual space was information, now hashrate indicators have taken on the role of the main driving force.
As mentioned above, the first byte functionality was represented by email and Word documents. This was followed by various digital platforms, the most obvious examples of which are Ethereum and Bitcoin coins. Now the stage of expansion and implementation of blockchain in all aspects of the life of a modern person is in full swing. It is he who will subsequently form the basis of the digital economy of the future. The transition to electronic channels will make it possible to achieve openness, security and confidentiality of all financial transactions. In addition, it will stimulate the integration of Internet of Things and Artificial Intelligence technologies into an endless variety of devices.
The main goal of Bytom developers is to create a convenient and simple resource that will enable users to use these assets.
Mining
BTM mining is carried out in the traditional way through the use of a video card. At the same time, the currency belongs to a new generation, which is why you can immediately safely forget about attempts at crypto mining using a computer. Due to the fact that the currency is still very young, pools for mining coins do not yet exist, which will have a beneficial effect on beginners who want to earn extra money and try themselves in this business without the help of other specialists.
To successfully engage in mining, the developers have provided 2 options:
- ASIC. Small, convenient design that requires virtually no maintenance. ASICS are easy to transport, but it is almost impossible to resell them or repair them.
- Farm. A more complex and bulky option, which is characterized by greater productivity and versatility. Perfectly used for mining all types of cryptocurrencies, and if necessary, everything can be disassembled and sold.
Thus, to start mining money, you will need existing equipment or you will need to invest a fairly decent amount of money. The payback period depends on exchange rate fluctuations, equipment and Internet bandwidth.
Exchange rate dynamics
Considering the exchange rate to the dollar is now quite simple, because only a month has passed since the launch of the project. Trading started at $0.1322, but already on the second day there was a drawdown to $0.1202. In just the first 26 days of existence, the development of the course can be divided into several stages:
- a slow drop in value to $0.096;
- rise to $0.1313 per coin;
- a slight drawdown to $0.1116, which became a natural rebound;
- systematic increase in cost.
Thus, the currency initially does not tend to lose ground, and, if possible, even tries to strengthen in relation to other money. There are all the prerequisites for a further increase in the rate, but investing money in the first month of the project’s existence can lead to different consequences.
