Bytom (BTM)

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Bytom is a blockchain protocol being developed as an intermediary link that links generalized block chains with specialized blockchains.

Joke Name

Bytom = Specialized Link

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (BTM)

Coin or Token

Circulating Supply (1 billion)

Total Supply (1.4 billion)

Market Cap Ranking

Review

Bytom is a blockchain protocol being developed as an intermediary link that links generalized blockchains with specialized blockchains. It is the first such project of its kind, making it quite innovative as it seeks to accommodate the exchange of a diverse set of digital and atomic assets. Specifically, Bytom is being created to deal with issues related to asset management, both digital and real world assets, bridging the gap between the virtual world and the physical world.

Key Features:

  • Compatibility
  • Flexibility and Cross-Chain asset distribution
  • ODIN Asset Naming

Compatibility

The Bytom ecosystem consists of three layers: data transaction and transmission layer, contract layer and asset interaction layer. The asset interaction layer operates on the assets by calling contracts. The data transaction and transmission layer is compatible with the UTXO model and the transaction data structure of Bitcoin to achieve high-speed concurrence and controllable anonymity.

The asset management and operation of Bytom involves private key, public key and address system, which is achieved through ESCDA encryption and SHA256 hashing in Bitcoin’s design. Bytom will support the Public Key Cryptographic Algorithm SM2 Based on Elliptic Curves 2 and SM3 Cryptographic Hash Algorithm 3 that are compliant with Chinese National standard. In terms of similar computational complexity, SM2 is much faster than RSA and DSA in processing private keys, thus a higher efficiency in encryption.

Flexibility and Cross-Chain asset distribution

Unlike the Ethereum account model, BUTXO can verify transactions in parallel by adopting a mechanism similar to nonce to ensure that each unspent outputs could only be quoted by one transaction. In addition, Bytom is lighter than Ethereum in nature as participants only need to remember unspent outputs as the trade itself carries other relevant information. Also, developers can create a tiny version of the X chain (other blockchains) or Xrelay based on Bytom platform, they could also perform API calls via smart contract to verify network activities on X blockchain, thus achieving cross-chain communication, asset transaction and dividend distribution in the contract.

ODIN Asset Naming

The naming of assets will follow ODIN (Open Data Index Name) standards to ensure the uniqueness of assets across the entire network and blockchain. Unlike other blockchain-based identification solutions, ODIN is based on the Bitcoin blockchain and supports the introduction of other blockchains (public, consortium, private) through multi-level marking. ODIN uses blockchain height as naming index instead of registration of character string.

Problems:

The first problem noticeable right off the bat is that Bytom’s PoW algorithm is ASIC-friendly, which means the network can be easily centralized with the usage of ASIC mining hardware. Also, their core team contracted the Binance team and asked the exchange to delist their BTM token for reasons unknown.

Conclusion:

Ultimately, it’s up to the investor to make his own decision as to the viability of this project. The sheer size and scope of the project adds more risk to what is already a risky sector, full of competing, specialized projects. It is suggested to tread carefully, although a small bet may not be unwise if the Bytom team ends up delivering on their promises and reaching the goals they have for the project.

Pros

  • Limited

Cons

  • No direct backing (asset, profits, commodity)
  • Risky sector
  • Centralised mining
  • Delised form binance