As the years have gone by, it is sad to see how the internet has transformed from being a completely decentralised medium, to one that is now governed by the whims and fancies of an elite few. Today corporations like Google, Facebook, basically manipulate the way information is fed to their customers, thereby influencing the way the masses think. This is not only dangerous, but also against the basic tenets of a free society.
In response to this, many crypto products are now offering users with the possibility to change the way information is circulated on the web. Through the use of a decentralized model, many platforms are now making it easier for the sharing of data, in a completely free and unregulated manner.
Bytom has been described on the internet as being an “intermediary link” that brings together generalized blockchains with specialized blockchains. Since there have been no effective blockchain protocols in the past for this purpose, Bytom aims to help change all of this, and deliver a platform that is able to aid in the exchanging diversified digital assets.
In more specific terms, we can see that Bytom is designed to be the ‘public blockchain’, and deal especially in issues related to asset management.
Some of the key issues that Bytom addresses include:
- What kind of blockchain is needed to carry digital assets?
- How to establish the mapping relationship between physical and digital assets
- Resolution of compliance issues.
- How to bridge the gap between the physical and digital worlds to promote effective flow of assets on-chain and off-chain.
What is Bytom Offering?
The core aim of this platform is to deliver a “bridge” that connects the digital with the physical world. This is done through the production of a decentralized network where various digital and physical assets can be registered and exchanged.
According to the company’s official website, the goal of Bytom is to create the world’s “largest dedicated public blockchain platform, connecting various asset classes to the blockchain, enhancing the liquidity, security, and value of these assets.”
(i) Good Compatibility:
This platform has been designed to work in unison with the UTXO model. As a result of this, Bytom consists of three layers:
- data transaction and transmission layer,
- contract layer
- asset interaction layer.
(ii) Multi Currency Support:
Through the use of a “general address format”, the native wallet that is provided to customers is able to provide support for a wide range of currencies.
Lastly, users have the ability to control their wallet for all assets by saving one master private key.
Bytom Token Details
The native Bytom Coin will be used to govern all transactions that happen within the network. The currency has been abbreviated to BTM.
In all, there will be a total of 2.1 billion tokens that will be open for purchase during the distribution phase. In terms of the allocation of this currency, the company has used the following distribution model:
- Private Equity Investors 7%
- ICO Distribution 30%
- Reserved for Bytom Foundation 20%
- Business Development 10%
- Mining 33%
For all purchases user can visit the official company page. Payments can be made using fiat as well as crypto currencies. Lastly if users have any doubts or queries, they can drop in a message on the official company site (on the “contact us” page).