Bytom – Built On Ethereum Blockchain
Bytom (BTM) is a cryptocurrency founded in June 2017 by Chang Jia. It is an ERC-20 token, meaning it uses the highly secure Ethereum blockchain as its backbone. It also notably uses the Scrypt proof-of-work (PoW) algorithm; its network is maintained and secured via mining where transactions are cryptographically hashed into blocks. Computer processing units (CPUs), graphics processing units (GPUs), and application specific integrated circuits (ASICs) can be used by miners to generate Bytom.
As of this writing, each coin is worth $0.49, and with a circulating supply of 987 million coins, this yields a market cap of $480 million. The Bytom market is quite active with daily trading volume in excess of $10 million. It has the 29th highest cryptocurrency market cap, which is quite solid given thousands of different cryptos and new platforms coming out just about every day. Therefore, if you are a cryptocurrency enthusiast or trader, it is important to at least have a basic idea about this crypto-platform.
Registration System For “Byte” & “Atomic” Assets
The mission statement of Bytom is to bridge the byte world with the atomic world to build a decentralized network where various byte assets and atomic assets can be registered and exchanged. The byte world consists of digital currencies like Bitcoin, Litecoin, Ethereum, etc., while the atomic world is comprised of all data in the physical world including securities, bonds, intelligence information, and forecasting information.
Bytom’s platform has a three-layer architecture, with an application layer that is friendly to mobile devices and computers that can be used to develop asset management applications, a contract layer where users can create smart contracts, as well as create new digital assets based on Bytom, and a data transmission layer where digital assets are issued and transferred. The Bytom token itself can be used to pay the transaction fee when trading assets, asset dividends, and deposits for asset issuance. This intimately ties the price of Bytom to activity on the Bytom network.
Ability To Trade Different Asset Classes
Income, equity, and securitized assets which covers the entire range of instruments in the financial world can be exchanged on the Bytom platform. And, therefore. Bytom provides the framework for a decentralized cryptographically secure economy. This is a necessity since the world is becoming increasingly centralized, which hurts the growth of new businesses; since, in a centralized economy, the rich have the power to censor and manipulate their competitors, going as far as unjustly freezing money.
On a decentralized economic platform like this, all users have a fair shot at doing business since their data, ideas, and contracts won’t be censored, stolen, or corrupted, because their money is cryptographically secured and cannot be frozen. Thus, the Bytcom’s network has the potential to be a great equalizer in the business world and should lead to the formation of many new businesses which will improve the global economy. I expect the value of BTM to rise in the long term as activity on the Bytom network increases. Indeed, the price of BTM has increased nearly 100% in the past month, at a time when most other cryptocurrencies have been declining in price.
Please note that the purpose of this article is not to give investment advice or influence any investment related decisions. It’s only meant to inform crypto enthusiasts and promote awareness. Always consult a qualified investment professional before investing.