Bytom (BTM) is a cryptocurrency centered around a belief that the information revolution has fundamentally changed the way we interact with the world. Whereas information in the past was equivalent to power in technology; we are undergoing a shift from information to computers as the power source of our world. Bytom works through a concept known as “Byte” and its ability to connect our world economy to the digital realm.
Through creation of “Byte” tools and assets, the Bytom blockchain is helping drive a more extensive and diverse market that makes it easier to transfer real world assets to the digital world. This sort of technology has great implications in the financial, gaming and insurance industry. Users of blockchain currently can buy software or digital currency in app stores or on platforms like Coinbase, KuCoin, HitBTC, etc.
The main problems that Bytom seeks to address relates to our need for a system that can handle the transaction and interaction of diversified byte assets. Through Bytom’s public blockchain, the organization wants to solve the 3 following problems:
- How do you achieve non-replicability of atomic assets in the form of byte assets with blockchain technology?
- How do you establish relation between real world currency and byte assets. How do you resolve issues of compliance?
- How can you effectively connect real world currency and the byte world so you can promote an efficient flow of assets on-and-off chain?
On Bytom’s platform, bytes are effectively made up of 3 layers: the Application layer, Contract layer and Data Transmission layer. Application layer is where Bytom created a friendly UI for mobile users, essentially acting as the frontend for their product. Contract layer works by generation of smart contracts for asset issuance, management and operation of a scalable Bytom-based UTXO model. The Data Transmission layer handles asset issuance, spending, transfers and other blockchain operations.
Bytom’s network ultimately works on a Proof-Of-Work algorithm that is friendly for Artificial Intelligence based ASIC platforms. AI Apps are powered through what is known as Minerscan and matrix and convolution calculations are introduced into the hashing process. This can be utilized for accelerated hardware services when it comes to mining Bytom.
Exciting times ahead for this project! I will definitely be keeping an eye on it! The team is solid and provides regular updates on their progress. Consider checking their whitepaper out!