February 23, 2019
Name of Token: Bytom BTM
Leadership: Chang Jia and Duang Xinxing
Token Ecosystem: Utility Token
Main Use Case: Exchange and Tokenization, Interoperability
Market Cap: $95,952,845 (February 23rd, 2019)
Volume: $7,961,373 (February 23rd, 2019)
Price: $0.095687 (February 23rd, 2019)
Circulation Supply: 1,407,000,000 BTM
History of the BTM Token:
Bytom is a blockchain protocol that is used for the exchange and tokenization of both digital and real-world assets: income assets, equity assets, and securitized assets. Income assets include fixed assets invested by local governments, non-performing assets, and crowdfunding campaigns. Equity assets include equity in privately owned companies and shares of non-public investments. Securitized assets include debt and loans, and other asset-backed securities that generate predictable cash-flows. The project describes itself as the “infrastructure of the asset internet” – creating diverse assets and a programmable economy to ensure byte assets (cryptos and digital assets) and atomic assets (real-world assets) can better interact and circulate.
Using a tri-layer blockchain design, the network acts as the bridge between these assets, whether they be digital or real-world. Assets stored on Bytom can be registered, exchanged, gambled, and engaged. The BTM token is used to trade these assets along with user-generated assets, and all transactions are completed on-chain with the Bytom protocol. It also includes the capability to process cross-chain transactions by implementing side chains.
Their mission, as stated in their whitepaper, is “To bridge the atomic world and the byte world, to build a decentralized network where various byte assets and atomic assets could be registered and exchanged”. They aim to build a global open platform for asset registration and exchange, as well as providing interactive tools that facilitate its mission and forecast real-world outcomes.
Bytom uses a Proof of Work consensus model, making it invulnerable to the Sybil attack and the 51% attack. Bytom’s BTM tokens can be stored in their official wallet, while a user manual to help users set it up and use it can be found here along with information on mining BTM.
Industry Case Studies:
Using the Bytom protocol to trade assets gives users some notable benefits. For instance, recording asset ownership and transfers of the blockchain creates a paperless and efficient system that is also secure.
Furthermore, Bytom removes middlemen and the inefficiencies they present in asset transfers and record keeping, while giving users full control over their assets. Asset transfer is trustless as no third-party is required to keep accurate records – they are stored on an immutable public ledger. This also allows for lower costs and low transaction times. Finally, because asset records are distributed across nodes located globally, there is no single point of failure, making your assets safe from attacks and malicious data manipulation.
If this project is successful, it could lead the way for a tokenized world with digital assets representing virtually anything that can be fractionally owned – from shares in a private company to the financing of an independent movie.
Major Partnerships, News, and Notable Achievements:
The Bytom project HQ is in China and their team is nothing short of noticeable. Their founder Chang Jia created 8btc, one of the largest Bitcoin and blockchain media outlets in the country. Co-founding partner Duan Xinxing is the former VP of OKCoin, one of the largest digital asset exchanges globally.
The first version of their mainnet was released in April 2018, with the project also passing the Howey Test – a test from the U.S Supreme Court to determine whether transactions qualify as investment contracts. This means that the SEC will not classify BTM as a security.
On April 12, 2018, Bytom entered a strategic cooperation agreement with Wuhan East Lake Big Data Asset Exchange to promote the development of its assets. This is a notable agreement as the organization is involved in delivering Big Data solutions to Chinese government agencies.
In June 2018, Bytom swapped its ERC-20 Bytom tokens for native Bytom coins, taking place over multiple exchanges. The team then released Smart Contract functionality on their platform in late July.
In August 2018, Bytom and JoorsChain announced an agreement for extensive cooperation. This includes a commercial relationship wherein both parties cooperate in the development and deployment of the JoorsChain protocol utilizing the Bytom network, while also enabling each other’s media presence (such as the development of global communities), and other business and technology developments.
In February 2019, Bytom announced its bounty program consisting in both daily and long-term tasks for developers to build DApps on its network. Interested? More details on the bounty system can be found here.
Future Goals for Bytom:
In late 2018, the Bytom team focused on their commercial DApp development support mechanisms, corporate management system, and multi-asset configuration DApp series. They also led the first Bytom Developer Conference at the Hangzhou International Expo Center, that drew in a crowd of over three hundred and about a hundred teams. In 2019, the objectives are mostly business-oriented, with finding a first batch of partners in full cooperation a priority. By growing their ecosystem, multiple assets will be circulating on chain. They are also planning a Bytom Asset Ecology Conference for 2020.
Bytom is a promising project. It has the blessing of the SEC, ties to the Chinese government, and is currently building a digital asset storage center in central China. But like many other projects, Bytom will gain legitimacy once its network is being used by major players. For this, they will have to fine-tune their product into one that can attract users and clients. You can keep up with project’s development through the Bytom blog.
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