Bytom is a decentralized blockchain platform which connects physical and digital worlds building a decentralized network where these assets can be registered and exchanged. Unlike other blockchains such as Ethereum, Bytom is focusing on circulation and assets register. The company is founded in China in 2017 by a group of experts already known in the crypto space. Its founders are transparent showing their names and the names of their team members publicly. In this Bytom review, we will go through all the information you need to know about this platform.
Bytom aims to bring together government agencies, blockchains, businesses into one ecosystem. The platform supports digital assets registration, their transmission, linking all kinds of cryptocurrencies with its cross-chain mechanism. Thanks to this protocol, users can register and exchange digital assets, as well as some traditional assets such as bonds, warranties, securities, dividends, etc.
The problem that Bytom wants to overcome is the lack of unified mapping of digital assets from the physical to the digital world. Beyond that, they want to make a bridge between the physical and digital world in order to “promote an effective flow of assets onchain and offchain”.
Bytom blockchain architecture is made of three layers: application, contract, and data transmission layer.
- The first one, the application layer, is suitable for developers to create digital assets management applications.
- Data transmission layer is in charge of transferring, issuing, spending, etc.
- The second layer is convenient for asset issuing and management.
Bytom token (BTM) is a native coin that is being distributed to miners, investors that were participating in an ICO, developers, private distribution and reserve. The main uses of this token are:
- Transaction fees for assets trading
- Asset issuance deposits
Currently, there are around 1 billion BTM circulating out of the total supply of 1.4 billion BTM. Bytom token can be exchanged on some main crypto exchanges like Huobi, HitBTC, OKEx, KuCoin, Bittrex, etc. At the moment, most of the tokens are traded on OKEx exchange.
Setting up the Bytom’s desktop wallet it’s pretty easy and straightforward. It can be downloaded for Mac, Windows, and Linux operating systems. After extracting the file, you can click the icon and the configuration window will be opened. You should choose “Join the Bytom Main Net” and enter the account alias, key alias, and a password. Your wallet is created now and you can start storing your cryptocurrency. The interface is modern and easy to navigate. They have also provided user manual with detailed instructions on how to create a wallet. The wallet uses the general address format which means that it supports multiple currencies, accounts, addresses, and keys.
Bytom has never been hacked so far. The developers claimed that they were targeted in the past but the attempts were never successful. However, you should never leave the funds in the hot wallet, and it’s always the best solution to move your BTM tokens to the cold storage. Additionally, you should always update for the latest version of their wallet. Bytom has an open bounty program on Slowmist, for finding bugs and vulnerabilities in their blockchain security, wallet, private key management and much more. More recently, they have started a new bounty program, which can be found on their website in the menu section.
Bytom support can be reached via email [email protected] They are also active on main social media channels Facebook, Twitter, Wechat, Weibo, Telegram, Reddit. There is no FAQ section on the website, but you can find most of the answers, with their complete roadmap in their official white paper.
Bytom Review Summary
Bytom is a relatively new company but it has managed to gain the trust of many users. Mostly because of their dedicated team members and founders who are known as blockchain enthusiasts. Bytom actively participates in various conferences, AMA sessions, and recently has started its first development challenge. With its large market cap, Bytom token is highly positioned on the Coin Market Cap list – rank 56 at the time of writing. This ambitious project aims to create one cohesive ecosystem, which will unify the digital and physical world, and it’s worth having a better look at it.
Disclaimer: Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research on the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.
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Image Courtesy: Bytom