What Is Bytom (BTM)?
BTM is the native token of Bytom, which is a multi-bit asset interactive protocol. It allows users to exchange, manage, and register both – digital and real-world assets (bonds, dividends, warrants, information, and so on). If you want to see the current BTM price, take a look at the Bytom price chart above.
In essence, the Bytom protocol was developed in order to create a bridge between real-world assets and digital assets. The three main types of real-world assets that can be registered on the Bytom network are:
- Securitized assets (debts, loans, securities, and so on)
- Equity assets (stocks, shares, private company equities, and so on)
- Income assets (income-producing investments, crowdfunding initiatives, non-performing assets, and so on)
By recording real-world assets on the blockchain, asset owners are able to deal with them in a secure and efficient way, without the involvement of third parties or intermediaries.
Besides the aforementioned protocol, the Bytom crypto project has also developed a huge variety of products and services. This includes – Bycoin (mobile wallet), Byone (chrome extension wallet), Blockmeta (data service platform), Vapor (Bytom’s sidechain), OFMF (Open Federation Management Framework), and MOV (cross-chain Layer 2 value exchange protocol).
How Does the Bytom Protocol Work?
Initially, the Bytom protocol was based on the Ethereum network. However, in 2018, Bytom launched its own blockchain.
The Bytom multi-bit asset protocol consists of the Application layer, the Contract layer, and the Ledger layer.
The Application layer is the one that is visible to the user. Both web and mobile applications are a part of this layer.
The Contract layer consists of the Genesis Contract and the General Contract. While the latter supports user trading, as well as sets up and verifies dividend distributions, the former is made for creating and verifying other contracts on the network.
The Ledger layer is responsible for connecting the Bytom protocol to the blockchain.
Besides, the consensus mechanism employed by the Bytom blockchain is Proof-of-Work (PoW). Thus, new blocks are created through a network of miners who have to solve hard mathematical equations in order to validate and produce these blocks. Bytom supports both ASIC and GPU mining.
Use Cases of BTM Tokens
BTM tokens have many use cases. The following are the main ones:
- Mining. BTM tokens can be used in the mining processes of other public chains.
- Staking. By staking BTM tokens users are able to receive newly issued BTM as a reward.
- Governance. BTM holders have the right to vote on various decisions considering the future of the Bytom crypto project.
- Payment method. Bytom tokens are used to pay for various services within the platform.
- Discounts on trading fees. Based on the amount of BTM tokens a user holds, he/she gets a discount on trading fees.
- Collateral. Bytom coins can be used as collateral assets during the process of lending and borrowing other assets.
Interested in purchasing Bytom tokens? Make sure to check the BTM price that is featured on the aforementioned Bytom price chart.
Besides, it’s important to note that the SEC does not classify BTM tokens as securities since the Bytom crypto project passed the Howey Test. The test aims to determine whether a certain transaction qualifies as an investment contract or not. If it does, it’s considered a security, and vice versa.
Tokenomics of BTM
The maximum supply of Bytom tokens is 2,100,000,000. In 2017, an initial coin offering (ICO) for the BTM token was held, during which the project managed to raise above $2 million.
Talking about the distribution of BTM tokens, 30% was sold during the private sale, another 33% was dedicated for mining purposes, and the remaining part was distributed between private investors, the Bytom Foundation, the team, and business development purposes.
If you’ve decided to invest in BTM tokens, do keep in mind that the Bytom price is prone to change. Thus, it would be beneficial to analyze its price chart before making any purchasing decisions.
