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Decentralized Platform Bytom Works to Bridge Digital World and Physical World

With the rise of big data and cloud computing, the Internet is moving from “Information as power” to the age of “computing as power”. The evolution of world economy and power is featured with byte(digital) information. The evolution started from “Byte Tool” era to “Byte Currency” era and now “Byte Assets” era.

Bytom

Bytom Blockchain Protocol, or Bytom, is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information in the physical world) can be registered, exchanged, adjusted and engaged in other more complicated and contract-based interactive operations via Bytom.

Put simply, Bytom aims to build a decentralized and open platform where various byte assets and atomic assets could be registered and exchanged.

Bytom boasts many innovations from UTXO design of Bitcoin to POW algorithm.

  • Compatible with the UTXO design of Bitcoin
  • General address format
  • Compatible with National Encryption Standard
  • Asset naming using ODIN
  • POW algorithm that is friendly to AI ASIC-chips

Asset exchange is a basic feature of Bytom, which will be achieved in the first version of Bytom. Besides, Bytom can enable another two scenarios.

Management of income assets

Smart contract code will be embedded when issuing crowdfunding assets through the programmable interface provided by Bytom. By doing so, the funds are spent as it is designed for.

Management of non-listed company equity

Bytom can help reduce their cost on managing equities and options and provide more financial channels. Plus, private equity fund managers can issue contract-type fund through Bytom.

At Bytom, it has a group of blockchain developers, engineers and coders from Tencent, Alipay and Parity.

In the interview, Duan Xinxing, executive president of 8btc, tells the story behind Bytom.

What is Bytom all about?

Bytom is designed to meet the actual needs of the community. 8btc represents the earliest digital currency and blockchain-focused community in China. Many entrepreneurs started their businesses by reading news on 8btc. They have successfully launched some public, private or consortium blockchain projects. However, when you talk with them, they all complain that assets are not able to be exchanges cross different chains. That’s why we are working on the Bytom project. Bytom is a combination of byte and atom, representing the digital world and physical world respectively.

Why do you think assets is a trend of blockchain?

As the underlying technology of bitcoin, blockchain has far reaching positive effects on such blockchain networks as Corda, Hyperledger, Factom and Namecoin. These networks share some common features.

  • First, information on these chains are not defined as right or wrong, cheap or expensive, short or long; instead, everything on the chains are become “assets” that cannot be altered.
  • Second, the whole network entails encryption, signature, verification, transaction and other operations. It works based on certain rules.

The network is generally “cheap” for the building of its infrastructure is shared by all participants. But it is also costly considering its consensus mechanism. As such, assets on it much be relatively “rare”, so as to make it profitable.

Therefore, blockchain would be highly undervalued if used as an ordinary system for file transmission.

Why you see big future in ABS? What makes Bytom special in it?

Asset Backed Securities (ABS) refers to the assets that lacks liquidity but have future cash income. These assets are transformed into securities that are tradable in financial market through structural reorganization.

There are 3 steps to securitize assets. First, the issuer is to set the asset to a SPV (Special Purpose Vehicle), the second step is to separate the SPV into shares and the last step is trading. The traditional process is complicated and inefficient. A company that wants to issue shares must first sign contract with a broker. The approval process is lengthy and complicated before investors can apply for investment. In addition, even when the shares are traded in the market, there are a few days between the securities trading day and the settlement day. With blockchain technology, ABS can be simplified into three steps: one is the right registration; second is the tokenization of the asset; third is the transactions of smart contract.

Management of securitized assets via Bytom can greatly improve the efficiency, safety and traceability of ABS operation. The system can also store transaction data safely, ensure that information cannot be forged and modified, and automatically execute smart contract. All the market participants in the ABS trading could be kept informed of the asset registration and transaction information simultaneously through distributed ledger and consensus mechanism, which effectively solve the settlement issue between agencies.

It’s quite a highlight that you combine AI with Bytom, who brought it up? Can you tell us more about it?

It was Chang Jia’s idea. If we introduce matrix operations and convolution operations in the hashing process of mining, making miners more friendly to AI ASICs than GPU and CPU, then the calculation required for blockchain consensus can also be applied to the AI hardware acceleration service, which will generate greater social benefits. On the one hand, the mining market will stimulate the market for artificial intelligence, expanding needs for the depth learning ASIC chips, just like the boosting effect to GPU market brought by current GPU-friendly PoW blockchain. On the other hand, outdated miners can be applied to AI hardware acceleration services, saving mining costs to realize a win-win situation.

In China, as there is a lack of a regulation in the blockchain space in the law, how are you going to deal with potential regulatory risks?

We believe that regulation is necessary to foster the healthy development of the blockchain industry. In order to better deal with uncertainties, we will keep in contact with local authorities.

 

COMMENTS(24)

  • BitcoinAllBot
    2 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • hl5460
    2 months ago hl5460

    Bytom is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information that exist in the physical world) can be registered, exchanged, gambled and engaged in other more complicated and contract-based interoperations via Bytom.Economic Whitepaper: http://bytom.io/BytomWhitePaperV1.0_Economic.pdfTechnical Whitepaper:http://bytom.io/BytomWhitePaperV1.0_En.pdfWith the rise of big data and cloud computing, the Internet is moving from “Information as power” to the age of “computing as power”. The evolution of world economy and power is featured with byte(digital) information. The evolution started from “Byte Tool” era to “Byte Currency” era and now “Byte Assets” era.Official website:http://bytom.io/enAMA thread: http://8btc.com/thread-58517-1-1.htmlDecentralized Platform Bytom Works to Bridge Digital World and Physical WorldThoughts on Bytom Design: Extension of UTXO StructureBytom Blockchain Protocol Works to Make Obsolete Mining Machines Useful Again With AI ASIC ChipsICO page on Bizhongchou.

  • hl5460
    2 months ago hl5460

    Reserved for update

  • Bytecoiner419
    2 months ago Bytecoiner419

    ok this looks sweet.  I will be checking it out and see what it’s all about.

  • chocobo
    2 months ago chocobo

    When does the ICO end?

  • aakashsangwan
    2 months ago aakashsangwan

    Economic whitepaper is in Chinese. Could you tell me about the project more briefly, would there be an ico? And would there be a bounty campaign? If so, I would like to reserve Hindi translation.

  • Awallon
    2 months ago Awallon

    reserve russian translation if will need

  • Elkmar
    2 months ago Elkmar

    Too bad I can’t read chinese.

  • stue
    2 months ago stue

    Any bounty campaign like local translation sir??resrve indonesian translationsthank you

  • Omnicide24
    2 months ago Omnicide24

    Hello, contact me if you need help with russian translation.

  • elegant_joylin
    2 months ago elegant_joylin

    @hl5460, I’ve sent you a PM. Waiting for response. Thanks

  • mms2209
    2 months ago mms2209

    Airdrop or bounty?

  • kutangterbang
    2 months ago kutangterbang

    Im waiting for the bounty campaign or maybe has a planning to do some airdrop in near future. If you need any malay translation please contact me

  • hl5460
    2 months ago hl5460

    Thanks all for the translation proposal. I will contact you if needed.

  • killerjoegreece
    2 months ago killerjoegreece

    Quote from: hl5460 on Today at 08:48:44 AM
    Thanks all for the translation proposal. I will contact you if needed.

    I can do the Greek translation if your team needs it. Contact me when you need my services (you can check them out in my sig)

  • CryptoCoinNews
    2 months ago CryptoCoinNews

    when open ico selling dev ?coin use token system, or full mining

  • Elkmar
    2 months ago Elkmar

    Well, if needed I can do the translation from english to french.

  • Watanabe1505
    2 months ago Watanabe1505

    Hi sir, I would like to reserve Vietnamese translation for the project,Send me Pm if I’m accepted, thanks.

  • luckykitty
    2 months ago luckykitty

    TO DA MOON!!!

  • tippytoes
    2 months ago tippytoes

    Some of the sections in the website can’t be translated into English.And obviously, this is a Chinese-backed coin and one of the team members is related to OKCoin.But for what it is being designed for, is still difficult for me to grasp – “an interoperational protocol for diversified byte assets.”Can you explain that in layman’s terms? Like how it will affect ordinary people?

  • jawatulen
    1 month ago jawatulen

    the official site is look good, but why the economic whitepaper only use chinese languagei hope i can read the english version about economic whitepaper of this project

  • luckykitty
    1 month ago luckykitty

      For Chinese people, English -> Chinese is much easier than Chinese -> English. Because it is hard to be native.

  • Affilate User
    1 month ago Affilate User

    They have 2 white papers, this will make it easier for us to understand what the project plans and objectives are in the long run

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