Bytom BTM cryptocurrency: device, features, purpose
Bytom (BTM) is an interactive protocol based on byte assets. The goal of the Bytom project is to transform the outside world into the digital world and tokenize all assets of the real sector. Inside the Bytom project, there are 2 types of byte assets: elementary byte assets and external byte assets.
Elementary byte assets in the Bytom network are financial instruments, such as stocks, bonds and other derivatives, which are translated into bytes and embedded in the blockchain.
Bytom’s external byte assets are root tokens and cryptocurrencies within the Bytom blockchain.
Given the fact that the digital world has just begun to develop, elementary assets dominated external, but soon, perhaps, the equation of popularity between the two types of assets. The Bytom project will do just that, it will popularize the byte environment.
From elementary and external byte assets, 3 types can be distinguished:
- Some profitable assets, such as property;
- The so-called equity assets, in the digital world – tokens, in the real world – stocks;
- The last type is bonds.
Elementary assets have always prevailed over external ones, however, the situation is changing rapidly, as the perception of assets is changing. Information on the Internet has always been of great value, but now comes the time of computing power. This means that more digital assets will emerge in the future.
Byte tools, such as email or Word documents, were the first asset types on the Internet. They were followed byte currencies such as bitcoin and ether. The next step in the digital revolution will be the spread of byte assets. In the future, stocks and securities will be traded on the blockchain, which will allow us to take the next step towards a global economy.
Bytom’s goal is to be the first platform that will allow users to work with this type of asset. In the future, artificial intelligence and IoT devices will be able to use this information to expand the presence of the real world on the blockchain.
The currency blockchain consists of three levels:
- An application layer that allows users to interact with assets using a simple graphical interface;
- The level of contracts at which asset management and the development of smart contracts take place;
- The level of data transfer at which the release of assets and the spread of transactions in the network take place.
To achieve agreement, the protocol network uses the Proof-of-Work method. For mining, you can use ASIC miners. The hashing process includes matrix calculations that allow artificial intelligence to accelerate the mining process, without compromising the security of the network.
For their work, miners get paid in BTM tokens. The maximum emission volume is limited to 1.407.000.000 BTM. Tokens perform the following functions:
- Used to pay fees for the transfer of assets in the Bytom network;
- Used to pay dividends on assets on the platform;
- Used to secure assets on the platform.
Since the protocol network uses Bitcoin blockchain, users can use BTC to secure assets on the platform. The process is carried out using an Xrelay contract, which automatically converts BTC to BTM.
Thus, the currency is a blockchain platform created for working with byte assets. Governments and private companies intend to link their assets to the blockchain. It is on such participants that the developers of the company rely.
The Bytom network allows you to transfer three types of assets:
- Profitable assets, for example, property;
- Equity assets, for example, tokens;
- Securitized assets, such as bonds.
Each asset is assigned a name using the ODIN (Open Data Index Name) standard, which ensures the uniqueness and impossibility of copying assets.
BTM tokens and other currencies are stored in Bytom’s own wallet. The address is formed using the BIP32, BIP43 and BIP441 protocols, which provide users with the opportunity to deposit several types of coins on one electronic wallet.
Platform members can manage assets in their wallets using public and private keys, protected by a combination of SHA-256 and ESCDA encryption algorithms.
Bytom is a very interesting and promising project. If its creators are able to fully realize their plans, the modern world of finance will become even closer to its digital embodiment. However, it is impossible to say whether they will succeed. In addition, many equally promising competitors like the TenX platform are stepping on their heels.