As the Bitcoins industry interest of tapping into the decentralized cryptocurrencies increases so does the cryptocurrencies increase, new crypto platforms are created each day further adding the number of decentralized cryptocurrencies. However, the critical part of any cryptocurrency is making a modification to the consensus layers. The blockchain and sidechains technologies have been proposed to allow for the transfer of digital assets across different blockchains including Bitcoin. So far, there are some platforms that offer solutions on the market including Rootstock by RSK, non-Bitcoin sidechains like Lisk, BTC Relay by ConesenSys, Elements by Blockstream and the one that we will talk about Bytom.
What is Bytom (BTM)?
Bytom is an interactive platform and protocol of multiple byte assets. It is a heterogeneous byte-asset that operates in various forms on atomic assets such as warrants, securities, intelligence information, bonds, dividends, forecasting information and all information that exist in the physical world. It also works on various forms on the Bytom blockchain. All the information can be exchanged, engaged, registered and gambled in more contract-based and complicated interoperations via Bytom
A model of the Bytom (BTM) Sidechain
Bytom is an inter-operation platform for byte assets. To operate on-chain assets on Bytom, developers can create a version of sidechain like the “XRelay”. The “XRelay” works similar to BTC Relay. Developers can connect to API of XRelay using the smart contract to verify the network activities. This way cross-chain communications can complete dividend and transaction distributions contained within a contract.
Bytom also supports multiple types of digital assets. Each asset has an asset ID for identification. The asset ID is based on the ODIN protocol and used to confirm the category of the asset and kept into two categories: the Bytom token (BTM) and other digital assets. The BTM is the native currency used by the Bytom blockchain. It is a token distributed to participants and miners in the ecosystem. The BTM token encourages miners to join the system in an anonymously and randomly. The BTM can be used for:
- Dividends of income assets
- Cost of asset transaction and
- Deposits for asset issuance.
Bytom consists of 3 layers which are the contract layer, the data transmission and transaction layer and the asset interaction layer. It is compatible with the National Encryption Standard. The operation of Bytom and asset management involves public key, address system and private key achieved through SHA 256 and ESCDA encryption’