What is Bytom?
Bytom is a multi-bit asset interactive protocol. Different forms of heterogeneous bit assets (native digital currency, digital assets) and atomic assets (warrants, equity, dividends, bonds, information, forecast information) running on Bytom blockchain can be registered, exchanged, gambling and more complex interactive operations based on contracts through this protocol. Connect the atomic world and the bit world, and promote the interaction and circulation of assets between the two worlds. Create diverse assets and programmable economy based on blockchain technology.
Introduction of Bytom Foundation
Bytom Foundation was registered in Singapore, approved by The Accounting and Corporate Regulatory Authority (ACRA), and registered as a non-profit foundation under the category of Public company limited by guarantee. As the main governance body of Bytom, Bytom Foundation regulates and manages Bytom's technology development and application development.
- 2021.3.18 Bytom 2.0 WhitePaper released
- 2019.9.19 MOV (Layer 2 value exchange protocol) whitepaper released
- 2019.5.15 Bytom BaaS platform: Bystack WhitePaper released
- 2018.4.24 Mainnet released
- 2018.4.15 Tensority consensus algorithm paper released
- 2017.6.12 WhitePaper released
- 2017.1 Project started and the team was established
What is Bytom 2.0
While the decentralization of PoW creates huge value, it also brings extremely high costs. The solution of Bytom 1.0 is that the main chain adopts PoW, which is responsible for asset issuance, and the side chain adopts PoS, which is responsible for transaction efficiency. However, node operation costs were paid for two chains. Each year, 80 million BTM is paid to the main chain miner and 10 million BTM to the side chain nodes, bringing a heavy economic burden.
The economic security and economic efficiency of the PoS architecture also bring great convenience to the development of upper-level ecology such as DeFi, and it is more conducive to MOV to explore its most potential. The integration of technical architecture will inevitably bring great flexibility to the introduction of a more versatile smart contract system and developer ecology, which is the only way to shape an open ecology.
So we propose the architecture concept of Bytom 2.0, merge the architecture of MainChain & SideChain architecture into a unified platform, and integrate the multi-asset DeFi protocol on the unified platform, optimize the efficiency of asset flow, connecting the bit world and the atomic world, better serving the vision of putting assets on blockchain.