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Bytom Cryptocurrency – A Complete Guide

Most people have been applauding the cryptocurrency industry for its myriad of features and benefits. Some of which includes its consensus algorithm, decentralized network, anonymity/pseudo-anonymity, efficiency, security, trustlessness and increase in value. These features have been the backbone of the blockchain industry and a major player for its growth. As more coins begin to evolve, these features have been modified and forked to suit the needs of investors.

Bytom cryptocurrency has been one of the latest evolved blockchain platforms that have taken a great step by incorporating three layers of protocol to manage its assets. Its main reason to incorporate a three-layer protocol has been centered on how to bridge the gap to manage both digital and physical assets. We are going to look at a short guide on the Bytom cryptocurrency. We will examine its meaning, historical roadmap, features, how to secure Bytom coins and its mining process.

History of Bytom Cryptocurrency

Bytom cryptocurrency was created by two Asian blockchain experts, Chang Jia, and Duan Xinxing. Both partners have been at the frontier and chief contributors to 8btc. Their idea to develop Bytom cryptocurrency started as early as 2017 when they developed a system to redress the issue of scalability and speed. As a way of creating a flexible system for investors in their network, they worked on a better system of consensus algorithm. This system promotes Al techniques, flexible smart contracts and an efficient way of transferring digital assets.

A fundraising ICO was held in the mid-part of 2017, and a total of 2.1 billion of Bytom tokens were released. Its tokens were distributed in percentages. 33% for mining activities, 20% for its Bytom foundation, 30% for the public, 7% for Private Equity investors, and 10% for coin business development.

What is Bytom Cryptocurrency?

Bytom cryptocurrency is a blockchain network that incorporates an easy system of exchange of both digital and physical assets. This peer-to-peer system of network embraces individuals, organization, and government into its blockchain system. Its platform allows the exchange of digital assets, digital currencies, bonds, and securities between investors inside and outside its network.
Bytom Cryptocurrency bridges the gap between digital asset and physical asset by strengthening areas of its consensus algorithm, smart contracts and use of its Atomic Transfer for different business environments. As a way of creating a smooth exchange of assets, Bytom allows for several off-chain assets on-chain to be traded and exchanged on its network.

Bytom coin and its value in the coin market

Bytom coin is the native cryptocurrency of the Bytom platform. It is denoted as BTM. As a digital coin, it can be used for the exchange of other coins and digital assets.
Bytom’s current market cap as at 25th February 2019 is $89,014,362 which is equivalent to 23,162 BTC.

Key Features of Bytom

  1. Three-layer of interaction consisting of the data transaction and transmission layer, contract layer, and asset interaction layer. Its fast speed is achieved through the use of UTXO for its data transaction and transmission layer.
  2. Proof-of-Work algorithm that uses Al techniques for mining activities. This technique and consensus algorithm makes it easy for Al ASIC to be used.
  3. A flexible trading system through the use of Merkle proof. This helps an individual to verify only relevant portions of the blockchain instead of all transactions in the blockchain.
  4. Naming of assets through the use of its Open Data Index Names. This system creates a unique attribute for asset and easy identification.

How to Secure the Bytom Coin

The Bytom cryptocurrency has created its platform to be the home of investors in the area of digital assets. It gives investors the right to exchange assets within its network thereby creating a secure system for everybody. As with every other coin, securing the Bytom coin is very straightforward. It requires you to own a digital wallet before you can purchase the coin.

1. Digital Wallets

The Bytom has its official wallet system called Bytom wallet. Its latest updated version as at 19th January 2019, has been designed to be user-friendly, easy to set-up and support its mining process. Its current desktop wallet is built to run in different operating systems like Mac, Windows, and Linux. Other wallets approved for storing of its coins are:

  • MyEtherwallet – Bytom wallet uses MyEtherwallet. As Bytom cryptocurrency supports ethereum-based token, its BTM coin can be stored in MyEtherwallet. MyEtherwallet is available in both online and offline storage system. That means you can access and store Bytom coins either through its mobile app, browser extension or software wallet.
  • Ledger Wallet – This is a hardware wallet that supports the storage of Bytom cryptocurrency. Apart from being an offline storage system, it has an additional security system such as multisig and 2-factor authentication. Ledger wallet is highly recommended because of its easy backup, mobility, and multicurrency level.
  • Ethereum Mist DApp – This wallet system works mainly as a desktop-based wallet that can be used to store Bytom coin. Its uniqueness is due to its ability to support different currency exchanges and can be accessed through a browser.

2. Buying Bytom Cryptocurrency

When Bytom wallets are purchased, Bytom coins can be bought and stored. But where exactly can Bytom coin be bought? There are several places, including:

  • Cryptocurrency exchange – Cryptocurrency exchange platform is the most recognized exchange platform to buy any coin of your choice. Cryptocurrency exchange allows for the direct trade between different coin trading pairs. In order to use any trading platform like binance, changelly or coinmama, it requires you to open and verify your trading account before performing trades to buy your desired BTM coins.
  • Crypto ATM – Cryptocurrency ATM machines are not common in most countries. Its mode of operation is similar to the crypto exchange platform. Before buying BTM coin with cryptocurrency ATM, you need to first have bitcoin. Bitcoin gives you access to trade across other cryptocurrencies like Bytom.

Mining of Bytom Cryptocurrency

Mining is a general process of confirming transactions in the blockchain industry. When transactions are confirmed, new blocks are added to existing blocks. In Bytom cryptocurrency, the addition of blocks follows a consensus process called the Proof-of-Work algorithm. This system allows miners to solve the complex mathematical puzzle before blocks can be added. As a way of creating an efficient way of adding blocks through mining, Bytom uses an Al ASIC-chips for its mining process. This machine gives access to miners to combine their hashing power to effectively mine Bytom cryptocurrency.