Bytom (BTM) is a cryptocurrency that is used primarily in the area of asset management. The key goal of the project is to create a decentralized platform where various physical and digital assets can be freely registered and exchanged. Established in China in early 2017, the Bytom blockchain is focused on building a bridge between the world of physical assets (securities, bonds, dividends, etc.) and the digital economy.
The problem that Bytom aims to resolve is related to the lack of a unified way to map assets from the physical world to their digital versions. Moreover, for the system to work properly, both digital and physical assets should be interoperable, i.e. the flow of assets on-chain and off-chain should occur without any obstacles. In order to overcome these problems, Bytom has developed a blockchain protocol for financial and digital asset applications to register assets in its network.
How does Bytom work?
Bytom allows to register 3 types of assets on-chain for further trading:
Income assets. These are non-performing assets, local government investments, and crowdfunding campaigns.
Equity assets. This class includes equity in private companies and shares of a non-public investment. It requires investor verification to make any transactions.
Securitized assets. These assets include debts and automobile loans. Their key feature is predictable cash flow.
Recording assets on the blockchain can be quite beneficial for their owners. For one, it allows claiming your ownership in a much more secure and efficient way. Also, it allows to get rid of multiple layers of intermediaries and thus helps to lower costs and speed up the whole procedure. Asset owners no longer have to trust any third-party to keep records and can freely exchange their belongings on a peer-to-peer basis.
Bytom is not the only blockchain project focusing on asset tokenization as Ravencoin (RVN) is one of its key competitors. WAX and Enjin Coin can also be considered as a part of the same league as they work on tokenizing gaming assets.
The Bytom architecture consists of three main layers:
The Application layer.
This layer is designed specifically for end-users to facilitate their interaction with the platform. It includes the web and the mobile app where you can manage your assets via triggering contract calls.
The Contract layer.
There are two types of contracts acting at this layer. The Genesis Contract is designed for issuing and auditing other contracts on the network. The General Contract facilitates the trading process between users, sets up and verifies dividend distributions.
The Ledger layer.
At this layer, Bytom connects to the blockchain and registers assets on an immutable public ledger.
Bytom token (BTM)
The Bytom network is powered by a native cryptocurrency BTM that has 3 main use cases:
Transaction fees for asset trading
Asset issuance deposits
The BTM coin acts as a license to access the Bytom blockchain as BTM holders get the right to participate in the network management. It is distributed across miners, investors, developers and reserve funds.
Bytom is based on the Proof-of-Work consensus algorithm and can be mined on both ASICs and GPUs. Initially based on Ethereum’s network, Bytom has launched its own mainnet on April 24th, 2018.
BTM can be stored on the Bytom official wallet that is available for download on its website and is compatible with all popular operating systems (Windows, Mac, and Linux). ERC-20 wallets such as Coinomi, MyEtherWallet, and Trezor don’t support Bytom after the swap. BTM is listed on many reputable exchanges including OKEx, Huobi Global, CoinEx, and Gate.io and can also be stored on the online wallets provided by these platforms.
Bytom has officially passed the Howey Test which means that BTM tokens will not be classified by SEC as securities.
The ICO was conducted on the Ethereum platform. The team managed to raise the required sum of more than 2 million USD within a month from June 20th to July 20th, 2017. ETH was the only cryptocurrency that the project accepted.
Only 30% of tokens were distributed via public sale. The rest was allocated for the following purposes:
7% - private investors
20% - Bytom Foundation reserve
10% - business development
33% - mining
The team standing behind the project includes some great specialists from the blockchain world.
Bytom’s founder Chang Jia has another successful project behind his shoulders, 8btc, which is one of the largest blockchain news websites in China. His business partner Duan Xinxing was a vice president at OKCoin, a reputable cryptocurrency exchange platform. The project’s CEO Lang Yu has the technical background as prior to Bytom he worked as a Senior System Engineer at Alipay.