What is Bytom? (Beginner's Guide)
Bytom is a China-based project focused on blockchain-based ownership of digital assets such as Bitcoin, and real-world assets such as bonds and dividends. With the goal of bridging the gap between these digital and real-world assets, it allows ownership to be registered and exchanged via their blockchain.
Below we go through some key features of Bytom such as its association with Bitmain and its Tensority proof-of-work algorithm.
Bytom use cases & competitors
In an interview, specific use cases for Bytom may include:
- The management of income assets, where the dividends from a project can calculated and distributed via a smart contract (rights of income with others would be exchanged via Bytom, and sent to a wallet/held in escrow by Bytom).
- The management of non-listed company options and private fund equities (where currently this is a complex process involving lots of paperwork, as if ownership is sold you need to know exactly who owns what percentage; after several sales this can get very complex).
- The management of securitised assets, where a pool of assets such as loans, leases or royalties is packaged and sold (e.g. the registration of these assets, tokenisation of them, and distribution of them through smart contracts is all managed).
There are several coins with similar goals to Bytom. Some examples:
- Wanchain vs Bytom: Wanchain is listed on Bytom's website as a partner, where their goal is cross-chain transfers across different blockchains (where you can swap any coin for any other coin using their cross-chain protocol, which records both cross-chain and intra-chain transactions). Wanchain could potentially be a direct competitor, so it makes sense for them to be cooperating with each other on 'cross-chain R&D'.
- VeChain vs Bytom: Similar to Bytom, VeChain seems to be focused on asset digitisation, although rather than tracking a wide range of digital assets it specialises in the supply chain space, allowing retailers and consumers to track the movement of products through a supply chain (so you can see exactly where a product came from).
If you think we've missed a key competitor or use case for Bytom, tell us here and we'll get it added!
Where can you buy Bytom?
Bytom (BTM) is available to buy/sell on lots of cryptocurrency exchanges, even on some of the larger ones. You can buy it on Bibox, Huobi and OKEx. See a full list of exchanges here.
Be aware that another cryptocurrency called 'Bitmark' seems to use the same ticker symbol as Bytom on some exchanges, BTM, so when buying Bytom ensure you're buying the right coin. On Poloniex for example the BTM/BTC trading pair is for Bitmark. Cryptopia offers both Bytom and Bitmark, displaying Bytom as BTM and Bitmark as MARKS.
Bytom ASIC mining & Bitmain partnership
The team behind Bytom includes 8btc, one of China's biggest blockchain news sites. Bytom also partnered with the ASIC manufacturer Bitmain, so it's a proof-of-work coin and considered ASIC-friendly, very different to other proof-of-work coins like Monero which have are anti-ASIC. Bitmain released a Bytom ASIC miner called the Antminer B3 around the time Bytom's mainnet launched in April 2018.
As well as the Antminer B3 launchdate coinciding with the Bytom mainnet launch, Bytom and Bitmain also seem to be building an AI lab together.
What is Tensority?
Bytom has a unique proof-of-work algorithm called Tensority. The concept behind Tensority seems to be that although it's primarily Bytom's proof-of-work mining algorithm, the algorithm's hashing process contains matrix and convolution calculations, which can be used in AI acceleration services. So any Tensority-based ASIC could be repurposed for use in AI if it's not longer profitable (potentially increasing resale value of Tensority-based ASICs significantly).
Bytom's business model
In this post the 'profit pattern of Bytom' is discussed, where it talks about how the team behind Bytom will earn money and how holders of their token will potentially earn money. The team looks to get money from:
- A paid due diligence investigation of all projects listed on Bytom.
- Paid service for the flow and exchange of an asset (with a free basic service).
- A credit service, where Bytom acts as an escrow between two counterparties who don't trust each other, and they then potentially give a credit rating report on each counterparty.
These factors, along with 'continuous improvements of the Bytom network', are speculated to cause Bytom's value to increase in the future, and so earn money for anyone holding their token.
Bytom anticipates storing these real-world assets on their platform:
- Intelligence information
- Forecasting information
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