Bytom

Bytom Blockchain Protocol, or Bytom, aims to build a decentralized and open platform where various byte/digital assets (indigenous digital currency, digital assets) and atomic/physical/real-world assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information in the physical world) could be registered and exchanged. The goal is to support multiple currencies and assets on the same blockchain.
Share:
Price
Basic
Initial release:
2017-01-15
Hash function:
SHA256, SM3
Smart Contract Support:
Yes
Consensus Mechanism:
Proof of Work
Development Community:
Bytom
Bytom101

What is Bytom?

Bytom Blockchain Protocol, or Bytom, aims to build a decentralized and open platform where various byte/digital assets (indigenous digital currency, digital assets) and atomic/physical/real-world assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information in the physical world) could be registered and exchanged. The goal is to support multiple currencies and assets on the same blockchain.

 

How does Bytom work?

Bytom is currently still a ERC20 token with its mainnet launch scheduled for Q2 2018. The Bytom chain uses a proof of work consensus mechanism.

There are two types of assets running on Bytom – the BTM token and Assets. Bytom token, or BTM, is used to settle transaction fees for assets trading, dividend of income assets and deposits for asset issuance. Assets on the other hand includes income assets, equity assets and securitised assets. To avoid double spending and facilitate asset exchanges on Bytom, it introduces a concept known as Bytom unspent transaction output, or BUTXO. This is similar to the UTXO concept of Bitcoin except that it supports multiple assets. 

Heterogeneous byte-assets that operate in different forms on the Bytom Blockchain and atomic assets can be registered, exchanged, adjusted and engaged in other more complicated and contract-based interactive operations via Bytom.

Asset exchange is a basic feature of Bytom, which will be achieved in the first version of Bytom. Bytom will also be able to support more complicated functions/interactions with these assets on the blockchain through its smart contract.

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