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What Is Bytom? Introduction to BTM

Can the smartest guy in the room become the most successful?

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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.

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 was deemed not a security under its DAO watch.

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.

Before discussing the intricacies of Bytom’s blockchain, let’s look at the BTM coin and its performance in the market.

Breakdown of BTM

Bytom has a market cap of $673,373,841 as of May 22, 2018, based on a circulating supply of 987,000,000 BTM (out of a total supply of 1,407,000,000) and an exchange rate of $0.682243. While it did spike with the crypto market in January 2018, it hit its all-time high of $1.13 the day prior to its launch date four months later.

This makes BTM 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.

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 crypto-exchanges support BTM, 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, 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.

BTM has both a desktop and web-based wallet, and a mobile wallet is expected in the near future.

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.

Bytom Summary

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 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.
  • 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 excepted 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.

 

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