Bytom (BTM) has progressed pretty well following its introduction in January 2017. Despite being affected by the downturn in the cryptocurrency markets this year, the project has shown good promise for the future. But, will Bytom (BTM) succeed where others struggle and become the coin that takes over from bitcoin in the future?
The Bytom blockchain is designed to address the issue of diversification which many previous blockchain networks have failed to achieve, including the bitcoin blockchain. It is based on the principle of free distribution of virtual assets which puts it at the center of digital activities not just in the present but more in the near future.
Bytom wants to usher the global community into the truly smart era where the line between physical and digital is blurred. To do this, it connects the physical and the crypto worlds. Its systems bring financial assets together with digital, atomic and smart assets. Through the Bytom blockchain protocol, individuals and enterprises can exchange both digital assets and traditional assets like securities, bonds, data etc.
What makes Bytom Special
Bytom makes use of three classes of assets: income assets, equity assets and securitized assets which can be recorded and traded on the blockchain in an efficient and secure manner. By removing third parties, the transactions are faster and attract lower fees. As a decentralized system, it gives users total control of data and reduces the risk of attacks.
The Bytom protocol uses ODIN, Open Data Index Name standard, to ensure that assets across the entire platform are unique. ODIN supports the introduction of other blockchains (private and public). Through the use of APIs in smart contracts, developers can call cross-chain transactions.
Bytom is on a mission to “bridge the atomic [physical] world and the byte [digital] world, to build a decentralized network where various byte assets and atomic assets could be registered and exchanged.” This lofty goal is achieved through a series of continuous innovation and implementation. ODIN is one of this innovations, another is BUTXO, a database technology that sieves redundant data storing only relevant data on the network. It also uses a Tensority consensus algorithm, an improvement on Ethereum’s hashing procedure by using AI across blockchains.
Bytom Progress so far
The Bytom project, which has its headquarters in China released their first tesnet by the fourth quarter of 2017. They have since made remarkable progress leading to their mainnet launch in April this year.
Founded by Chang Jia, owner of 8btc news site, the ream comprises notable blockchain figures like cofounder Duan Xinxing, former Vice president of OKCoin. The gains achieved by the project is down to constant evolution and a strong vision of a future where there is no difference between the real and digital world.
Xinxing illustrated this by saying, “we cannot expect that those born in Year 2000 and 2010 generations to accept the gold standard and use shells and silver coins; We also cannot rely on AI, robots and the Internet of Things for liquidation and settlement based on existing currency and banknotes.”
According to him, what is needed is the “formation of common understanding and interaction and not physical properties already existing in the earth”.
Bytom (BTM) Price Watch
The Bytom (BTM) token is used to pay transactions fees, accrued dividends and asset insurance deposits. The coin, much like most of the cryptocurrency market have had a turbulent 2018 after the collapse of bitcoin in January.
Though the price reached an all-time high of $1.13 in April, it has lost much of that value. It currently trades at $0.52 with a market cap of about $519 million (ranked 30th according to Coinmarkecap).