That Bytom (BTM) is doing a good job is not up for debate. The new blockchain is springing up to the demands of diversifying the existing system operated by the current blockchain technologies in the sphere. Responding to this need, Bytom will build byte-assets operatable in different forms. Being barely a year old, the Bytom blockchain has undergone riveting transformations and just might replace the all-timer, Bitcoin.
Built with the vision of free circulation of resources in the virtual world, Bytom blockchain is fast equipping itself for sustainable functions in the near digital-future. Although, the cryptocurrency, which is offspring of a Chinese based company, came to live in January 2017, the testing began in the first quarter of the year.
How does Bytom work?
Bytom focuses on bridging the gap between the physical world and the crypto space by using protocols that will allow for the interaction of financial, atomic, digital and smart assets. The integration of the traditional mode of operation of these assets will culminate the realization of a smart asset age in the global community. The blockchain technology aims to achieve this through the invention and implementation of relevant technologies.
Innovations From Bytom
Among the current innovation of Bytom is ODIN; Open Data Index Name. ODIN serves as a space where the names of customers are stored. It allows users to incorporate other blockchains by following the traffic of different blockchains as they pile one on top of the other.
In addition to the possibility of managing multiple blockchains, there is also the use of a general address system to enhance transaction efficiency.
The general address is implemented using HD Wallets to grease the path for multi transactions; currencies, addresses, keys, accounts. The trick employed by this technology is to find out what the path rule is, what currency is used, the account, change and address index; making a unique five-layer procedure.
The uniqueness in its functionality is the ability to seclude transactions that operate same protocol in the midst of its multi assets transactions. It achieves this using a DLT protocol built on the Bytom blockchain. Unwanted data is thus done away with, while separate contracts are enhanced. Again, it reserves the rights for developers hoping to negotiate other blockchains on the Bytom platform by means of a cross-chain technology. Another technology applied on the Bytom platform is BUTXO. BUTXO as a form of database engages a technology where redundant data is extracted. In the process, only relevant information is stored.
What is Tensority algorithm?
Tensority algorithm is one of the tools deployed by Bytom. It is an offshoot of the consensus algorithm that minimizes wastage by means of matrix and tensor operations. It is an improvement upon the hashing procedure adopted by Ethereum and it is effected by “cache calculation, matrix construction, matrix operation, work generation and work validation”. These forms of matrix and tensor operations make milder terms of mining possible by enhancing Artificial Intelligence service across different blockchains, creating a favorable platform where hardware can be utilized.
Bytom Growth: Not Smooth Sailing So Far
The rewarding results acclaimed by Bytom within the recent year can be attested looking through its evolving nature. Having undergone nearly series of evaluations, tests, enhancement and developments, Bytom has birthed rewards in form of volumes of digital assets to its partners as well as customers.
The founder of Bytom, Juan Xinxing demonstrated to the Bytom community his thoughts on the value of money – a proposition that further lends credence to the need for a blurring of the obscurities between the real and digital world – as a “formation of common understanding and interaction and not physical properties already existing in the earth”.
He says, “we cannot expect that those born in Year 2000 and 2010 generations to accept the gold standard and use shells and silver coins; We also cannot rely on AI, robots and the Internet of Things for liquidation and settlement based on existing currency and banknotes”.
Which Way Forward?
Bytom appears to be much of an evaluator with binoculars reaching into the near future, looking at its move towards asset digitization which is non-negotiable in the coming age; and its preparedness for a smart asset era.
A noteworthy statement of the Bytom founder anticipating free exchange among people, assets and smart technology in the soon-to-come age is refreshing for capitalists in general who believe in a sure digital assets age. We will keep our fingers crossed while Bytom moves to remove the barriers between the real world and the virtual finance world.