Bytom is a unique decentralized service that provides users with the ability to manage external and elementary assets. The latter include financial funds, securities, as well as a number of other financial instruments that people use in real life. Among the first are virtual currencies of various types. Thanks to the use of such a platform, each consumer can manage any of the above types of assets.
As of today, elementary resources are more popular than external ones. But in connection with the rise in the popularity of cryptographic platforms, this situation may soon change radically. Today we can observe a gradual transition to the era of computational technologies. Following the email and text files, the digital currency began to develop. And now the time has come for the mass popularization of this tool, which influences the global change of the model of the world economy. And the Bytom site intends to take a direct part in this process.
What is Bytom?
As mentioned earlier, Bytom is a platform that allows its users to use both external and elementary assets. This platform increases the set of tools designed to manage financial assets. Using the capabilities of this platform, each user will be able to purchase, sell or convert almost any kind of fiat or digital currency, regardless of the current geographical location.
For quite some time, elementary assets were the main and most significant component of the world economy. However, today, together with the advent of the digital age, their significance is gradually decreasing. More recently, the main component of the Internet was data, but today it has been replaced by hash rate indicators.
The first significant components of the Internet were email and text files. Over time, they were replaced by various online sites – for example, the tokens of the Bitcoin and Ethereum digital currencies. Today we can see expanding the capabilities of the distributed registry, as well as its implementation in all spheres of life. In the near future, Blockchain technology will be used as the basis of the digital economy. The use of this technology will increase the level of security, ensure the confidentiality of each user, and will also make the execution of financial transactions more open. In addition to the above, the introduction of distributed registry technology will increase the level of popularity of the Internet of Things, as well as the development of Artificial Intelligence and a great number of other innovative technologies.
The main goal of the creators of Bytom is to implement the most convenient and understandable platform that provides users with the opportunity to use all of the mentioned tools.
Among the main advantages of the platform are:
- Support for a large number of digital currencies. Thanks to the application of “common address format”, a virtual wallet allows users to interact with a wide range of cryptocurrencies. Moreover, one key is enough to use all of your digital assets;
- Completely optimized. When creating the site, the development team focused on a product that is compatible with the work of UTXO. Due to this, the platform includes several layers, such as the interaction of assets, the layer of agreements and the level of information transfer.
As mentioned above, the structure of the site consists of several levels:
- The level of data transfer that acts as a communicator during the execution of various operations with one of the currencies and the recording of payments in the distributed registry;
- The next level is the application level, which allows users to work with their own resources using an intuitive and user-friendly interface;
- The third level is contractual. It allows users to create smart contracts on their own.
In the Bytom system, a consensus is achieved through the use of the Proof-of-Work algorithm. That is why the cryptocurrency production of this platform can be afforded by both a person who is just beginning the path of a virtual currency user and an experienced miner who has powerful computing equipment at his disposal.
Other site possibilities
In addition to using fiat money and virtual currency, the site also allows you to manage other non-standard assets:
- Property capable of generating a passive income;
- Shares of various coins located in non-listed organizations;
- Protected types of assets.
While working with all the mentioned types of assets, a specialized algorithm called ODIN is used, which guarantees the uniqueness and authenticity of an asset.
The platform token received the abbreviation BTM. It is designed to control the operations within the network.
The developers said that they intend to produce about 2 billion coins, some of which would be sold during the ICO. The developers intend to distribute the sold tokens as follows:
- 7 percent of the issued coins will be distributed among investors;
- 30 percent of tokens are distributed during the conduct of crowdsale;
- 20 percent of the coins will remain in the fund of the site;
- 10 percent will be spent on modernization of the project;
- 33 percent of the released tokens will be used for further mining.
To purchase the BTM digital currency you need to go to the official portal of the company. Purchase of coins can be done with the help of a fiat currency or a cryptocurrency. In case of difficulties, users can ask their question to developers in a specialized section at any time.
It is important to note that the coin of the platform was launched on the market relatively recently, but today it is among the 100 digital currencies with the largest capitalization.
Bytom digital wallet
The Bytom digital wallet is used for storing cryptocurrency assets within the platform’s framework. The address is formed using protocols such as BIP441, BIP43, and BIP32. These protocols allow users to store several varieties of cryptocurrency on their personal wallet at the same time. To manage their own assets, customers can use both public and private keys, protected by using algorithms such as ESCDA and SHA-256.
You can purchase BTM coins using Bitcoin, ETH or Chinese Yen on such trading platforms as BTER, Binance, and SZZC.
Bytom was created by the world-famous 8btc team, whose members are:
- Chiang Jia is the head of the development team. He gained worldwide fame through writing books in the science fiction genre, and also by promoting the ideas of virtual currency in the People’s Republic of China to the masses;
- Lang Yu – previously held the post of system engineer in the Alipay company, has a master’s degree in computer science. Is engaged in the development of information processing systems site. Joined the development team in 2014;
- Duan Xinxing – headed the department of marketing and design;
- Qu Zhaoxiang – is the Chief Operating Officer of the 8btc development team;
- Yi Changjun is a member of the team responsible for writing the main component of the program code;
- James Zhu and Zhu Itzki are the main developers of the virtual machine.
Bytom is a very attractive and promising project. If its developers manage to achieve the set goal, the world economy will become even closer to its digital embodiment.