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