Bytom (BTM) is a public blockchain platform created to connect, manage and solve problems related to digital assets with real assets. Bytom’s mission is to create a bridge between the digital world and the physical world, building a decentralized network where digital assets are registered and exchanged with other physical assets.
Bytom’s aim is to become the world’s largest public blockchain platform, helping to connect different types of assets to the blockchain, in order to improve the liquidity, security and value of these assets.
BTM Coin is the main cryptocurrency used to pay for trading activities and services on the platform, such as asset management fees, asset transaction fees.
Features of Bytom (BTM)
Bytom uses the UTXO . model allows verification of multiple transactions at the same time. Bytom’s UTXO model consists of 3 layers: the data transaction and transport layer, the contract layer, and the asset interaction layer. The contract layer and the asset interaction layer operate under an open contract (also known as a call contract – a contract with open terms, allowing participants to claim good terms for themselves). The data transaction and transport layer is compatible with Bitcoin’s UTXO model and data transmission for the highest speed with the best security. The UTXO model allows for parallel processing of transactions. As a result, the processing of transactions becomes lighter compared to Ethereum. Besides, Bytom also has a lightweight verification mechanism. Users only need to verify the transactions involved instead of the entire blockchain. The whole process is done via Merkle proof.
Use the generic address format: The common address formats BIP32, BIP43 and BIP441 used in the platform to facilitate the design of Bytom wallets are the same as the address format used to design Bitcoin and Ethereum wallets for multi-currency support, multi-account, multi-address and multi-key with Hierarchical Deterministic Wallets (HD wallet).
ASIC-compatible PoW consensus: Similar to Bitcoin, Bytom allows ASIC mining through a separate proof-of-work. Bytom blockchain PoW is designed to be compatible with AI ASIC chips. It allows matrix computation to be fed into the Hash function so that miners can use AI hardware acceleration services.
Standard property naming using ODIN: The naming of assets will follow standards created specifically in the platform called ODIN (Open Data Index Name) to ensure the uniqueness of assets throughout the blockchain network. ODIN is based on Bitcoin’s blockchain and supports other blockchains (such as public blockchain, federated blockchain, private blockchain) through multi-level markup. ODIN uses blockchain height as the naming standard instead of string literals.
Distinctive transaction signature: In Bytom’s design, a protocol called DLT allows interaction between multiple asset classes. Multiple blockchains using the same protocol can exist independently and can be exchanged across chains, which creates different interactions in the same format. And to ensure the safety of assets, the platform creates a separate signature to make transactions in Bytom.
The Bytom project was launched in January 2017 and is based in China, the development team includes the leading names in the blockchain technology industry:
Changjia: He is the founder of 8BTC – one of the largest cryptocurrency and blockchain news sites in China. He is also an award-winning science fiction author and co-author of the first Chinese-language book on Bitcoin, “Bitcoin: A Real Yet Virtual Financial World (2014)”. ).
LangYu: Holds a master’s degree in Computer Science from Xidian University. Also a systems engineer at Alipay from 2012 to 2014. He joined 8BTC in 2014 to develop the Bitcoin data center system, Blockmeta.com.
In addition, there are a number of other notable members include:
Li Zhongcheng: He holds a master’s degree in technical economics from Zhejiang Gongshang University. He used to work at Zhejiang International Business Co., Ltd. and Codi Capital Group and joined 8BTC in 2017. He has many years of experience in investment and finance.
Qu ZhaoXiang: Master’s Degree in Electrical Engineering from Polytechnic University of Hong Kong. He started working at 8BTC in 2014 as COO. He is also one of the authors of the 2014-2015 Cryptocurrency Development Report.
Guo Guanghua: He worked at ARRIS GROUP for many years. Previously, he was a Java developer at Cryptape Inc. Guo is one of the developers of the Trust Automation team. In addition, he is also the developer of the intelligent digital drafting system of Zhongchao Smart Card Research (Zhongchao Smart Card Research Institute).
Bytom is a platform that can make the data processing of physical and digital assets easy and fast. At the same time, it provides users with the ability to create and exchange many assets that were previously not tradable through traditional finance.
If the goal is achieved, Bytom will be one of the most important platforms in the field of asset digitization. However, projects that are highly focused in the future may be a barrier for investors at the moment.
According to AZCoin News
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