“Infrastructure of Asset Internet”
Bytom is simply a new Digital Asset Layer Protocol (DALP) used for digital and financial asset applications. The Bytom platform allows registration of individuals and enterprises with the aim to exchange digital assets such as Bitcoin and even the traditional assets like securities, warrants, securities, bonds, dividends, forecasting information, or artificial intelligence data.
Another salient feature that distinct Bytom from other interoperability projects of cryptocurrencies is the ability to facilitate and interlink cross-chain interaction. The Bytom is aiming to bring different “atomic assets” that can be traded onto a single chain. Also, Bytom can be viewed as a public blockchain platform that has been purposely designed for transferring assets from an atomic world to a byte world as diversified interoperation protocol byte asset.
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Studies show that Bytom is a unique interactive blockchain protocol of multiple byte-assets. It consists of heterogeneous byte-asset both indigenous and digital currency that operates in different forms of Bytom blockchain as well as the atomic assets that can be registered exchanged, engaged or be gambled on other complicated and contract-based interoperations through Bytom.
Some of the key reason that has made Bytom escalate rapidly to over a short time since it was introduced in October 2017 includes compatibility with UTXO model of the transaction data structure of Bitcoin under concurrence required high-speed and controllable anonymity.
Also, BIP44, BIP33 and BIP32 are used as components in designing Bytom wallet that provides support from multiple currencies, multi-key and multi-account (Watson, 2018).
The Bytom has achieved a higher contract support and programmability because its designed in such a way that it separated signatures of different users from the rest of data in the transaction with blockchain system.
It allows the developers to create a tiny version of X-relay or X-chain hence achieving a cross-chain communication, dividend distribution and asset transaction among other digital byte assets.
In the future, it is aimed that Bytom will be used to manage income assets, films together with other projects. Bytom also is a method that individuals can acquire wealth in easier, faster and transparent manner. Finally, Bytom will actually implement a secondary blockchain-based market for asset back-up securities (BABS).
What is Bytom?
Bytom can be described as an intermediary crypto which connects general blockchains with specialized blockchains. It is viewed as a modern, complete and effective digital platform protocol where the diversified digital asset can be freely exchanged.
Bytom has been designed in a special manner that enables users to access public blockchain interface in order to effectively manage digital asset by solving the following weakness of another crypto such as bitcoin.
– The type of blockchain that is required to carry digital assets
– Mapping and establishing a relationship between digital and physical asset without causing compliance issues.
– Ways of bridging the existing gap between digital and physical worlds in order to promote the effective flow of asset off-chain and on-chain.
Bytom is certainly going to promote exchange flow regarding the “byte assets” as well as the “byte information”. This cryptocurrency is acting as an intermediary that is becoming an economic body which generates profit from an amplifier and data in the performance of the digital asset. According to Watson, (2018), the concept of Bytom is likely to culminate diversity in near future beyond our daily life to artificial intelligence, which can provide “digital food” for internet gadgets thus expanding the influence and of the physical world by digital world.
Who created it?
The origin of Bytom is majorly traced back to China where it’s headquartered. Thus the Bytom concept is heavily associated with elite Chinese hitters from blockchain space. Chang Jia is the main founders who left the Sci-Fi world of writing and created an 8btc sites which have grown to become among the largest blockchain and Bitcoin sites in China.
The other key founding partners include Duan Xinxing who formally served as an OKCoin vice president, which is one of the largest global digital asset exchanges.
More Details behind the co-founders of the Bytom include:
- Chang Jia (Founder)
Founder of crypto-forum 8btc and Bytom famous sci-fi writer, Chang Jia is also associated with the “impossible triangle” concept used in blockchain and he also published the first Bitcoin monograph in China that brought “Galaxy Award” three times and recorded as the Sci-Fi highest ever award received by China.
- Duan Xinxing (Founder and CEO of Bytom)
Duan is the former vice president of OKCoin which is recognized as the leading bitcoin exchange in the world. He successfully led R&D with other operation teams working on blockchain products such as OKCoin, Bytom and OKLink amongst many others.
- Lang Yu (CTO of Bytom)
Lang is the former Alipay senior system engineer that joined 8btc team way back in 2014 mainly to develop a data-centred system bitcoin.
- Zhu Yiqi (senior blockchain specialist)
Zhu is a core developer of Bytom team. He worked at Magmic Inc. designer and developer of huge data as well as the distributed game systems. He also developed a hybrid Android digital wallet in 2013. He is responsible for the development of Bytom Virtual Machine and Blockmeta as well.
Why Does It Exist?
The fundamental reason for the existence of Bytom protocol technology is to diversify conversion of heterogeneity physical asset to digital byte assets. Bytom exists so that it can solve the weakness and rigidity of converting an indigenous asset to virtual e-currency.
Another core reason of Bytom existence is the flexibility within the Bytom currency will ensure universal digital currency that facilitates the conversion of a variety of asset hence its users can register, exchange, gambled through the interaction and circulation of assets between the atomic world and the byte virtual worlds;
The white paper has mentioned the following about the existence of Bytom:
“Bytom Blockchain Protocol (hereinafter referred as Bytom) is an interactive protocol of multiple byte assets. Heterogeneous byte assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information that exist in the physical world) can be registered, exchanged, gambled and engaged in other more complicated and contract based interoperations via Bytom. The protocol connects the atomic world and the byte world to promote the interaction and circulation of assets between the two worlds. Bytom adopts three layer architecture; application layer, contract layer and data transmission layer. The application layer is friendly to mobile and other terminals and convenient for developers to develop asset management applications. The contract layer use genesis contract and control contracts for asset issuance and management, supporting scalable BUTXO of UTXO model at the bottom layer, optimizing EVM and using introspection mechanism to prevent deadlock in Turing complete. The data transmission layer adopts DLT technology to achieve asset issuance, spending, transfer and other operations. The consensus mechanism uses POW algorithm that are friendly to AI ASIC chips. Matrix and convolution calculation is introduced into the hashing process so that the miners can be used for AI hardware acceleration services, generating additional social benefits.”
You can read the full Bytom Whitepaper here.
A table showing monthly cumulative Bytom net worth growth (Jia, Kai, et al.2018)
The above table is an indicator of the positive growth of Bytom net worth over the last four months of existence. Both the individual, team 4+, team 15+ of existence recorded an average increase of 40€.
The entire success of Bytom has resulted from the attractive asset of blockchain protocol ecosystem due to tri-layer blockchain that separates traditional blockchain design component and supports cross-chain function for diversified cryptocurrency application.
Bytom partnered with Bitmain, 8BTC and other prominent players within the blockchain industry. Bytom enjoys the support of the Chinese government that assist in building the Bytom storage centre in central China.
From the short period that the Bytom has stayed in the market since its launch, its prices have rapidly risen due to increase in the overall volume of the transaction. Evaluation of the steady raising of capitalization indicates a significant increase in membership subscription.
High expectation of the boom season is likely to prolong up to 2020 according to the crypto-currency analyst (Zheng, Zibin, et al 2016). Currently, Bytom is looking forward to taking a significant slice of the $50 billion global industry pie since its fuels the industry growth beyond estimated analyst expectations.