The blockchain protocol used in the Bytom is one of the most interactive protocols that hold multi diverse byte assets. These byte assets are the digital currency which operates in very diverse ways in the Bytom blockchain. In this case, atomic assets can be registered, gambled or exchanged in one or more contact based inter operations in the Bytom. At other times, it could be even more complicated than that.
In case you may be wondering; by atomic assets, I’m talking about the securities, warrants, bonds, dividends, intelligence information or any other possible information that could be available in the real time world. The protocol set in place acts as a link between the atomic assets and the byte world in general. Here the protocol promotes the circulation and interaction of the assets between the two different worlds. More to that, the Bytom adopts an architecture with three layers inclusive of contract layer, application layer and the layer for data transmission.
The main aim of this article is to discuss in detail the history and founders of the Bytom, how to use it, its advantages, market performance and more. The basic goal is to ensure that you have an in depth understanding about Bytom and you can own up to it like a crown.
History of Bytom
The digital currency world has expanded so much lately and more projects of blockchain have been created. In china, this currency has a very large user base by virtue of the public emerging blockchain. Its community increases and grows stronger day by day. Bytom is actually the leading member of its team around the world which has meet ups all over the world.
In the year 2015, the Bytom team had their first meet-up in San Francisco where the founder, Xinxing Duan shared with the team members five innovations that they were expected to be used in the development plans in the future. Being a digital layer asset protocol, it carries the infrastructure of asset internet. This means that the Bytom chain has the capability of holding any financial peer-to-peer or asset applications.
The Bytom blockchain can handle applications such as wallets, exchanges, lending system, payment applications, forecasting application, and loan applications among others. The protocol has so much similarity with the one used to build social networks and online platforms for chatting like Facebook and WeChat.
Why do we need an asset blockchain?
I know most of you keep wondering why the asset blockchains are necessary in the market. Here is the reason; the Bitcoin is indeed a great innovation to the world considering that it was the first ever public blockchain to be invented. However, this blockchain has a few limitations too that would be disadvantageous to some of the blockchain users. The very first one is that it only supports the Bitcoin currency on its chain. The other limitation is that, Bitcoin is only compatible with digital assets and not the atomic or physical assets world.
This being the case, Bitcoin is not capable of meeting the anti money laundering (AML) and know your customer (KYC) protocols as they are in the real world financial systems. In simple terms, the Bitcoin cannot work with the traditional system for carrying out finances. To sum it up, the original version of the Bitcoin which was the Proof of Work mechanism for mining the Bitcoin causes unnecessarily large consumption of energy which is a problem that has been criticized by even the governments all over the world.
In order to take care of the problems which have been posed by Bitcoin, the Bytom came up with a few innovations to counter the arising issues.
Data & Transaction Structure
The fact that the unspent transaction output (UTXO) structure was expanded; each and every atomic transaction done was authenticated by a multi asset transaction. This means that the users can transfer different assets to diverse accounts in a single transaction.
A good example would be; User A can package 5 BTC, 10 ETH and 4 BTM, together with LTC as well as digital tokens which have been anchored by the US dollar to user B and C. The traditional way of transacting the Ethereum and Bitcoin is similar to a situation where we have a one-way traffic while the Bytom is the express highway traffic.
Bytom Preserves Existing Banks & Traditional Systems
Bytom aims at creating a friendly co-existence and co-development with the banking and traditional systems. Actually, with product design for Bytom, they pay attention to the friendliness unlike bitcoin which might destroy all the existing banks and traditional systems.
The private key used by the Bytom has so much in common with that of Bitcoin and Ethereum. However, there is still a clear line that distinguishes the two in that; it makes an extension by controlling one account through multiple private pass keys. This forms an account model that would pioneer the protocol in order to effectively manage the assets.
On the other hand, the structure of the Bytom public chain is solid and alike with that of the Bitcoin and Ether coin. All in all, the API interface can be used as an alliance, side chain and applications on the Bytom protocol. The audits gathered can then be introduced to the layers of the account model in order to achieve an endless integration with the assets in the real world as well as other financial systems.
The Bytom’s Cross Chains
In the recent times, there have been introduction of so many tokens which are related to blockchains. Some of the tokens in the market include the LTC and BTC. All in all, there is a factor that limits the interaction between the blockchains. Bytom’s API cross chain connection is designed to support the registration and transfer of other blockchains on Bytom. With the help of the UTXO even the forked coins get the chance to registration on Bytom.
Security & Privacy
The Bytom’s Virtual Machine (BVM) pays attention to the assets more than the instant messages sent on social media or applications like the IoT Mode for Class DAG. This means that Bytom is way more secure than most of those applications. In addition, the system and protocol layer separation takes the security to another level. For instance, the fact that the asset and system layer protocol is inseparable. That being the case, the threads beneath is killed giving the protocol loopholes as well as the wallet. This could lead to potential destructive blows which may lead to loss of millions of dollars in a blink.
Bytom also supports the hidden protocol nodes which is a great security strategy. Only the participants in a particular transaction have access to the information of the transaction made. The Contract Fingerprints ensure that any prospect attackers are not able to either decode or even attack the contracts as well as the transactions by reversing them.
Innovative Mining Mechanism
Most people always think that the Proof of Work mechanism is not safe to the environment because of the hash operations behind the mining. To avoid this unfriendly Proof of Work algorithm that damages the environment, the Bytom uses the AI ASIC chip which is more efficient than even the Proof of Stake Mechanism. The innovative hardware for computing independently supports both the BTM mining operations and also the AI industry. This means that it fully utilizes the Matrix operation and users are free to switch between the two modes plus the Proof of Stake too.
In conclusion, Bytom (BTM) is growing at a very high rate. It is not only aiming at incorporating the innovative technological procedures but also shaping the market business forms. With independent algorithm papers, Bytom is focusing on making the best out its partnership with global companies in order come up with applications that can support both the financial institutions which are very large and the traditional institutions too.