What is Bytom (BTM) and how does it work

Cryptocurrencies are vast and ever-evolving, with Bytom emerging as a distinguished name in the blockchain sector. This article aims to demystify Bytom (BTM), shedding light on its origins, objectives, and the solutions it offers to the contemporary digital realm.

What is Bytom

Bytom, recognized by its token symbol BTM, was officially introduced to the public on August 8, 2017. While specific details about the team behind Bytom are not distinctly mentioned, their endeavors signify a collective of blockchain aficionados, technocrats, and visionaries striving to innovate within the digital asset domain. To gain an all-encompassing perspective on Bytom’s foundational principles, technical architecture, and aspirations, one can refer to the Bytom Whitepaper.

What problem does Bytom solve/what are its use cases?

Imagine you have a magic box. Inside this box, you can store all kinds of things: gold, cash, property deeds, and even abstract things like a song’s rights or an idea. Right now, there are many different boxes around the world, each holding a specific type of item. One might hold only gold, another only song rights, and yet another just property deeds.

Bytom is like a universal magic box designed to safely store multiple types of items. It bridges the world of these separate boxes (or asset worlds) to allow for a more connected, efficient, and inclusive system.

Here’s how Bytom addresses specific challenges:

1. Asset Interoperability: Think of various treasure chests scattered on different islands. Bytom builds bridges between these islands, allowing you to seamlessly move treasures from one chest to another, whether it’s physical gold or a digital song.
2. Compatibility: Imagine trying to play a game on a console it wasn’t designed for. Bytom is like a universal adapter, ensuring that various “games” (or transaction types) can be played on its “console” without hitches.
3. Security: Consider Bytom as a vault with a special lock mechanism. It ensures that your treasures (assets) are protected from thieves and other threats.
4. Customized Contracts: Think of Bytom as a toy store where you can design your own toy rather than settling for a pre-made one. It allows businesses to tailor-make solutions specific to their needs.
5. Diverse Asset Classes: Instead of a simple jewelry box, Bytom is more like a multi-layered storage unit. It doesn’t just hold jewelry (digital assets); it can store various other items like bonds, dividends, or even future predictions.

In essence, Bytom offers a singular platform that makes it easier for individuals and businesses to manage, transact, and digitize various assets, be it physical or digital. It’s a universal tool in a world full of specialized tools.

How can I buy Bytom?

Purchasing Bytom (BTM) is a hassle-free process, especially on renowned platforms like Gate.io:

1. Sign up or log in to Gate.io.
2. Complete the necessary KYC checks.
3. Deposit your chosen cryptocurrency or fiat currency into your Gate.io account.
4. Navigate to the trading section and search for the Bytom (BTM) trading pair.
5. Specify your purchase amount, set your preferred price, and place the buy order.
6. Transferring your BTM tokens to a secure wallet is advisable upon order completion.

For an in-depth walkthrough on how to acquire Bytom, consider visiting How to Buy Bytom.

What are the Bytom tokenomics at August 2023

• Circulating Supply: 1,801,877,587.5 BTM
• Total Supply: 1,801,877,587.5 BTM
• Maximum Supply: 2,100,000,000 BTM

What was the initial token distribution of Bytom

Pros & Cons of Bytom

Pros:

1. Asset Integration: Bytom’s unique design allows for the integration of multiple asset classes, both digital and physical. This makes it a versatile platform for various asset management needs.
2. Enhanced Security: With its unique consensus mechanism and layered structure, Bytom offers a secure platform for asset transactions.
3. Customizable Contracts: Bytom provides a flexible platform where businesses can create and customize their own smart contracts.
4. Open-Source Nature: By being open-source, Bytom ensures transparency and continuous development from contributions worldwide.

Cons:

1. Complexity: The vast array of features and functionalities might be overwhelming for newcomers to the crypto space.
2. Competition: As the blockchain industry matures, Bytom faces stiff competition from other platforms aiming to bridge the digital-physical asset divide.
3. Regulatory Concerns: Asset tokenization and trading can be subject to varying regulations across countries, potentially limiting Bytom’s global reach.

Competitors

Within the Crypto Space:

• Ethereum: As one of the dominant platforms for decentralized applications and smart contracts, Ethereum is a direct competitor in terms of platform versatility.
• Waves: Waves also aims to tokenize real-world assets on its blockchain, making it a competitor in the asset tokenization space.

Outside the Crypto Space:

• Traditional Banking Systems: Banks and financial institutions that offer asset management and trading services are indirect competitors as they cater to a similar market, albeit in a centralized manner.
• Asset Management Firms: Companies offering digitized asset management solutions, even if not on a blockchain, can be seen as competitors.

Size of the Addressable Market

The addressable market for Bytom is vast. With the world’s physical assets (like real estate, gold, and other commodities) valued in the trillions of dollars, even capturing a small fraction of this market represents a significant opportunity.

Moreover, the digital asset space, which includes everything from cryptocurrencies to digital rights, is growing exponentially. As industries continue to recognize the benefits of tokenizing assets – from improved liquidity to enhanced security – the demand for platforms like Bytom, which can facilitate this, is set to rise.

Furthermore, as the global perspective shifts towards decentralized finance and a more inclusive financial system, platforms like Bytom are poised to play a crucial role in this financial evolution. Considering the potential market and the growing interest in asset tokenization, Bytom’s addressable market is both substantial and expanding.

What are the best wallets for Bytom

To securely store Bytom (BTM) tokens, consider these widely-acknowledged wallets:

• MetaMask – A frequently adopted browser extension wallet.
• Trust Wallet – A mobile-centric wallet lauded for its user-friendliness and robust security features.
• MyEtherWallet (MEW) – A client-side interface offering direct blockchain interactions.

Always ensure the compatibility of your chosen wallet with Bytom (BTM) tokens.

How can I find more Bytom news

For up-to-date insights and announcements about Bytom:

• Explore the Bytom Website
• Delve deep into the Bytom Whitepaper
• Stay tuned via Bytom’s official Twitter handle
• Join the community discussions on Bytom’s Reddit