Bytom (BTM) is a blockchain developed exchange, used for the transfer of financial and digital assets. Using Byton, individual and enterprise users are able to use the protocol to register and exchange various financial assets, such as digital currencies, such as bitcoin, but traditional assets as well, such as social security information, bonds and even intelligence data.
A real-world problem
The problem is, assets in the real world are becoming more tokenized as ownership records and exchange ledgers move towards the blockchain protocol. From a digital level, currently there is no unified way to record and map out any of those physical or digital assets. Beyond data recording, there still needs to be flexibility between the digital and the physical assets, this is to help create one cohesive ecosystem and bring it all back into alignments. Bytom are aiming to solve this tokenized world.
Bytom’s Plan to Solve This
The mission of Bytom is “to bridge the atomic world and the byte world, the build a decentralized network where various byte and atomic assets could be registered and exchanged.”
Bytom’s have described the three assets as:
- Income Assets: These include, what is known as non-performing assets. These include government investments, and crowdfunding campaigns on places such as kick starter.
- Equity Assets: These assets require an investor for verification of transfer. Things such as private company equity, as well as shares of a non-public investment.
- Securitized Assets: These are known to have a predictable cash flow. Good examples of this can include loans such as car loans or mortgages, and debts such as credit card.
With Bytom, you twill be able to trade all of these assets through their dApp (decentralized application), and this will have a number of benefits. Recording the exchange of assets on the blockchain creates a much more efficient and secure protocol than what is currently available in the real world.
Bytom will remove a lot of the bloat, that middlemen organizations create in record keeping and asset transfer. Removing that bloat can lead to faster transfer times and lower costs. This also has the added benefit of giving the user full control of their assets. A user no longer has to trust a middleman to accurately keep records, as they are stored on a secure, public ledger. And because of this, asset records are broken up into block asn distributed all across the world, through individual nodes. This means there is no-longer a single point-of-failure, which malicious users can use to access or manipulate data.
Bytom also has the ability for what is known as cross-chain transactions, through side chains. As a developer you must create a smaller version of the main chain and call the main chain API through smart contracts, which verifies the network activity on the main blockchain. By doing this, the calls allow you to transfer different assets between different chains and even distribute dividends through the side chain.
The Bytom Architecture
The architecture of Bytom has been separated into three layers, Application, Contract m and Ledger. Here we will go through each layer and explain how they work together.
The application layer, is what the end-user uses to interact with the Bytom protocol. The dApp includes mobile and web versions, what the user can work on to manage all of their assets, physical and digital. Interacting with this layer triggers smart contract calls on the next layer.
The contract layer actually consists of two sub-layers. The first is known as the Genesis Contract, this issues and audits all other smart contracts on the blockchain. Most importantly, it makes sure that all the current assets using the Bytom protocol adhere to the standardization rules set in place.
The 2nd sub-layer of the Contract Layer is known as the General Contract. This has two, similar functions, firstly is facilitates the trading of assets between the dApp users, secondly it sets up and verifies and dividend distributions. If you want to deploy a new asset through the general contract, it must first go to the genesis contract for verification and approval.
The ledger layer is the foundation of the Bytom protocol. This is where Bytom will connect to the blockchain. Since this blockhain is permissionless, it will use a Proof-of-work (PoW) consensus algorithm. Unlike other PoW projects, you are able to t use ASIC to mine on the network.
The Bytom Token (BTM)
BTM, has three main uses in the Bytom protocol
- Transaction fees
- Asset Issuance Deposits
Currently the are 987 million BTOM tokens in circulation, with a total supply of 2.1 billion, which will enter the ecosystem through mining. The Bytom team distributed 30 percent of the BTM supply to ICO participants, 33% will go to mining rewards and the remaining gets distributed to members of staff, founders, private investors and business development.
If you wish to store your BTM outside of the trading platform, you are able to do this through Bytom’s official wallet. This is available on Windows, OSX and Linux operating systems.
At this moment in time, BTM is being converted to ERC-20, so you will soon be able to store them on hardware wallets such as Trezor or Ledger.
Bytom is creating an ecosystem where the atomic meets the bytesize and it looks to be the future. The team is lead by some of the earliest blockchain evangelists and they’ve been progressing through their milestones steadily since founding in 2017.
If Bytom is successful, we will see a new era or asset management in a tokenized world, with digital asses representing anything from company shares to government intelligence. Although it is too early to tell how the project will pan out, the future looks promising based on their current workload the Bytom team have completed thus far.