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Bytom (BTM) Making Its Move Towards Recovery

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Bytom (BTM)

These days when the crypto markets all around the world are rushing towards recovery, many altcoins have been preparing to take advantage of the situation by revealing an ace up their sleeve. For altcoins, it can be an opportunity to gain massive supporters and investors if they perform well and trade under the green zone. With the top 10 largest cryptocurrencies in the green and slowly working their way up, Bytom has eyed to steal the top spot of the best performer this season with their already launched Mainnet and BTM Mainnet Token Swap. In this article, we shall find out more about to expect from Bytom team.

A Little About Bytom (BTM) Project

There are many blockchain projects which are concerned over interoperability but among all those Bytom is on a whole different level. It aims to unify several types of assets into one blockchain by bringing off-chain assets on-chain. Bytom is specifically designed for the management of the asset. The Bytom project is the first of its kind since it opens the door for using real-world assets in the virtual world. Following are the types of Bytom assets that can be traded on-chain within Bytom Protocol;

  • Security assets: such as automobile loans and debts etc.
  • Equity assets: for example, shares of non-public investment and equity in private companies etc.
  • Income assets: crowdfunding campaigns and government investments etc.

Functionalities and Features

One of the main unique features of Bytom is that it’s different than a typical blockchain architecture with ERC20 tokens. On the contrary, it allows being inexpensive and lowers the time taken for transfer without requiring a middleman for asset transfer and record keeping. In case of Bytom, the consensus is reached using a Proof-of-Work protocol mechanism. Its protocol also includes the ability for cross-chain transactions via side chains. Users can easily take control of these side chains which depend on the main chain for security and control the issuance of new coins and tokens. Furthermore, since Bytom is compatible with ASIC, miners can effortlessly mine and also verify transactions.

About Bytom Main Net Launch

Last month on the 24th, Bytom Team announced the launch of their Mainnet Release which is dubbed as Bytom Mainnet ‘Intelligent’ 1.0.0 version. With its release, Bytom welcomed developers from the community to work on the construction of Bytom ecology. The mainnet release contained:

Genesis Block:

The genesis block was made by the Bytom team to generate a same balance of BTM as the previous ERC20 token. According to the Bytom team, Genesis block will show more meanings in the coming days.

Bytom Mining:

With the release of Bytom Mainnet, mining option was made available for BTM. According to the economic whitepaper, almost 693 million BTM which comprises up to 33% of the total BTM is reserved for mining.

Bytom Wallet:

On 4th may, the official Bytom mainnet wallet was launched. At present there are is a web and desktop version available for download for Win64, MacOS and also Linux.

AI friendly PoW Algorithm:

This new algorithm is being called ‘tensority’ by the Bytom team and as the name suggests it is a consensus algorithm which is based on tensor calculations. It’s being claimed as a new and improved version of the previous algorithms of Bitcoin, Litecoin, and Ethereum since it is more universal and ASIC-friendly.

Bytom Token Swap:

During the mainnet launch, it was announced that the ERC20 token will be converted into Bytom Mainnet Token at 1:1 ratio. Since the beginning of May, some of the biggest cryptocurrency exchanges such as Gate.io, OKEx, and BiBox have announced their support to the BTM Mainnet Coin Swap.

Bytom Trading and Markets:

At present, the Bytom Markets are experiencing an uptrend and some recovery. The coin is ranked as the 34th largest cryptocurrency of the world according to the data on CoinMarketCap at the time of writing. It is available for trading on the most influential crypto exchanges. Some of them are Huobi, CoinEgg, BiBox, OKEx, and Gate.io. its current individual price is approximately $0.76 USD and its increasing at the rate of 21.5%. the total market capitalization of Bytom is close to $748.4 million USD and almost $87 million USD worth Bytom has exchanged hands within the past 24 hours.

Final Thoughts:

Bytom is ascending slowly towards opening new opportunities for asset digitization sector and once it has succeeded it’ll surely become of the most influential blockchain project in the crypto world. Although the team and its aims have many possibilities in the future, it could hamper Bytom’s present condition and prove as barring for the present investors. Bytom and its team have to be more active and focus on the present in order to gain support and investors when required.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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