The world, as we know it, is evolving and there is none other in the forefront championing this change than Bytom (BTM). Bytom is a blockchain protocol for financial and digital asset application.
Bytom is fashioning an interoperability protocol that will facilitate the transfer and management of physical (atomic) and digital (byte) assets.
This implies that both individuals and enterprises can now register and exchange not just digital assets (i.e., Bitcoin) but more traditional assets like warrants, bonds, securities, dividends, intelligence information, forecasting data and others that exist in the physical world via Bytom.
In fact, real-world assets are becoming tokenized as ownership records, and exchange ledgers are moving towards the blockchain.
Bytom (BTM) Team And Progress
Based in China, the Bytom (BTM) team includes some movers and shakers in the blockchain space. Founder and CEO of Bytom, Duan Xinxing, was the former vice president of OKCoin, one of the largest digital asset exchanges in the world.
The other founding partner, Chang Jia, left the world of science fiction writing to create 8btc-, one of the leading blockchain news sites in China.
The project started in January 2017, and the team has been experiencing steady progress since then. They released their first testnet in September 2017 and launched the first version of the mainnet at the end of April 2018. Bytom has also passed the SEC Howey Test, becoming the first non-securities public blockchain project in the USA.
Bytom (BTM) Mode Of Operation
Bytom (BTM) aims to bridge the gap between the physical (atomic) world and the digital (byte) world, by building a decentralized society where various atomic assets and byte assets could be registered, exchanged, gambled and engaged in other more complicated and contract-based interoperations.
There are two types of assets currently running on the Bytom network: Bytom (BTM) Token and Assets.
Bytom (BTM) Token
Bytom Token otherwise known as BTM is a unique token that is distributed to miners and nodes. The Proof-of-Work (POW) encourages random anonymous miners to get involved in the entire ecosystem. The distribution of the token will follow a determined supply curve.
Bytom (BTM) Assets
There are three types of assets on the Bytom blockchain:
- Income Assets: these include local government investments, non-performing assets, home-stay property, filmmaking, etc.
- Equity Assets: these include equity of non-listed companies, equity of private funds, shares of non-public internet investment, etc. This class of assets usually require qualified investor verification for transfers.
- Securitized Assets: these include debts, automobile loans, and any other assets – backed securities that can generate a predictable cash flow.
You can trade all of these assets on-chain using the Bytom (BTM) protocol. And this has a lot of benefits accrued to it. The recording of assets ownership and its exchanges on the blockchain creates a more efficient and secure system than what is available currently.
It removes much of the excesses that intermediaries create in asset transfers and record keeping. This cutting out of the middlemen leads to lower cost and transfer time. Added to its benefits, Bytom (BTM) gives you full control of your assets.
To this end, one would realise that there is no reason to trust a third party to keep accurate records since they are stored on an unchangeable public ledger. Since the records are distributed worldwide across nodes, there will be no room for manipulation of data.
Bytom (BTM) protocol has the capability for cross-chain transactions through side chains. To do this as a developer, just need to create a smaller version of the chain and execute API calls through smart contracts to verify the network activity on the main chain.
By doing this, the calls permit you to transfer assets between chains and even distribute dividends through the side chains as well.
The Bytom network operates in three layers:
- Contract layer;
- Data Transaction and Transmission layer;
- And Asset Interaction layer
These layers interact to call up contracts and handle transaction data with anonymity and high-speed concurrence.
The Bytom platform also utilizes the UXTO model to verify transactions. As such, any output not spent cannot be quoted by multiple transactions but by a single one; thereby guarding against instances of double spend.
Additionally, developers have total control over how dividends and crypto coins are distributed to users. This is kudos to the feature of cross–chain asset distribution that provides side chain linkage to the main chain.
Bytom equips it users with a Hierarchical Deterministic wallet that offer multi-account and multi-currency support. The wallet allows the use of multiple keys and addresses. A private master key can be used to control all assets on the wallet.
Although still early, Chinese blockchain, Bytom’s goal of being the platform where everything that is valuable and exchangeable in the real world will be migrated to the byte world looks promising based on the work the team has completed so far.
We can all keep our fingers crossed and our ears to the ground as Bytom (BTM) continues its advancement of revolutionizing the world’s economic structure.
If successful we would have a tokenized world where a digital asset represents anything from a company share to property deed.