Bytom is a cryptocurrency that describes itself as a protocol for asset management. Specifically, it seeks to “bridge the gap between the physical and digital worlds to promote [the] effective flow of assets on-chain and off-chain.”
What Is Bytom (BTM)?
Bytom is a multi-bit asset interaction protocol. The platform aims to connect the atomic world and the bit world to promote the interaction and circulation of assets between the two domains. The Bytom platform also aims to create a diverse asset and programmable economy based on blockchain technology.
Bytom 2.0 has completely reformed the economic model, with lower total supply, lower inflation, and higher node rewards. At the same time, Bytom 2.0 continues to expand BTM (the native token of Bytom) use cases, allowing BTM to play a greater role in governance, basic services, node elections, and other scenarios.
In order to serve the new platform of Bytom, the team has integrated the DeFi protocol of Byte assets to optimize the efficiency of asset circulation. Major innovations have been made in the model layer, consensus layer, and contract layer, which further improves the entire blockchain's economic security and network security risk resistance.
BTM holders can use BTM to vote and participate in the governance of important issues at the Bytom 2.0 public chain layer. Users holding a certain amount of BTM can participate in the consensus node election, and all BTM holders can vote for candidate nodes. BTM cooperates with other projects to participate in mining other public chain projects such as Ethereum through cross-chain options.
When the Bytom ecosystem issues new coins, the forum would consider allocating some new coins to users participating in BTM staking. Discounts on transaction fees for various products at different levels are offered in MOV based on BTM users' amount in Bycoin and Byone. MOV is a decentralized and interoperable DeFi protocol that is customized for cross-chain DeFi. Thus, BTM can serve as a collateral asset for MOV stablecoins and lending products and borrow stablecoins or other assets.
History of Bytom (BTM):
The Bytom Foundation was incorporated in Singapore and approved by the Singapore Accounting and Corporate Development Authority (ACRA). In 2017, the Bytom project was launched, and the team was formed. The first version of the Bytom white paper was published in 2017, and an updated version was published in 2021.
