What is Bytom?
Bytom is a cryptocurrency that takes a unique triple-layer approach to blockchain distributed applications. Data transactions occur on one layer, transmissions on another, and the third is called the asset interaction layer. The cryptocurrency could create a faster, more secure payments system and has potential in the field of Big Data too.
Introduction to Bytom BTM
Bitcoin is a single layer cryptocurrency, and Ethereum is a dual-layer blockchain that adds smart contracts and dApps to the mix. Chinese blockchain Bytom takes things a step further with a triple-layer approach. Data transactions occur on one layer, transmissions on another, and the third is called the asset interaction layer.
Bytom is an interactive protocol of multiple byte assets, to give it the proper title. And, while Ethereum’s SEC scrutinization as a possible security took the entire crypto market on a downturn in early 2018, Bytom voluntarily submitted to the SEC’s Howey Test and Bytom cryptocurrency was deemed not a security under its DAO watch.
As digital assets go, this one has potential to make an impact on the cryptocurrency market with low transaction fees, high tech Bytom blockchain technology and an interactive protocol of multiple byte assets that could mark it apart. A Bytom wallet is also on offer and can store plenty more than Bytom coins.
Rapid Success For Bytom Cryptocurrency
That’s a lot for a blockchain mainnet that just barely launched April 24, 2018. Much of its success can be attributed to its association with popular Shanghai-based crypto-exchange forum 8BTC, whose founder Chang Jia partnered with Bytom founder Duan Xinxing in April 2018.
Bytom has a long road ahead of it, but it’s plowing through full steam ahead. It’s also working on a one-stop big-data shop for government agencies and enterprises in China that could put American information management giant Iron Mountain to shame.
The management of digital assets could easily attract state backing, as China is keen to embrace the blockchain even as it stamps down on cryptocurrency trading. Chinese nationals cannot buy Bytom and invest in the blockchain technology that could change the nation.
Before discussing the intricacies of Bytom’s blockchain technology, let’s look at the BTM coin and its performance in the market in terms of the market cap and daily trading volume. Is the Bytom coin worth buying?
Breakdown of BTM
Bytom has a total supply of 1,407,000,000 BTM. While it did spike with the crypto market in January 2018, it hit its all-time high of $1.13 for Bytom coins the day prior to its launch date four months later on April 22, 2018.
This makes BTM cryptocurrency a rarity among cryptos in that it peaked outside Bitcoin and Ethereum’s wake and may have even contributed to the May rally after two months of dipping prices industry-wide. Even strong projects like Ripple and Litecoin typically follow Bitcoin and Ethereum in the market, so BTM is noteworthy for standing alone.
Could Bytom cryptocurrency form a safe haven if the market turns? Keep watching the cryptocurrency news and the market cap for the answer. The cryptocurrency market is a fickle place, but spotting trends like this can create serious profits over time. Bytom coins could be an option for rainy days.
BTM is traded on a variety of cryptocurrency markets, including OKEx, CoinMex, Gate.io, CoinEgg, and Huobi Global. Over $5 million worth of BTM is traded on a daily basis, with trading pairs including BTC, ETH, and USDT.
Bytom’s official wallet is available for a variety of desktop operating systems.
Buy Bytom, Don’t Try And Mine It
BTM can be mined up to the maximum supply (approximately 33 percent), and Bitmain released the $27,000 Antminer B3 (780Hz) ASIC mining rig for BTM on May 1, 2018. This means it will be all but impossible for anyone without that upfront investment to mine. A swarm-mining solution is offered by Antpool, a Bitmain subsidiary accused of artificially boosting the price of Bitcoin Cash in Q2 2018.
Many popular cryptocurrency exchanges support Bytom cryptocurrency, including Huobi, Etherdelta, and KuCoin. Approximately $50 million worth of BTM is traded on a daily basis. To support its community, Bytom airdropped any BTM it mined during its opening weekend. It also promises a bounty system to reward participation in the Bytom ecosystem.
Up until the official mainnet launch, Bytom BTM existed only as an ERC-20 token on the Ethereum blockchain. The testnet will remain up alongside the mainnet in order to test new updates without compromising the live environment.
Behind the Tensority Algorithm
Bytom rose to prominence in the U.S. (and global) blockchain community in April 2018 after debuting its Tensority algorithm at an industry conference at M.I.T. This consensus algorithm uses edge computing to enable integration with AI deep learning and cloud computing,
Tensority is a Proof-of-Work algorithm based on tensor calculation, and it’s one of the more technical blockchain projects on the market. Using three layers, Tensority, and general address format, Bytom is capable of interoperability with any other platform, blockchain or not.
Of course, interoperability in itself is quickly becoming the standard for new blockchains. Ontology, for example, supports sidechains, and Plasma brings this functionality to Ethereum. However, most of these platforms only support today’s data standards which are quickly being replaced as AI-powered recommendation engines become the norm.
In fact, Bytom’s algorithm supports ASIC mining rigs so well because it’s built for AI hardware acceleration services.
Also, like Bitcoin’s Segregated Witness, Bytom separates transaction signatures from the rest of the data to streamline processing. The Bytom UTXO model verifies transactions in parallel to avoid double-spends and other manipulation. It also uses ESCDA encryption and SHA256 hashing.
Using these technologies, Bytom built a state-of-the-art blockchain that can support anything our combined computing power can throw at it now or in the future.
History has shown the most technologically-advanced project doesn’t always win (i.e. Tesla v Edison, VHS v Beta), but Bytom’s focus on advanced technologies like artificial intelligence may prove to be a boon in the blockchain arms race. The asset management and development of the blockchain platform will make or break Bytom in the end.
The project’s success depends on attracting assets into its ecosystem, and it’s poised to do so by flaunting the following advantages over competitors.
- Bytom is a tri-layer blockchain that separates each component of traditional blockchain design. It also supports cross-chain function and can support any other cryptocurrency.
- The BTM coin’s peak value was on April 23, 2018, months after the rest of the industry experienced its peak. It’s a rare coin that rose independently of the cryptocurrency market, so keep an eye on what it does during downturns. That may be the time to buy Bytom.
- Bytom is partnered with 8BTC, Bitmain, and other prominent players in the blockchain industry.
- Bytom has the blessing of the SEC, the support of the Chinese government, and is building a digital asset storage center in central China.
IT storage spending has steadily risen since 2013 and is expected to continue through 2020. It’s currently a $50 billion global industry, and Bytom is hoping to not only take a slice of this pie but grow the industry beyond initial analyst expectations. This blockchain project is here to stay.