What is Bytom (BTM)?Jun 13, 2018 at 16:14
Bytom: A blockchain focusing on digital and real-world asset management
Bytom is a Chinese blockchain project which connects both digital and physical assets on its platform. It allows users to register and exchange digital assets and real-world assets like warrants, securities, bonds, and various kinds of information on the blockchain using its protocol.
The Bytom platform works on three layers which are data transaction and transmission layer (which deals with asset issuance, spending, transfer and other transaction details), contract layer (which is used to manage assets and scale transactions to prevent a deadlock in Turing) and asset interaction layer (which operates on the assets by calling contracts).
On paper, it promises to answer several questions and address issues such as:
- How to achieve the non-replicability of physical assets in the form of digital assets through the blockchain?
- How to establish the mapping relationship between physical and digital assets and resolve compliance issues?
- How to bridge the gap between the physical and digital worlds to promote effective flow of assets on-chain and off-chain.
Overall, the platform is aimed to improve the security, liquidity, and the value of the both physical and digital assets.
On its website, Bytom said it aims to be “largest dedicated public blockchain platform, connecting various asset classes to the blockchain, enhancing the liquidity, security, and value of these assets.”
Bytom’s founder is blockchain advocate Chang Jia, who also started 8BTC.com—one of the largest Bitcoin and blockchain news websites in China. The project is co-founded with is Duan Xinxing, who is concurrently the executive president of 8BTC.com and formerly the vice-president of cryptocurrency exchange giant OKCoin.
The Bytom blockchain is powered by Bytom tokens or BTM. These tokens allow ownership of the blockchain and gives holders the right to use the platform.
In a “Howey Test” report by San Francisco-based law firm Velton Zegelman PC, Bytom is considered a non-securities project which meant it is not covered by the US Securities and Exchange Commission.
Where to buy?
BTM is most commonly bought on Bibox, OEX, Huobi, RightBTC, OKEx, Gate.io, CoinEgg, CoinTiger, ZB.COM, CoinEx, HitBTC, Kucoin, EXX, LBank and Cryptopia.
Is it mineable?
There will be a total of 2.1 billion BTM tokens, of which 987 million are in circulation. BTM tokens are mined when consensus is reached using a Proof of Work protocol mechanism.