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What is Bytom?
Bytom (BTM) is an ambitious blockchain-based cryptocurrency with the stated goal of bridging the digital world with the physical world. The Bytom Foundation aims to build a decentralized network where digital and physical assets can be registered and exchanged, allowing for “cross-talk” among real-world digital systems with the Bytom blockchain. Their model is loosely based on “Internet of Things” technology through which its network can interact with other data systems outside of its own blockchain.
Within Bytom’s software architecture exists a governance hierarchy that has the express goal of increasing the coin’s functionality by developing integration protocols with real-world data systems, and potentially other blockchains as well. Ultimately, Bytom hopes to achieve the representation of outside data through usage of its own asset management and creation system, with the Bytom-native coin (BTM) acting as the primary intermediary between its network and the outside world.
History of Bytom
Bytom was conceived by Chinese blockchain enthusiasts Chang Jia and Duan Xinxing in 2016. The pair had previous experience working together in the development 8btc.com, a China-centric bitcoin discussion forum which remains tremendously popular. Encouraged by their success, Jia and Xinxing set about designing a new type of digital asset management system that had the novel feature of being able to interact with outside, non-native systems. Within a week after being listed on exchanges, in August 2017, Bytom surpassed $200 million in market cap value, making it one of the fastest growing cryptocurrencies to ever hit the markets.
How Bytom Works
Bytom describes itself as an “interactive protocol of multiple byte assets.” Digital assets that are native to the Bytom blockchain are referred to as Heterogeneous Byte-Assets, while assets based on information gathered from the real world are called Atomic Assets. Examples of Atomic Assets include warrants, securities, dividends, bonds, intelligence and forecasting information. This information can then be registered, exchanged, gambled upon, or engaged in smart contract-based interoperations via the Bytom blockchain.
The Bytom governance structure is divided into three tiers as described below, and ultimately supervised by the Bytom Foundation:
- Bytom Coin Holder Assembly – the highest level of governance, a collective composed of the biggest coin holders which vote on decisions guiding the direction of blockchain and network development.
- Autonomous Committee – held responsible by the Coin Holder Assembly, elects members of the Executive Committee and supervises their progress in system development.
- Executive Committee – responsible for day-to-day operations of the Bytom network, also responsible for creating “management centers,” which include a blockchain technology development center, blockchain business application center, financial management center, risk management center, as well as an integrated services management center.
Bytom’s highly-democratic system is original and not based on any pre-existing cryptocurrency. The guiding and implementation of network processes is unique and thus it is far different from the organizational structures that maintain traditional coins like bitcoin and Ethereum. Instead, the Bytom Foundation relies on communal efforts in which any coin holder can partake so long as their contributions are successfully voted into the system.
The Bytom Foundation also retains a law firm in China, where it is based, to help it traverse constantly shifting legal matters. Its democratic nature, adherence to regulatory standards and flexibility of the network make it one of the more popular China-based coins currently in existence.