Creators of the five-month-old Chinese altcoin, Bytom (BTM), have launched a series of meetups to push the new currency and give it an aura of legitimacy. Their goal with BTM is to support multiple currencies and assets on the same blockchain. The first meetup will take place in San Francisco on January 25th and precipitates bigger plans. Bytom's team sees 2018 as their launchpad for licensed and compliant operations in South Korea, China, and North America.
Bytom is the brainchild of co-founders Duan Xinxing and Chang Jia. The two have previously worked together at 8btc, one of China's strongest crypto news sites. Bytom has its own blockchain protocol that is designed to work with multiple assets. Bytom encourages users to register and exchange different atomic assets, such as loans, dividends, bonds, securities, and debt, over a crypto platform. Any given user can transfer multiple coins and tokens together to another user. Bytom was trading at $0.33 early Friday, with a market cap of over $331 million.
"The protocol connects the atomic world and the byteworld to promote the interaction and circulation of assets between the two worlds," their technical white paper explains.
Bytom is built over a three-layer architecture: an application layer, contract layer, and data transmission later. Their wallet design uses BIP32, BIP33, and BIP44 to hold multiple accounts, multiple currencies, and even multiple keys. They boast a new Proof-of-Work (POW) algorithm to allow repurposing of ASIC chips for AI hardware acceleration services.
Bytom includes API interfaces that can build a side chain and an alliance chain, as well as other applications by the Bytom protocol. All that is sophisticated for their architecture, but their big innovation might be in cross chain.
Through this cross chain API, assets can be registered and then transferred on Bytom's protocol. All existing forked coins, such as bitcoin, bitcoin gold, and bitcoin cash are easy to bridge to each other, according to a Bytom statement.
Bytom also claims to have a more secure system where the asset protocol and system layers are separated, unlike Ethereum. They also can make transaction details invisible to all but those involved in the transaction, going against the open nature of Bitcoin but answering the clear demand for more privacy from users.
In the unfortunately murky waters of the crypto world, newcomers see the wool pulled over their eyes. ICO scams are hurting the reputation of the entire industry. One recent offering saw the anonymous creators of Benebit steal $2.7 million of investors' money. They put fake names to faculty photos stolen from a school's website. By simply presenting any face, they seemed to burgle would-be investors' trust.
In the wake of such a sophisticated scam, Bytom's approach should be welcomes. Scrutiny on ICOs will soon focus on who is backing them: Are they credentialed? Are they credible? What is their goal?
Putting yourself out there is certainly one way to do it. While Xinxing and Jia have the means to travel and rather obvious credentials, other aspiring minters should invest in similar PR. Doomsayers' predictions aside, the industry will be better off with their entrepreneurs embracing transparency. In the gold-rush culture of cryptocurrency, especially, new coin founders must be cognizant of investor safety and literally show their faces.
Bytom is the brainchild of co-founders Duan Xinxing and Chang Jia. The two have previously worked together at 8btc, one of China's strongest crypto news sites. Bytom has its own blockchain protocol that is designed to work with multiple assets. Bytom encourages users to register and exchange different atomic assets, such as loans, dividends, bonds, securities, and debt, over a crypto platform. Any given user can transfer multiple coins and tokens together to another user. Bytom was trading at $0.33 early Friday, with a market cap of over $331 million.
"The protocol connects the atomic world and the byteworld to promote the interaction and circulation of assets between the two worlds," their technical white paper explains.
Bytom is built over a three-layer architecture: an application layer, contract layer, and data transmission later. Their wallet design uses BIP32, BIP33, and BIP44 to hold multiple accounts, multiple currencies, and even multiple keys. They boast a new Proof-of-Work (POW) algorithm to allow repurposing of ASIC chips for AI hardware acceleration services.
Cross chain technology
Bytom includes API interfaces that can build a side chain and an alliance chain, as well as other applications by the Bytom protocol. All that is sophisticated for their architecture, but their big innovation might be in cross chain.
Through this cross chain API, assets can be registered and then transferred on Bytom's protocol. All existing forked coins, such as bitcoin, bitcoin gold, and bitcoin cash are easy to bridge to each other, according to a Bytom statement.
Bytom also claims to have a more secure system where the asset protocol and system layers are separated, unlike Ethereum. They also can make transaction details invisible to all but those involved in the transaction, going against the open nature of Bitcoin but answering the clear demand for more privacy from users.
In the unfortunately murky waters of the crypto world, newcomers see the wool pulled over their eyes. ICO scams are hurting the reputation of the entire industry. One recent offering saw the anonymous creators of Benebit steal $2.7 million of investors' money. They put fake names to faculty photos stolen from a school's website. By simply presenting any face, they seemed to burgle would-be investors' trust.
In the wake of such a sophisticated scam, Bytom's approach should be welcomes. Scrutiny on ICOs will soon focus on who is backing them: Are they credentialed? Are they credible? What is their goal?
Putting yourself out there is certainly one way to do it. While Xinxing and Jia have the means to travel and rather obvious credentials, other aspiring minters should invest in similar PR. Doomsayers' predictions aside, the industry will be better off with their entrepreneurs embracing transparency. In the gold-rush culture of cryptocurrency, especially, new coin founders must be cognizant of investor safety and literally show their faces.