Bytom Miner is about to be launched! In-depth analysis of Bytom Chain, can BTM be held for a long time?

Bytom is a public blockchain platform that focuses on enabling assets to transition from the atomic world to the digital world. BTM is the digital token of Bytom. What problems does Bytom solve?

“ Bytom’s mission is to connect the world of bits and the world of atoms, and to build a decentralized network for the registration and circulation of diversified assets. Bytom’s goal is to become the world’s largest dedicated public chain platform, explore the combination of different types of assets and blockchain, and enhance the liquidity, security, and value of assets. ”

This is the official statement. In simple terms, Bytom allows real-life assets to be put on the chain . Any valuable asset can be put on the chain, including real estate, warrants, equity, dividends, and bonds. For a detailed introduction, please watch the official video:

1. Compatible with Bitcoin UTXO design

The framework of the Bytom public chain is divided into three layers: the application layer, the contract layer, and the bottom-level ledger and transmission layer, which is the consensus layer.

Let's take a look at this picture. The top layer is the "application layer". The white paper states that the application layer provides various forms of PC, WEB, and mobile applications to facilitate the call of contracts for asset operations. By encapsulating the underlying blockchain technology, Bytom lowers the threshold for use at the application level and provides developers and asset issuers with a more flexible and friendly interface, allowing developers and asset issuers to focus on innovation in business models and business logic. The application layer can be considered as the use scenario of Bytom. Developers implement various applications through the interfaces provided by the application layer and provide them to users, allowing users to upload their assets to the Bytom blockchain platform.

The middle layer is the "contract layer", which is divided into ordinary contracts and creation contracts. The basic ordinary contracts are used for asset transactions and dividend setting and identification; the creation contract is designed by the developer according to his own needs for smart contracts for asset conversion and transactions.

The bottom layer is the "ledger layer", which adopts the POW consensus mechanism and supports AI smart mining.

It is particularly emphasized that BUTXO, which is extended on the Bytom chain, has a significant impact on the traditional UTXO on the Bitcoin public chain.

The structure has been expanded to be compatible with multiple types of bit and atomic assets.

Bytom BUTXO is the core technology of Bytom, which allows multiple assets to be on the chain and have their own attributes without the need to be exchanged for Bitcoin or BTM.

2. General address format

Bytom wallet provides support for multiple currencies, multiple accounts, multiple addresses, and multiple keys. Users only need to save one master private key to control the asset wallets of all currencies and all accounts. Bytom wallet provides good support for the change mechanism. As long as users do not use the same address to receive payments multiple times, they can avoid multiple signatures with the same private key, thereby avoiding the risk of private key exposure.

3. Asset naming uses ODIN identification

The naming of assets on the chain adopts the ODIN (Open Data Index Name) open data index naming standard, and uses the transparent, reliable and tamper-proof characteristics of the blockchain to ensure the uniqueness of assets across the entire network and chain. This makes it possible to put multiple assets on the chain.

4. AI ASIC chip friendly POW algorithm

Bytom uses a POW algorithm that is friendly to AI ASIC chips, which means that Bytom will support many obsolete mining machines. As the configuration of mining machines for Bitcoin is gradually improved, the obsolete mining machines are useless, so Bytom means that these obsolete machines can be used to mine Bytom coins, which is economical and environmentally friendly.

6. Use sidechains to support cross-chain asset transactions and dividends

Bytom uses XREPLAY repeaters to achieve cross-chain communication. In other words, Bytom’s sidechain technology can perform asset conversion with other different public chains, and then complete transactions and dividend operations in the contract.

7. “Segregated Witness”-like design

Bytom's public chain uses Segregated Witness. This can increase TPS throughput, and the signature part of the transaction and the transaction information are recorded separately, maximizing the utilization rate of the block. Many chains are already using the Segregated Witness technology.

Bytom is well-known in China. One of the important reasons is that the project team is the operating team of the Babbitt community. The CEO is Chang Jian, who is well-known in the industry. His real name is Liu Zhipeng . He was a science fiction writer before and also published many popular science articles. Later, he founded the Babbitt community. Chang Jian and Babbitt have a lot of loyal fans behind them, and most of the domestic media must have connections, so Bytom has a high reputation in China.

Lang Yu (Head of Blockchain Basic Data System http://Blockmeta.com, former Senior System Engineer of Alibaba Alipay)

Qu Zhaoxiang (Head of Coin Crowdfunding and Babbitt Hardware Evaluation Laboratory)

Li Zongcheng (Bytom Finance and Legal Affairs Director)

Duan Xinxing (Executive President of Babbitt, former Vice President and Chief Researcher of OKCoin)

Bytom has an experienced team of stars, including core developers of Tencent blockchain, senior engineers of Alipay, and code contributors of Ethereum Parity. Bytom and the other two public chains are collectively called the Three Musketeers of China by netizens - NEO, Quantum and Bytom.

Bytom officially gave a relatively simple progress chart:

On April 4, Bytom founder and CEO Duan Xinxing said on Weibo:

At 3:00 am on April 15th, Beijing time, the Bytom team successfully held the “Bytom Algorithm Public Release” conference at MIT and fully disclosed the details of Bytom’s AI-friendly Tensority algorithm for the first time. This means that the Bytom team has achieved the first milestone mentioned by Duan Xinxing.

At 19:00 Beijing time on April 17, the Bytom Chain Github repository released the source code of version v0.4.7, which shows that the mainnet launch is also proceeding in an orderly manner.

On April 17, Beijing time, Bytom’s official Weibo account posted a picture of the Bytom mining machine.

There has been a lot of discussion about the "Byyuan Miner" on Weibo, WeChat and other social media. The latest news shows that it is expected to be available by the end of April, with one batch in June and another in July. It seems that the Byyuan Miner will be available soon.

Duan Xinxing talked about Bytom’s development plan for 2018 when he was interviewed by 36Kr. The Bytom team is completing their work step by step according to the planned route.

The native token of Bytom Chain is Bytom Coin (BTM for short), with a total of 2.1 billion, which are distributed as follows:

The private placement distribution share of Bytom coin is 7%, and the private placement targets angel investors and institutions, mainly to provide resources and technical support for the early development of Bytom chain.

The ICO distribution share of Bytom Coin is 30%. The BTC/ETH obtained from this public sale will be used for the operation of the Bytom Chain Foundation, including development, code security audit, marketing, legal affairs, finance, third-party audit, and initial computing power deployment.

The Bytom Coin project foundation reserves 20% of its shares, which will be used to incentivize project development and will be frozen within one year after the successful completion of the ICO. It will then be unfrozen over four years, with 5% of the total amount unfrozen each year. At the same time, the computing power deployed by the Bytom Foundation will also provide continuous Bytom Coin incentive support for the development and operation of the Bytom project.

The reserved share for business expansion of Bytom is 10%, which is mainly used for the listing fees of Bytom exchange, the formulation of technical standards for commercial applications, and the maintenance of Bytom chain ecosystem.

The Bytom coin mining reserve is 33%. The Bytom consensus adopts the POW mechanism. The mining distribution is halved every four years until no new block rewards are generated. From the first to the fourth year of Bytom listing, 86.625 million Bytom coins will be mined each year, and from the fifth to the eighth year, 43.3125 million Bytom coins will be mined each year, and so on. 1‰ of the Bytom miners' mining income will be donated to public welfare organizations such as foundations engaged in artificial intelligence ethics research.

On April 18, 2018, the circulating market value of BTM was about 5.8 billion yuan, ranking 25th in the world. The trading volume on OKEX and Huobi accounted for more than 30%. The trading activity in the domestic market is significantly higher than that in foreign markets, and it is deeply loved by Chinese people.

The Bytom team is well-known in China, but the project still has some problems.

1. Focus on technology and pay little attention to marketing.

The discussion volume and popularity of Bytom in overseas communities are very low. For example, the number of posts and discussions on reddit are very low, and the total number of subscribers is 1,686 as of today.

In comparison, the number of reddit subscribers of Qtum, one of the three musketeers, is 13,864 as of now, while NEO has even more, with 90,087 subscribers as of now.

In the overall international social media, such as Twitter, YOUTUBE, FACEBOOK and REDDDIT, Bytom has very little attention and discussion. It can be said that it is a project with very little influence. Although the official MEDIUM also updates the progress every week, it is found that the number of article readings and applause is also relatively low.

Another point is that although Bytom submits code updates frequently on GitHub, the submitted codes are basically from Chinese developers. From this point, it can be seen that the overall project internationalization is not done well. Bytom needs to attract top developers to join as soon as possible and improve its international reputation, otherwise it will be difficult to achieve the goal of becoming the world's first public chain for asset chaining.

2. Bytom’s community building is insufficient.

Without seeing the Bytom community, everyone should try to distinguish Bytom from Babbitt or Changjian. Investing in Bytom does not mean investing in the Babbitt community.

3. The goals are grand, complex, difficult and long.

Bytom has a grand goal, which can be simply understood as a project focusing on asset on-chain. At this stage, our society is still far away from the goal of developing most assets on-chain and legally tradable. Bytom's goal is so ambitious, which is in line with the founder Chang Jian's characteristics as a science fiction writer. From the perspective of software engineering, the project is very complex and requires very solid development and a long development cycle. Coinbase believes that in the blockchain field that changes rapidly, this high-difficulty and long-cycle project positioning itself is also a risk, which requires strong support from all aspects to be successfully completed.

From the investigation of Lao Zhou of BITSWIN, it can be seen that most of the current investors of Bytom Chain should choose to invest in Bytom Chain because of the qualifications and background of the founder Chang Jian and the reports on Bytom Chain by domestic blockchain media. In particular, the support of Babbitt, the "official media", and the feature that Bytom Chain is compatible with Bitcoin mining machines have attracted the attention of miners.

Bytom seems to be building its own blockchain 3.0, or making a split in the development of blockchain. Other public chain projects are all heading for application platforms and smart contracts, such as EOS and CARDANOA. Bytom focuses on asset chain and believes that asset chain is a major trend. Bytom's overall goal is ambitious. If the project is successfully completed, the value and significance will be huge, but at the same time, the high complexity of the project will inevitably bring great development difficulties. For this, investors should make plans for ultra-long-term holding. At this stage, Bytom needs to do a good job in overseas communities, cultivate organic community members, and deploy landing applications as soon as possible. Otherwise, even if the bull market comes, it will be difficult for BTM to achieve a surge like NEO.