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BTM
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Bytom
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The price Bytom today is 0.068176 USD, and the trading volume in 24 hours - 16,139,334 USD. The crypto asset has grown by -3.51% over the day. Currently, the coin’s market capitalization is 109,329,798 USD, and has 1,603,640,544 coins in circulation with the max supply of 106,198,216 coins BTM.

What is Bytom (BTM)?

Bytom is a cryptocurrency that uses a unique three-tier approach to distributed applications with blockchain. Transactions with data occur at one level, transfers occur at the other, and the third is called the asset interaction level. Bytom can create a faster and more secure payment system and also has capacity in big data.

BTM is a special token that is distributed among miners and nodes. The POW mechanism encourages random anonymous miners to participate in the entire ecosystem. The token distribution will follow a specific sentence curve. 

Basic use of BTM:

  • Transaction fee when trading assets;
  • Dividends of yielding assets;
  • Deposits for the issuance of assets.

Who created the Bytom Project?

The Bytom protocol saw light in 2017 as the brainchild of Chinese developers with extensive experience in blockchain technology. The team included Chang Jia, founder of Shanghai exchange platform 8BTC, and Duan Xinxing, founder and CEO of Bytom, who was also vice president of crypto-exchange OKCoin. Both actively advocated the use of blockchain technology in China.

Bytom's network is believed to give users the opportunity to better cope with the skyrocketing number and importance of digital assets. The Bytom chain project comes after its developers decided that emerging blockchain technology could become useful by helping users gain more control over their digital assets, while the latter almost eclipsed traditional physical assets in terms of their value and affordability.

What is the uniqueness of Bytom (BTM)?

Bytom is an interactive multi-byte resource protocol. And although SEC verification of Ethereum as a possible security led to the decline of the entire crypto market in early 2018, Bytom voluntarily filed for the SEC's Howey Test review and the Bytom cryptocurrency was not considered security under the supervision of the DAO.

The uniqueness of the project is to influence the cryptocurrency market with low transaction fees, high-tech Bytom blockchain technology and interactive protocol multibyte assets. A Bytom wallet is also offered, in which many more Bytom coins can be stored.

Bytom uses a three-tier architecture: application layer, contract level, and data transfer level. 

  • The application layer is convenient for mobile and other terminals and is convenient for developers when creating asset management applications.
  • The contract layer uses genesis contract and management contracts to issue and manage assets, maintaining UTXO's scalable BUTXO model at the lower level, optimizing EVM and using self-analysis mechanism to prevent stalemate in Turing mode.
  • The data level uses DLT technology to release, spend, transfer and other asset transactions.

The consensus mechanism uses the POW algorithm, which is suitable for ASIC AI chips. Matrix and convolution computing is introduced into the hashing process so miners can use AI for hardware acceleration services, creating additional social benefits.

How many Bytom token (BTM) are in circulation?

As of February 2021, 1,406,761,732 BTM tokens are in circulation, with a maximum offer of 2,100,000,000 BTM.

ICO took place between June and July 2017, with 30% of tokens going to participants, 33% served as a pool of mining rewards, and the rest was postponed for Bytom Foundation, reserves or pool business development. Prior to the launch of the main network, BTM tokens existed as ERC-20 in the Ethereum blockchain.

How is Bytom's network protected?

The Bytom network is protected by consensus PoW. Because asset records on the Bytom platform are stored on a global host network, it is assumed that the risk of data manipulation will be minimized along with the number of potential points of failure.

Summary

  • To own your crypto assets, you need to manage your own private keys.
  • Ledger hardware wallets make private key management easy and secure.
  • Each unique 24-word recovery phrase creates a new set of private keys.
  • Make sure you secure your 24-word recovery phrase properly.
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