Bytom (BTM) Future of Digital Assets

Bytom (BTM): Future of Digital Assets with Bytom (BTM)

Cryptocurrency, such as Bytom (BTM), represents a revolutionary form of digital or virtual currency built on cryptographic techniques. At its core, cryptocurrency operates on decentralized blockchain technology, a distributed ledger that records transactions across a network of computers. Bytom, as a cryptocurrency, distinguishes itself by focusing on the tokenization of real-world assets, bridging the gap between physical and digital realms. Through the use of smart contracts, Bytom allows for the secure and transparent representation of various assets, facilitating efficient and trustless transactions on its blockchain.

The functionality of Bytom relies on a consensus mechanism known as Proof-of-Work (PoW), where miners solve complex mathematical puzzles to validate transactions and secure the network. By facilitating consensus through this method, Bytom ensures the integrity and immutability of its blockchain. Additionally, Bytom employs unique protocols to support tokenization, enabling users to represent physical assets like real estate or commodities digitally. As users participate in the Bytom ecosystem, they contribute to the validation of transactions, reinforcing the network’s security and integrity. Overall, Bytom exemplifies the innovative potential of cryptocurrencies, showcasing how blockchain technology can redefine traditional finance by incorporating real-world assets into a decentralized, transparent, and efficient digital environment.

Bytom BTM Price (USD)

Table of Contents

What is Bytom (BTM)?

Bytom (BTM) is a blockchain platform designed to facilitate the tokenization of real-world assets and enhance the interoperability of various blockchain networks. Launched in 2017, Bytom focuses on providing a comprehensive solution for the representation and exchange of physical assets in the digital realm. At its core, Bytom employs a unique consensus algorithm known as Tensority, which combines elements of both Proof-of-Work (PoW) and Byzantine Fault Tolerance (BFT). This hybrid approach ensures a robust and secure network, making Bytom well-suited for tokenizing assets like real estate, securities, and commodities.

One of Bytom’s distinguishing features is its commitment to supporting multiple asset classes through the creation of fungible and non-fungible tokens. Through the implementation of smart contracts, Bytom enables the creation of programmable and self-executing agreements, further expanding its use cases beyond simple transactions. With a focus on enhancing cross-chain compatibility, Bytom aims to foster collaboration between different blockchain networks, facilitating seamless asset transfers and promoting a more interconnected and efficient digital economy. As Bytom continues to evolve, it stands as a pioneering force in the blockchain space, driving innovation in the representation and exchange of tangible assets on the decentralized digital frontier.

Bytom (BTM)

How Does Bytom Work?

Bytom (BTM) operates on a blockchain-based platform designed to tokenize real-world assets and enhance the interoperability of various blockchain networks. The functioning of Bytom involves several key elements:

  1. Tensority Consensus Algorithm: Bytom utilizes a unique consensus mechanism known as Tensority, which is a hybrid algorithm combining Proof-of-Work (PoW) and Byzantine Fault Tolerance (BFT) elements. This hybrid approach ensures both the security of the network and the efficiency of consensus, striking a balance between decentralized validation and resilience against potential malicious actors.

  2. Tokenization of Real-world Assets: A primary focus of Bytom is to enable the representation and exchange of real-world assets in a digital format. Through the use of smart contracts, users can tokenize various assets such as real estate, securities, and commodities. This process involves converting physical assets into digital tokens on the Bytom blockchain, allowing for secure and transparent transactions.

  3. Fungible and Non-fungible Tokens (NFTs): Bytom supports the creation of both fungible and non-fungible tokens. Fungible tokens represent interchangeable assets, like currencies, while non-fungible tokens (NFTs) uniquely represent specific, indivisible assets. This flexibility in token creation enhances the platform’s versatility, accommodating a wide range of asset classes and use cases.

  4. Cross-chain Interoperability: Bytom is designed to enhance cross-chain compatibility, promoting collaboration between different blockchain networks. This interoperability allows for the seamless transfer of assets between Bytom and other compatible platforms, fostering a more interconnected and efficient digital ecosystem.

  5. Smart Contracts: Bytom employs smart contracts, self-executing contracts with the terms of the agreement directly written into code. Smart contracts on Bytom enable programmable agreements, automating processes and ensuring the trustless execution of predefined conditions.

In summary, Bytom’s operational framework involves a unique consensus algorithm, a focus on tokenizing real-world assets, support for different types of tokens, and a commitment to cross-chain interoperability. Together, these elements contribute to Bytom’s goal of creating a versatile and efficient blockchain platform for the representation and exchange of various assets in the digital space.

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Who Are The Founders of Bytom?

Bytom has two established founders:

1. Chang Jia: He serves as the CEO and founder of Bytom. Before creating Bytom, Chang Jia was a prominent figure in the Chinese blockchain community, known for founding 8btc, one of the largest Bitcoin and blockchain news sites in China. His experience in the media and technology space laid the groundwork for his vision for Bytom as a platform for managing various digital assets.

2. Duan Xinxing: Co-founded Bytom alongside Chang Jia. Previously, Duan Xinxing held the position of Vice President at OKCoin, a major digital asset exchange. His expertise in finance and crypto exchange operations contributed significantly to Bytom’s early development and adoption within the financial sector.

While these two individuals are the primary figures credited with Bytom’s founding, a dedicated team of developers and experts supports the project. Their combined knowledge in blockchain technology, finance, and media development contribute to Bytom’s ongoing growth and evolution.

What Makes Bytom Unique?

Bytom (BTM) stands out in the cryptocurrency space due to several unique features and attributes that contribute to its distinctive identity:

  1. Tokenization of Real-world Assets: Bytom’s primary focus is on the tokenization of real-world assets. Unlike many other blockchain platforms that primarily deal with digital assets, Bytom enables the representation and exchange of physical assets such as real estate, securities, and commodities on its blockchain. This emphasis on bringing tangible assets into the digital realm showcases Bytom’s commitment to expanding blockchain applications beyond cryptocurrencies.

  2. Tensority Consensus Algorithm: Bytom employs the Tensority consensus algorithm, a hybrid mechanism that combines elements of Proof-of-Work (PoW) and Byzantine Fault Tolerance (BFT). This unique approach enhances network security while maintaining efficiency in the consensus process. Tensority contributes to the decentralized nature of Bytom’s network, ensuring a robust and tamper-resistant blockchain.

  3. Support for Fungible and Non-fungible Tokens (NFTs): Bytom supports the creation of both fungible and non-fungible tokens. Fungible tokens are interchangeable and represent assets like currencies, while non-fungible tokens (NFTs) uniquely represent specific, indivisible assets. This versatility in token creation allows Bytom to accommodate a wide range of asset classes and use cases, providing flexibility for users.

  4. Cross-chain Interoperability: Bytom is designed with a strong emphasis on cross-chain interoperability. This means that Bytom aims to facilitate collaboration and asset transfer between different blockchain networks. By promoting interoperability, Bytom contributes to the development of a more interconnected and efficient blockchain ecosystem, fostering collaboration among various decentralized platforms.

  5. Smart Contracts: Bytom integrates smart contract functionality, allowing users to create programmable and self-executing agreements. Smart contracts on Bytom enable automation of processes and transactions, enhancing the efficiency and trustlessness of interactions on the platform.

  6. Focused Development and Innovation: Bytom has been dedicated to ongoing development and innovation in the blockchain space. The project has demonstrated a commitment to pushing the boundaries of what blockchain technology can achieve, particularly in the realm of asset tokenization and decentralized applications.

In summary, Bytom’s uniqueness lies in its specialized focus on tokenizing real-world assets, its innovative Tensority consensus algorithm, support for various types of tokens, emphasis on cross-chain interoperability, integration of smart contracts, and its ongoing commitment to development and innovation within the blockchain industry. These factors collectively position Bytom as a distinctive player in the evolving landscape of decentralized technologies.

What Gives Bytom Value?

The value of Bytom (BTM) is derived from several key factors that contribute to its utility, uniqueness, and the overall ecosystem it fosters:

  1. Real-world Asset Tokenization: Bytom’s primary value proposition lies in its ability to tokenize real-world assets. This involves representing physical assets, such as real estate, securities, and commodities, in a digital form on the Bytom blockchain. The tokenization process increases liquidity, facilitates fractional ownership, and opens up new possibilities for trading and transferring tangible assets in a secure and transparent manner.

  2. Versatility in Token Creation: Bytom supports the creation of both fungible and non-fungible tokens (NFTs). This versatility allows users to represent a wide range of assets and commodities, creating a diverse ecosystem of digital tokens on the Bytom blockchain. The flexibility in token creation enhances the platform’s utility and broadens its potential applications.

  3. Tensority Consensus Algorithm: Bytom’s unique consensus algorithm, Tensority, plays a crucial role in providing security and efficiency to the network. The hybrid approach of combining Proof-of-Work (PoW) and Byzantine Fault Tolerance (BFT) elements ensures a robust and decentralized network, contributing to the overall trustworthiness of the Bytom blockchain.

  4. Cross-chain Interoperability: Bytom’s focus on cross-chain interoperability adds significant value to the platform. The ability to collaborate and transfer assets seamlessly between different blockchain networks enhances Bytom’s usefulness in a broader blockchain ecosystem. It allows users to leverage assets and functionalities from various platforms, fostering a more interconnected and efficient digital economy.

  5. Smart Contracts: The integration of smart contracts on the Bytom blockchain adds value by enabling programmable and self-executing agreements. Smart contracts automate processes, reducing the need for intermediaries and enhancing the efficiency of transactions. This feature broadens the scope of applications on the Bytom platform, including decentralized finance (DeFi) and other programmable use cases.

  6. Innovation and Development: Bytom’s commitment to ongoing development and innovation contributes to its value proposition. The project’s dedication to exploring new frontiers in blockchain technology, particularly in the domain of asset tokenization, positions Bytom as a dynamic and forward-thinking platform.

  7. Community and Adoption: The value of Bytom is also influenced by the strength of its community and the level of adoption it achieves. A supportive and engaged community, coupled with increasing adoption by users, developers, and businesses, enhances the network effect and overall value proposition of Bytom.

In conclusion, Bytom derives its value from its unique features, including real-world asset tokenization, versatility in token creation, the Tensority consensus algorithm, cross-chain interoperability, smart contracts, ongoing innovation, and community support. These factors collectively contribute to the attractiveness and utility of Bytom within the broader blockchain landscape.

How Many Bytom are in Circulation?

The circulating supply of Bytom (BTM) can fluctuate slightly, it was approximately 1,640,515,592 BTM coins.

Here’s some additional information about Bytom’s supply:

  • Total Supply: 2,100,000,000 BTM (capped)

  • Maximum Daily Inflation: 0.1% of the total supply

  • Coin Distribution:

    • 30% founding team & ecosystem development
    • 40% community fundraising
    • 30% reserved for future development and community incentives
 

Bytom’s inflation rate is relatively low compared to other cryptocurrencies, and its capped total supply provides an element of scarcity, potentially impacting its long-term value.

How to Use Bytom?

Using Bytom (BTM) involves several steps, including setting up a wallet, acquiring BTM tokens, and engaging with the Bytom blockchain. Here’s a general guide on how to use Bytom:

  1. Set Up a Bytom Wallet:

    • Choose a reputable Bytom wallet that supports BTM. Popular options include Bytom’s official wallet, hardware wallets like Ledger, or other compatible wallets.
    • Download and install the wallet software or set up the hardware wallet according to the provided instructions.
    • Follow the wallet setup process, which usually involves creating a secure password or PIN.
  2. Acquire Bytom (BTM) Tokens:

    • Purchase BTM tokens from cryptocurrency exchanges that list Bytom. Some well-known exchanges that may offer BTM trading pairs include Binance, Huobi, and OKEx.
    • Deposit funds into your chosen exchange account and trade them for BTM tokens.
    • Withdraw the acquired BTM tokens to your Bytom wallet for added security.
  3. Manage Your Bytom Wallet:

    • Access your Bytom wallet using the provided credentials or private keys.
    • Familiarize yourself with the wallet’s features, such as viewing your BTM balance, transaction history, and managing addresses.
    • Ensure you keep your wallet information, especially private keys or recovery phrases, secure and never share them with anyone.
  4. Send and Receive BTM:

    • To send BTM to another user, access the wallet’s send or transfer function.
    • Enter the recipient’s Bytom address and specify the amount of BTM you want to send.
    • Review the transaction details, including fees, before confirming the transfer.
    • To receive BTM, provide your Bytom address to the sender.
  5. Explore DApps and Smart Contracts:

    • Bytom supports decentralized applications (DApps) and smart contracts. Explore the available DApps on the Bytom platform to see if any align with your interests or needs.
    • Interact with smart contracts if you wish to automate certain processes on the Bytom blockchain.
  6. Stay Informed:

    • Keep yourself updated on Bytom’s development, community updates, and any changes to the network.
    • Join official Bytom social media channels, forums, or communities to stay informed and connect with other users.
  7. Security Considerations:

    • Be cautious of phishing attempts and only use official Bytom resources.
    • Regularly update your wallet software to benefit from the latest security features.
    • Consider using hardware wallets for an added layer of security, especially for storing significant amounts of BTM.
 

Always refer to the official Bytom documentation and resources for the most accurate and up-to-date information on using the platform. Additionally, exercise caution when interacting with cryptocurrencies, and ensure you follow best practices to keep your funds secure.

How to Choose Bytom Wallet?

Selecting the right BTM wallet depends on your needs and priorities. Here are some key factors to consider:

Security:

  • Non-custodial wallets: Offer the highest security by giving you complete control over your private keys. Examples include hardware wallets (Ledger Nano X) and desktop wallets (Electrum).
  • Custodial wallets: Easier to use but hold your private keys, potentially exposing them to hacks or exchange risks. Examples include Bybit Wallet and Coinbase.
 

Features:

  • BTM support: Ensure the wallet explicitly supports BTM.
  • Staking/earning: Some wallets offer BTM staking for rewards.
  • DApp integration: Consider wallets allowing interaction with Bytom-based DApps.
  • Trading compatibility: If you plan to trade BTM, prioritize exchange integration.
  • User interface: Choose a wallet with a clear and intuitive interface, particularly for beginners.
 

Other factors:

  • Reputation: Research the wallet’s history and user reviews.
  • Fees: Some wallets charge fees for transactions or features.
 

Why Bybit Wallet Could Be a Good Choice (with Cautions):

  • Security: Bybit claims multi-signature cold storage and other security measures.
  • Features: Supports BTM and integrates with the Bybit exchange for trading.
  • User-Friendly Interface: Designed for easy transaction management.
  • Mobile App: Convenient access to your BTM anytime, anywhere.

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Final Thoughts on Bytom (BTM)

In conclusion, Bytom (BTM) stands as a unique and innovative player in the blockchain space, distinguished by its commitment to the tokenization of real-world assets. The platform’s emphasis on representing tangible assets digitally opens up new avenues for liquidity and decentralized finance, offering a bridge between traditional industries and the blockchain ecosystem. With the integration of the Tensority consensus algorithm, Bytom ensures the security and efficiency of its network, positioning itself as a reliable and robust platform for users seeking to explore the potential of asset tokenization and cross-chain interoperability.

As Bytom continues to evolve, its support for various types of tokens, including fungible and non-fungible tokens, demonstrates its versatility and adaptability to diverse asset classes. The integration of smart contracts further extends the platform’s utility, allowing users to engage in programmable and automated agreements. The ongoing commitment to development, coupled with a vibrant community and a focus on staying at the forefront of technological advancements, solidifies Bytom’s position as a dynamic blockchain project poised to redefine how we perceive and interact with real-world assets in the digital age. As users explore the possibilities within the Bytom ecosystem, the platform’s unique features and dedication to innovation contribute to shaping a decentralized future where traditional and digital assets seamlessly coexist.

Frequently Asked Questions on Bytom (BTM)

Bytom’s primary use case is the tokenization of real-world assets. The platform enables the representation of physical assets, such as real estate, securities, and commodities, in a digital form on its blockchain. This process enhances liquidity, facilitates fractional ownership, and provides a secure and transparent method for trading and transferring tangible assets in a decentralized manner.

Bytom employs the Tensority consensus algorithm, a unique hybrid mechanism combining Proof-of-Work (PoW) and Byzantine Fault Tolerance (BFT). This approach ensures the security and decentralization of the Bytom network. Additionally, users are encouraged to follow best security practices, such as using reputable wallets, safeguarding private keys, and staying informed about potential threats.

Bytom supports the creation of both fungible and non-fungible tokens (NFTs). Fungible tokens represent interchangeable assets like currencies, while NFTs uniquely represent specific, indivisible assets. This versatility in token creation allows users to tokenize a wide range of assets, contributing to the platform’s flexibility and utility.

Bytom supports decentralized applications and smart contracts. Users can explore and interact with DApps by accessing the relevant applications on the Bytom blockchain. Smart contracts on Bytom enable programmable and self-executing agreements, providing automation for various processes. Users interested in DApps and smart contracts can explore the available applications within the Bytom ecosystem and participate as per their interests or needs.

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