Bytom

Introduction to Bytom (BTM)

Bytom (BTM) is a blockchain protocol that enables the exchange of multiple digital assets on its platform. Designed to bridge the gap between physical and digital assets, Bytom provides a framework where various types of assets can be registered, exchanged, and operated in a decentralized environment. Today, Bytom (BTM) is available for trading across various exchanges, and traders can optimize their BTM trading strategies using automated trading solutions like Cryptohopper's bot.

What is Bytom (BTM)?

Bytom (BTM) functions as a three-layer blockchain protocol that separates transmission, contract, and asset interactions. Launched in 2017, it utilizes the Bytom Blockchain Protocol to register and exchange diverse assets, whether digital (like securities, bonds, or intelligence) or physical assets mapped to the digital world. BTM serves as the native token that powers transactions and operations within the Bytom ecosystem.

The Bytom protocol was designed with a specific vision: to create an "asset internet" where various assets can be registered, exchanged, and function across the blockchain in a transparent and programmable manner. This makes Bytom (BTM) unique in its approach to digital asset management.

How Does Bytom (BTM) Work?

Bytom's architecture is built on three distinct layers:

• Application Layer: Interfaces where users interact with the system
• Contract Layer: Handles the execution of smart contracts and asset operations
• Data Transmission Layer: Manages the underlying blockchain network and data transactions

The Bytom (BTM) network employs a consensus mechanism called Tensority, which is an ASIC-friendly proof-of-work algorithm. This algorithm was specifically designed to leverage both CPU and GPU processing power, making it more accessible for mining while maintaining security. The Tensority algorithm helps in validating transactions and adding new blocks to the Bytom blockchain.

Bytom (BTM) Mining and Staking

Bytom (BTM) operates primarily on a Proof-of-Work (PoW) consensus mechanism through its Tensority algorithm, which means that BTM can be mined. Miners contribute computational resources to solve complex mathematical problems, helping to secure the network and validate transactions. In return, miners receive BTM rewards for successfully mining blocks.

As for staking, in the traditional sense of Proof-of-Stake (PoS), Bytom does not offer this functionality. However, Bytom has explored dual mining capabilities, allowing miners to mine both BTM and other cryptocurrencies simultaneously, potentially increasing mining efficiency and profitability.

With the evolution of the Bytom ecosystem, there have been developments toward a side-chain solution called MOV, which introduces staking-like functionalities for BTM holders. This allows BTM holders to participate in network governance and earn rewards through different participation mechanisms.

What is BTM Used For?

The Bytom (BTM) token serves several essential functions within the ecosystem:

• Transaction Fees: BTM is used to pay for transaction fees on the Bytom network
• Asset Issuance: It enables the creation and registration of new digital assets
• Smart Contract Execution: BTM powers the execution of smart contracts and asset operations
• Dividend Rights: Token holders may receive dividends from certain operations within the network
• Governance: BTM holders can participate in governance decisions through voting mechanisms

Bytom (BTM) creates an environment where businesses can tokenize assets and manage them on the blockchain, opening new opportunities for asset management in industries like finance, insurance, and digital property rights.

BTM Token Distribution

When Bytom (BTM) launched, the token distribution followed a structured allocation plan:

• Public ICO: Approximately 30% of BTM tokens were sold during the Initial Coin Offering in 2017
• Foundation Reserve: Around 20% was allocated to the Bytom Foundation for development and ecosystem growth
• Team and Early Investors: About 20% was distributed to the founding team and early backers
• Business Development: Roughly 10% was set aside for business development and partnerships
• Mining Rewards: The remaining 20% was designated for mining rewards to incentivize network participation

This distribution model was designed to ensure the long-term sustainability and growth of the Bytom ecosystem while providing appropriate incentives for all stakeholders involved.

Trading Bytom (BTM) with Automated Solutions

For traders interested in Bytom (BTM), automated trading solutions offer a way to optimize trading strategies and potentially increase profitability. Cryptohopper's automated trading bot allows traders to execute BTM trades across various exchanges without the need for constant manual monitoring. This solution is particularly valuable in the fast-paced cryptocurrency market, where timing can significantly impact trading outcomes. Anyone can trade Bytom (BTM) on supported exchanges using Cryptohopper's comprehensive and customizable automated trading platform.

Whether you're a seasoned trader or just getting started with cryptocurrencies like Bytom (BTM), automated trading tools can help streamline your trading process and potentially enhance your trading performance through advanced features like technical analysis, backtesting, and 24/7 execution capabilities.