What is BYTOM (BTM) Coin? The system based on Blockchain structure

Bytom coin logo

We are going to mention one of the coins which have been rising up nowadays and on that way; we will be aiming to make you familiar with that coin. Its name is Bytom (BTM), which is one of the most important cryptocurrencies which every investor is trying to learn something about.

Bytom coin is a platform which is based on the same construction as the Blockchain system. It collects many types of information in an information pool and analyses them in a useful way. Its main goal for its users is to provide them with an opportunity to change information to each other for money. It has been planning to improve the performance of global assets by using the technology of Blockchain. One of the most important factors is security and along with this, that the encryption standards of Bytom (BTM) wallets are quite high. Bytom, a unit that helps you measure the capacity of your computers, allows you to interact with entities. Because The Bytom coin is among the coins that use Blockchain technology, it faces us as a currency used in swap transactions, gambling transactions and many different jobs.

What is the method of its working and how does Bytom (BTM) work?

Bytom coin chart

It is obvious that Bytom is one of the more special projects in reality right now. There are three different and essential layers at that point. The first one is a data transaction and the transmission layer, the second one is the contact layer, and the third one is finally the asset interaction layer. Moreover, the Bytom blockchain works with a common address format that supports multiple currencies. Similar to most other cryptocurrencies in existence, a mixture of public and private keys enables users to store their assets in a reliable place and safe manner. Assets that are declared and digitised on the Bytom blockchain are called by using the Open Data Index name system, which should help make their names bizarre enough.

Bytom’s blockchain too separates transaction signatures from the rest of the data in a transaction. This definitely sounds similar to how Segregated Witness works for Bitcoin, in spite of the fact that it is unclear if the team developed their own code from the absolutely-0 point(the beginning point) by regarding that point. Moreover, the Byton UTXO model can confirm transactions in parallel to secure unspent outputs can only be requested by one transaction at any specific time. It’s an exceptional way to protect against possible double-spends, which are always a worrisome element of a cryptocurrency design.

What are some of Baytom’s (BTM) very important and useful features which we can talk about?

BTM Chart

UTXO compatible. Bytom (BTM) consists of three layers: data exchange and delivery layer, contract layer, and entity interaction layer. It invokes the third tier contracts that depend on assets. The data exchange and transmission layer work in concert with the UTXO model and the structure of the transaction data in Bitcoin; so that high-speed matching is achieved and privacy can be controlled.

Compatible with National Encryption Standard. Everyone in Bytom (BTM) uses open and secret keys and the address system with ESCDA encryption and the SHA256 hashing mechanism as in Bitcoin. All the algorithms and mechanisms used are in compliance with the Chinese National Encryption Standard.

POW algorithm and ODIN standards. The PoW algorithm used is compatible with both artificial intelligence ASIC chips and accelerates the artificial intelligence equipment used. With the ODIN (Open Data Index Name) standard, all network and blockchain assets are named differently.

Signatures separated from transaction data. Bytom (BTM) protocol signatures are separated from other process data. Thus, asset management and the synchronisation of distributed books are made independent of each other.

The division of profits by side-chain. Developers can develop smaller versions of other blockchains in the Bytom (BTM) platform. Also, they can make API calls over smart contracts to validate network activities on these blockchains. Thus, communication, asset exchange, and profit share distribution on the chain are made quickly.

What is behind the platform of Bytom (BTM)

BTM Chart of Coinmarketcap

It is based in China, the team of Bytom includes some heavy-hitters from the blockchain area. Chang Jia who is one of its founders kept the world of Sci-Fi writing to create 8btc, which is one of the biggest Bitcoin and blockchain news sites in China.

We can say that the other founding partner is Duan Xinxing. He is the former Vice President of OKCoin, which is one of the most excellent digital asset exchanges in the present system.

The project was launched in January 2017, and the team has been making steady progress until now. They cleared their first testnet in September of that same year and started the first version of the main net at the end of April. The project has officially passed the Howey Test as well. Its meaning is that the SEC will not classify the token as security.

You can also see projects that tokenise gaming assets, like WAX and Enjin Coin, as rivals. In spite of starting with the gaming enterprise, the project teams have plans to develop other types of assets too.

What is the conclusion of this article and should you invest in this cryptocurrency and why?

As far as we can see, it is not impossible to say that it is worth investing in the cryptocurrency platform of Bytom (BTM), which has been rising up nowadays and been more popular continuously, which means that you should check it anyway. According to our examinations, you all can invest in Bytom (BTM), but the problem is whether you should trust in it or not. We can’t tell you to invest in it or not because we, as researchers on various cryptocurrencies, can’t take any risk on it. As we say every time, the last decision is yours, our readers.

Reference: https://www.forbes.com/sites/laurashin/2017/10/23/will-this-battle-for-the-soul-of-bitcoin-destroy-it/#6c97c7173d3c

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About the author

I am graduated from the faculty of communication. I have worked for major companies in the communication field, and acquire more than 12+ years of experience. I like to read empowering books, traveling and researching useful stuff on the internet. For a few years now, I have cultivated and developed a passion in the cryptocurrency world. I have decided to dedicate my time to create some posts on my blog about cryptocurrencies in general. Cryptocurrency World is growing fastly and will have longevity future however it has just born. I intend to improve myself on blockchain technology and share my knowledge.

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