Bytom (BTM) Review, Price, Market Cap and more | Coinopsy

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Bytom (BTM) - Specialized Link

Bytom is a blockchain protocol being developed as an intermediary link that links generalized block chains with specialized blockchains...
Bytom's current price is $0.089 USD. In the past 24 hours, Bytom's price has decreased by -4.7 percents..
Name (Ticker)
Bytom (BTM)
Price (USD)
$0.0885987479233
Rank
39
Active Supply
1.0 billion
Total Supply
1.4 billion
Volume(24H)
25.7 million
Market cap
88.8 million
Fun Name
Specialized Link
Categories
Website Links
Social Links

Bytom (BTM) Chart

Pros of Bytom (BTM)

  • Limited

Cons of Bytom (BTM)

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

Bytom (BTM) Review

Blockchain Protocol

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.

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.

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

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.

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.

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.

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.

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Bytom (BTM) Token

Bytom token is BTM, which is a special token that is distributed to miners and nodes. The POW mechanism encourages random anonymous miners to get involved in the entire ecosystem. Distribution of the token will follow a determined supply curve. The main uses of the BTM are:

  1. The transaction fee for assets trading; 
  2. Dividends of income assets;
  3. Deposits for asset issuance. 

Take dividend distribution of income assets, for example, if the asset issuer decides to use BTC as dividends, he can lock the corresponding amount of BTC via sidechain and convert them into BTM at market rate. This process is executed by contract calling Xrelay through cross-chain operation. For example the conversion with BTC, ETH is completed through BTCRelay , ETHRelay.

Bytom (BTM) Contract Layer

  1. The Genesis contract is a special type of contract on Bytom. The genesis contract can issue and audit smart contract and retain some access for developers, such as private key, application scope etc. The Genesis contract can execute standardization and automated audit to a certain extent to ensure that the assets released will be in line with the corresponding rules and templates. The underlying implementation of the Genesis contract will call the issuing program in the data transmission layer: Asset Issuance Program.
  2. General Contract: General contract has two functions: trading of assets and the setup and verification of dividends distribution. Such authority is open in the general control, which is equivalent to a fun in real life. If a new assets needs to be developed or introduced into the general contract, it is necessary to submit a request to the Genesis contract for approval. The underlying implementation of the General contract will call the controller program in the data transport layer: Asset Management Program. 

Bytom (BTM) Application Layer

Bytom provides various PC, WEB, mobile applications to facilitate the asset management by calling contracts. The layer reduces the entry barrier for application by encapsulating the underlying blockchain technology, and provides a more flexible and friendly interface for developers and asset issuers to enable them to focus on innovations of business model and business logic.

Bytom (BTM) Technical Overview

Bytom will adopt a three-layer structure, which is visualized in the figure below: 

1. Application layer: support the development of programmable Dapp, calling contracts for asset registration, written-off, trading and dividendsdistribution.

2.Contract layer: account system, contractcoding support 

3. Ledger layer (data layer): permissionless public blockchain layer, POW consensus.

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Bytom (BTM) Wallets

Bytom has recently moved to a mainnet version and is supported by quite a few wallets. Many of them are chinese-based and aren't particularly reputable, so we can't recommend that you trust them. You can check them out at https://bytom.io/wallet. None of these wallets are widely used so we cannot wholehartedly guarantee the security of your currency.

Bytom (BTM) Buying BYTOM

Credit card and bank transfer options are fairly limited. We'd suggest you buy some ETH or BTC through Coinbase and then exchange it for ELF on either Huobi or Bittrex.

Bittrex

Bittrex is a US based exchange founded in 2013 and headquartered in Seattle Washington. The company was founded by Bill Shihara, Richie Lai and Rami Kawach, all three previously worked at Microsoft.

A 0.25% flat commission is applied to all trades. Trading fees are slightly higher on Bittrex compared to the industry average. Additionally, there are neither rebates for higher-volume trades nor incentive models for takers and makers.

 

Huobi

Founded in 2013, Huobi is a cryptocurrency exchange with over a million users and more than $1 billion in assets under its custody. Headquartered in Singapore, the company has an international presence. Huobi offers competitive trading fees when it comes to its commissions, as the broker charges 0.2% on major crypto pairs such as BTC/USDT, whether your order is helping to create liquidity or take it away.

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