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Bytom (BTM): The Rise of Blockchain in Asia

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Bytom

The world has recently seen an upsurge in blockchain related project developments around the world. While the current situation in the cryptocurrency market is encouraging the growth of newer projects, only the elite few of the new assets which are issued on top of the existing blockchain can be considered important. One such new asset is Bytom, a Seoul based blockchain project.

A Little About Bytom

Bytom was founded by Duan Xinxing with the aim of combining the best of both worlds: Artificial Intelligence and Blockchain Technology. The primary focus of this project is on the creation of heterogeneous byte-assets, operating in different forms on its own blockchain. Through several twitter posts, they announced their intentions on focusing primarily on atomic assets, such as dividends and bonds. Not only that, Bytom will make atomic assets registered and exchangeable with a contract based operation. Bytom officially entered the market in August last year and reached an overall ranking of 28th according to coinmarketcap. As of 11/04/2018, Bytom’s market cap has reached an astonishing $602,613,837 USD with a circulatory supply of 987,000,000 BTM tokens.

Bytom’s Inner Workings

The Bytom project is definitely more technical in nature when compared to its peers, as evidenced by the project’s three layers: namely,

• Data transaction and transition layers
• Contract Layer
• Asset interaction Layer

To offer multiple currency support, the Bytom blockchain uses a general address. Assets which are issued and digitized on the platform are named according to the Open Data Index naming system for producing unique names. All other facets of the project are very similar to blockchain related projects, with the combination of private and public keys used for storing assets.

One salient feature of the Bytom blockchain is transaction signature separation. The transaction signatures are kept separately from the rest of the data belonging to a particular transaction. Verification of transactions is also very secure and fool-proof, by using the Bytom UTXO model.

Bytom’s Future Plans for Blockchain Technology

Bytom has spearheaded the blockchain revolution in recent times, with its development team keen on improving the Bytom ecosystem’s governance model before the first quarter of this year. The Bytom project has contributed heavily to the development and adaptability of blockchain technology, especially in China. The several aspects of Bytom’s contribution are listed below.

• Cross-Chain Asset Distribution: The concept of cross chain asset distribution introduced by Bytom aims at aiding developers to create a smaller side chain liked to the main chain. This is beneficial for providing them with full control over their individual projects, while still benefiting from the main-chain’s high degree of security.

• PoW Consensus Mechanism: In case of Bytom, the developers have completely redesigned the existing PoW Consensus Mechanism to make it different from that of Bitcoin. A major point would be the introduction of the matrix mechanism which allows Artificial intelligence technology to facilitate Bytom’s mining.

• Reducing Wastage of Resources: Due to Bytom’s high algorithm speed and a combination of other factors, Bytom can reduce wastage of resources. It is a well-known fact that the development of artificial intelligence has, in turn, increased the demand for ASIC miners. This creates a huge economic benefit for the mining market, which in turn greatly accelerates the development of AI ASIC chips.

Final Thoughts:

In conclusion, the Bytom project has a highly prospective future compared to its peers, due to its unique approach. Bytom’s Ai-friendly PoW algorithm is expected to aid in the full utilization of the world’s mining resources including ones that are removed or abandoned. The worldwide adoption of Bytom is also increasing, with Bytom tokens being listed on exchanges such as EXX, BigONE, Huobi, Gate.io, Cryptopia, Bibox, HitBTC, Kucoin, EtherDelta, CoolCoin, Allcoin and OKEx. In a market where several blockchain related projects have turned unprofitable or fraudulent, Bytom is certainly a breath of fresh air for investors, adapters and the industry at large.

We will be updating our subscribers as soon as we know more. For the latest on BTM, sign up below!

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.

Image courtesy of Marcelo Druck via Flickr

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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