BYTOM (BTM) –The chain technology prided itself as bringing decentralization to the entire world system especially the financial sector. It is questionable that it did not have provisions for real-life applications.
Bitcoin being the earliest of the chain technology was developed with one layer. Later blockchains claimed solving Bitcoin’s problems. Ethereum came with its own view to the technology by featuring two layers on its chain. The coming of Ethereum heralded another revolution on the blockchain. It birthed decentralization of applications (DApps) and automated transactions through the smart contract technology.
Many blockchain platforms had been developed and more will still be developed. Much hasn’t being heard about a blockchain that bridges the gap between the physical and virtual world. Perhaps the coming of BYTOM (BTM) will bring about the facilitated con-habitation of the two worlds.
The core aim of BYTOM (BTM) was to create a platform that will allow the integration of both atomic and byte-assets. The idea was to foster easy integration of digital assets and cryptographic currencies into fiat scenarios and vice versa.
A Tokenized World
With the spark of Altcoins, many activities in reality had been disrupted. There have been massive move from what was obtainable in the past to a decentralized platform. Conventional records such as certificates are being moved into the distributed ledger of the blockchain for secure storage.
There was however a problem. Is it possible to make everything in the world decentralized? If so, is there special trickery to be used in maneuvering existing scenario? The answer to these posers is in the negative. Though physical assets have been tokenized into Altcoins, there is no efficient way of mapping or moving them as needed into the chain technology.
BYTOM (BTM) seems to stand in the gap for this. It had already taken the first step by creating a protocol that would accept both physical and digital assets. It is currently working on its interoperability to make the system faster.
This will help it map physical assets into digitalized assets and from that point; it will become easier pulling all these resources (physical and digital assets) together into a single platform. Hence, you can have your physical asset working very well alongside the digital. That is the mission of BYTOM (BTM) – creation of a tokenized world.
BYTOM’s Triple Layer – a Good Step
BYTOM (BTM) is perhaps the first blockchain technology to operate three layers on its ecosystem. The platform features three distinct layers that independently carry-out their activities. These are the application, shared ledger and smart contract layers.
The application layer is the first port of call for the user. A BYTOM (BTM) user has to utilize the application layer in the management of his assets on the platform. Before this can be established, the smart contract layer has to come in.
The first work of BYTOM’s smart contracts is to authenticate users and ensure their activities are in compliance with the platform’s standards. On the other hand, it can be used for validation and trade of assets. The smart contract layer used by BYTOM (BTM) can best be described as a transmission layer. It is the governing force of activities on the platform – authenticating and discarding relevant and irrelevant transactions.
The last layer on BYTOM (BTM) is the shared ledger layer. This is perhaps the best of all the layers on BYTOM (BTM). From its utilization of the Proof of Work (PoW) algorithm for mining operations, the shared ledger layer also uses the popular ASIC in mining. The other good tiding it has is its permission less feature that makes it strike cord with the blockchain.
BYTOM Brings Much to the Table
BYTOM (BTM) does not stop at making digital and physical assets interoperable. On its own, it aims at making its ecosystem the best and most distinct from available blockchain platforms. The first step towards this ground-breaking feat is its unique addressing.
BYTOM (BTM) supports the BIP32, BIP43 and BIP44 address formats. The reason behind this was to make BYTOM (BTM) a decentralized platform that can accept and trade on multiple currencies. The BIP44 address is specifically deployed in determination of a currency type and account.
The other upside to BYTOM (BTM) is its support for naming assets in line with the standards of Open Data Index Name (ODIN). The idea is to give unique names to each asset o the platform thereby avoiding multiple versions of names to an article.
Pulling It All Together
In essence, BYTOM (BTM) is a distinct blockchain that is far better and smarter than popular platforms such as Bitcoin and Ethereum. The platform is out to help you easily integrate your physical assets into the blockchain.