Bytom is a Chinese project that offers the tokenization of real assets and the perfect digital currency experience in the internal ecosystem. The developers implement all this on the basis of a modified Bitcoin blockchain with a built-in PoW algorithm and a new AI system on ASIC.

BTM cryptocurrency is an interactive protocol with byte assets. The purpose of its creation is to transfer all assets from the real sector to the digital one. The Bytom system provides two types: 1 - elementary, 2 - external byte assets.

About Bytom

In our time, there is a rapid development in technological terms. And although the digital world is constantly improving, it is still in the formation stage. In the future, the full-scale integration of digital technologies is expected.

How did it all start? First, byte-tools (e-processors, mail) appeared, and then byte-currencies (Bitcoin, Ethereum and others). The next stage of development is the creation of a favorable ecosystem that will allow all transactions with peoples property, stocks, bonds and other securities in the blockchain.

This will be facilitated by a whole team headed by Chang Jia, the founder of the company and a well-known popularizer of cryptocurrency in the PRC. Other members:

Duan Xingxing, co-owner and advertising expert;
Qu Zhaoxiang, Executive Director;
Lang Yu, former Alipay employee, MS in Computer Science;
Guo Gunahua, developer;
Ma Yao, Blockchain Specialist;
Li Yongfeng, Design Master (Interface).
Bytom developers are among those who foresaw a leap in development, and in 2017 began their journey to develop a platform that can connect the real and digital world to make peoples lives easier.

How is Bytom created?

What happened in 2017:

the project was created in January;
funding was discontinued in June, sufficient funds were raised;
a trial network was launched in September;
in October, the test period came to an end;
December saw the release of the Bytom project.
What clients saw in 2018:

version 0.2.0 was updated to 0.3.0 in January;
in February, the system was updated to 0.4.0;
April - A promising 2nd quarter ended with the MainNet launch on April 24th.
Since the official announcement of the release, the team of specialists has been busy daily with improving the work of their service. The creators intend to throw all their efforts at increasing the platforms capabilities: pumping interblock interconnection and the breadth of BTM coverage.

 

Bytom features

The company is working with byte assets. There are only two of them:

Elementary - this includes assets such as stocks, bonds, and other securities that have not previously been digitally transformed. Over time, they become objects of the blockchain and are digitized as needed;
External - this list is supplemented by digital assets (cryptocurrency, tokens).
So far, the first option dominates the market, but in terms of prospects, the second will be preferable. What assets does Byton work with:

securitized - securities such as bonds;
equity - tokens and shares;
other property is anything that makes a profit to the owner.
The development team plans to create a competing platform as soon as possible to operate these assets. This requires a sustainable ecosystem, standards and tools with the necessary functionality. The companys clients should be able to familiarize themselves with the description, functionality, the current forecast for the asset and the possibility of making a purchase / sale transaction.

The technical side of Bytom

The digital currency BTM has a lot in common with the original mechanism, as it is based on the Bitcoin blockchain. But this does not mean complete plagiarism, because Bytom has a number of distinctive features.

Contract with UTXO. The system consists of data transfer layers, smart contracts and general interactions. This allowed us to achieve the planned level of security and customer privacy.
Compatible with the PRC standard encryption method. New encryption algorithms using public and private keys proved to be better and significantly increased the speed of operation, in contrast to the old RSA and DSA algorithms.
Addressing - a special format of an electronic wallet assumes the presence of BIP3-43-44. This allows holders to store other coins in the account (in addition to Byte tokens). Access to an electronic account is possible when using multiple accounts, which makes the wallet multi-currency. Bitcoin Proof-of-Work serves as a proof-of-work method and is set up to work with leading ASIC miners.
Creation and transfer of assets. The ODIN standard ensures that only unique assets enter the system. Cross-chain improvements include the creation of sidechains and new gateways. You can make a request from your smartphone, because this is the only way the API system, under the terms of a smart contract, performs the functions of transferring funds and distributing profits.
Transactions. With UTXO, it becomes possible to confirm transactions in parallel with a simpler confirmation system (Markle trees).
Own mechanism for tokens fully supports internal needs. ERC-20 is distributed through Proof-of-Work, and the cryptocurrency feels more confident after the launch of MainNet, which serves to:

cover obligations to miners;
payment of dividends;
securing assets by opening deposits.
BTM digital money was created on the basis of the Bitcoin blockchain, so anyone can use regular Bitcoin as security for a valid transaction. To convert any other currency to domestic, you will have to use the Xrelay smart contract.

How it works? Everything is extremely simple: repeaters send headers to the network. Then the transaction is confirmed with payment of commission fees, after which the transaction is transferred to the smart contract to complete the processing.

How Bytom works

The cryptocurrency has its own characteristics, but its principle of operation is based on a three-tier system:

Applications - the company supports improvements in blockchain, smart contracts, issued securities and a large number of transactions. All thanks to Digital Applications.
Smart contracts - this includes programming, development in the accounting system.
Data is a public blockchain, therefore wallets of ordinary users are considered (PoW consensus).
The introduction of artificial intelligence is said to be a promising feature of the Chinese project. The so-called ASIC will be used for mining and the introduction of AI technologies to ensure faster system functioning.

Is Bytom infinite?

Miner activities are paid for with the intra-system currency - BTM ERC-20 tokens. From the first day of MainNet launch, resources were redistributed according to the Proof-of-Work principle. Initially, cryptocurrency is intended for:

payment for asset trading transactions;
payment of all remuneration;
release of new assets (placement of deposits).
At the moment, the company provides an opportunity to become the owner of three types of assets, including its own (personal capital), protective and profitable assets. The classification of these assets is described in the White Paper. All users automatically receive the right to trade real and intra-system (blockchain) assets. For this, the developers have put a lot of effort. They had to create a new modified BUTXO transaction model, building on the old UTXO.

In the process of solving scaling problems, the Segregated Witness protocol was changed, which functioned well in Bitcoin. The invention makes it possible to delete its data after execution and verification of a transaction.

Strengths of Bytom

An important point: Bytom is developed on the basis of the Bitcoin blockchain, so holders of the digital currency can use BTC to secure their money. A special smart contract Xrelay allows you to freely exchange BTC for BTM.

An example of how the Xrelay smart contract works - BTC block headers are sent to the network by repeaters, the transaction is checked and the commission is paid, after which the transaction is transferred to the smart contract and receives the status "in processing".

The modern cryptocurrency that entered the Chinese market has two opposite sides that characterize the project as a whole in different ways.

Positive points:

the founders are good professionals and highly trusted in the cryptocurrency field;
the company has good partnerships with many influential companies;
the project is confidently holding its positions in the market, it was sufficiently financed by private and state pre-sales.
Negative points:

bad news for miners - 75% of coins sold through private and public ICO;
dependence on partner companies in terms of further development;
the presence in the Chinese market of strong competitors with an identical system of smart contracts.

Storage and purchase of Bytom cryptocurrency

The emission of the token is limited by the limit of 2 billion 100 million coins. The market today is saturated with more than 1 billion coins.

In-system tokens and other assets can be kept in a special Bytom wallet, which is available for Windows, Linux, Mac. The official wallet is well thought out and easy to use, it is allowed to create several accounts and addresses, while setting up interaction with personal assets. Get your wallet, and whats next? The next step is buying digital money. Since this is the Chinese currency, it is difficult to get it directly. But many popular exchanges offer to buy / sell crypto on their platform. This list includes:

Okex;
Huobi;
Bibox;
Gate.io;
Cryptopia;
Kucoin;
HitBTC.
Please note that Russian rubles and other currencies of the CIS countries should not be taken into account. The cryptocurrency is offered for sale for other monetary units, as well as ETH, BTC, USDT.

As of the end of December 2019, the cost of 1 BTM = $ 0.067. The market capitalization of the Chinese cryptocurrency is 67 million 850 thousand US dollars. The daily trading volume (December average) is USD 6–7 million. If you look at the price quotes over the past two years, you can see the relative volatility with the general downward trend in the market value of the Chinese BTM. If in April 2018 a little more than $ 1 was given for 1 BTM, then, compared with the current situation, the price fell 12-13 times. In the past six months, a stable situation has been noticeable without sharp price increases. This speaks of the companys stability, control of the situation and the possible prospect of a rise in the price of cryptocurrency, which can be facilitated by the companys policy and plans for the future.

Bytom in TOP currencies

Blockchain technology already opens up great opportunities and provides the possibility of secure storage of digital information. Bytom developers strive to create a unique application that will combine all useful qualities into a single whole and combine work with all assets.

Assessing the mood of the developers, their plans for the future and the general market situation, many analysts from rating agencies come to the following conclusion - the potential of the Bytom cryptocurrency within the global economy is there, but it is not so great due to the mass of competitors. Although there are many positive factors, for example, that BTM is not considered a means of payment. The volatility of the price chart can be explained by the not yet settled exchange rate and speculation on the part of experienced market players. Now the situation has stabilized and there are enough signals indicating a possible rise in prices in the near future. Having bought a cryptocurrency now, already in 2020, provided that the previous exchange rate is maintained and there are no negative factors, one can expect a price increase of up to 500%.