Blockchain Protocol Invites Developers to Build DApps on Its Network
A brand-new blockchain procedure is presenting itself as a location where organisations and individuals can build peer-to-peer financial applications with confidence.
Bytom explains itself as the “infrastructure of the asset web.” The business’s vision is to produce varied assets and a programmable economy and make sure that byte properties (such as cryptocurrencies and digital assets) and atomic assets– like securities, dividends, bonds, and details existing in the physical world– can communicate and circulate more easily.
In their white paper, the group behind the procedure say its architecture for creating applications “gets along with mobile and other terminals and convenient for designers to establish property management applications.” On the other hand, the contract layer allows for the total customization of smart contracts. Bytom states that this accessible user interface delivers flexibility to the crypto community, reduces the barriers to entry for new financial apps, and allows business owners and developers “to concentrate on developments” rather than technicalities.
According to the Bytom team, the web is quickly transitioning from an age of “details is power” to “computing is power”– with big data and massive computing contributing to a period where the world’s financial structure is more considerably specified by byte details. To put this into an everyday context, the platform believes that “whatever that is valuable and exchangeable in life will be migrated to the byte world”– creating an immutable, traceable record of possessions and delivering symmetric info to all.
Supporting different kinds of different possessions
To ensure that possessions can be clearly distinguished on its platform, Bytom plans to use 256-bit string IDs and separate the assets on its network into 2 classifications. The first possession/asset is the BTM token, which will be distributed to miners and nodes. Bytom’s white paper states a proof-of-work mechanism is utilized to “motivate random anonymous miners to get involved in the whole environment.” In addition to being used for transaction charges when possessions are traded, the other main functions for BTM consist of the payment of dividends related to earnings possessions, as well as deposits for when possessions are issued.
In the 2nd category, remaining assets are divided into 3 more subcategories. While income properties might be categorized as things such as film-making and home-stay properties, equity properties might consist of the equity seen in unlisted business and private funds. Lastly, securitized assets consist of financial obligations, vehicle loan and other asset-backed securities “that can create predictable cashflows.”
Quick and consistent advancement
Because Bytom’s blockchain project formally began in January 2017, the platform states it has actually attained a series of turning points– including the release of its testnet in September 2017, its mainnet in April 2018 and smart contracts in July 2018. Enhancements to the Bytom mainnet were made in the months that followed, and at the start of this year, its ecosystem and organisation are being launched.
In showing the services it can use for peer-to-peer financial apps, Bytom says that decentralized exchanges would not need to rely on a 3rd party to hold a client’s funds, as users can trade directly through an automated process. The platform has likewise introduced the Bytom Wallet a “feature-rich, easy to use, simple to setup” product that supports mining and enables users to “trade with the whole world.” The software is offered for download on Windows, Mac and Linux devices– and comes complete with a user manual.
In January, Bytom announced that BTM tokens are now available on America’s Bittrex exchange, together with South Korea’s Upbit exchange, paving the way for its consumers to gain from BTM/Bitcoin trading sets. According to the start-up, the listing of its token “represents acknowledgment of Bytom’s high quality.”