The Internet of Global Asset – Meet Bytom with OKEX and Wanchain In San Francisco
As the digital currency market continues to expand, more and more blockchain projects are coming up globally. As an emerging force in China’s underlying public blockchain, Bytom has already had a very large user base in the country, and its international community is also growing stronger. In order to have more fans better understand Bytom, and achieve the goal of global assets Internet, Bytom leading its core team had its first global meetup starting from San Francisco.
On Jan.25, the first global meetup was held in San Francisco. Xinxing Duan, founder of Bytom, shared five innovations and future development plan of Bytom.
Bytom, a digital asset layer protocol, is the infrastructure of asset Internet. Any peer-to-peer financial applications and asset applications from institutions and individuals such as exchanges, wallets, lending systems, clearing and settlement systems, payment applications, loan applications and forecasting market applications, could be built on Bytom chain. The same case as building online chatting and social network applications such as QQ, WeChat, Facebook and Google based on the TCP / IP protocol.
Since it is in the form of an asset blockchain, why do we need Bytom when we have already had digital gold Bitcoin and world computer Ethereum?
As the world’s first public chain project, bitcoin is indeed a great innovation. But it also has some shortcomings: firstly, it only supports bitcoin on its chain; secondly, bitcoin only adapts to digital assets and is less related to the atomic world or physical assets. As it cannot meet the needs of AML (Anti-Money Laundering) and KYC (Know Your Customer) in the real financial system, it is not compatible with the traditional financial system. In addition, the original version of Bitcoin’s POW mining mechanism causes large energy consumption, which is often criticized by governments over the world.
To address these problems, the design of Bytom contains five innovations.
- The first innovation is the underlying data structure and transaction structure. UTXO is expanded, each atomic transaction supports multi-asset transaction. That is, you can transfer a variety of assets to different accounts all in one transaction, for example, User A can package 19 BTC, 82 ETH and 8 BTM, together with RMB and digital tokens anchored by the US dollar to user B and C. Traditional BTC or ETH trading is like a one-way traffic, while a parallel highway runs on Bytom.
- Followed by the innovation of design concept. Bytom is not to destroy the existing bank and traditional system, but co-exist and co-develop with them. “Friendly” is an essential keyword in our product design. Bytom’s private key model is similar to bitcoin and Ethereum, but it also makes extension to control one account via one or more private keys to form an account model which could control the protocol to manage the asset. The underlying public chain structure still keeps concise, similar to the public chain of bitcoin and Ethereum, but abundant API interfaces can make it to build side chain, alliance chain and applications on the protocol of Bytom, and audit can be introduced into the account model layer, to realize a seamless integration with real-world asset gateways and financial systems.
- Cross chain is the third innovation of Bytom. There are currently a lot of blockchain-based tokens, such as LTC and BTC. Due to the interaction barriers between different blockchains, the Bytom’s cross-chain API connection ensures that the other blockchain assets could be registered and transferred on Bytom. All existing forked coins are very easy to bridge over and get registered to Bytom based on the UTXO extension.
- Security and privacy are Bytom’s fourth biggest innovation. Bytom Virtual Machine (BVM) focus more on assets rather than instant messaging or social media messaging applications or IoT class DAG mode, Bytom, therefore, is more secure. The separation of the system layer and the protocol layer further enhances security: In the Ethereum blockchain, the asset protocol layer and the system layer are unseparated, in which context, once the underlying thread is killed, there will be loopholes in the protocol and wallet and assets associated with it are vulnerable to destructive blows, like the bug occur in “the DAO” and Pokadot with millions of dollars missing. What’s more, Bytom also supports hidden invisible protocol mode, in this strong security mode, only the participants have the right to know and view the transaction information, with only contract fingerprints announced, attackers will not be able to decode and attack contracts and transactions by reverse engineering.
- Bytom has also been innovative in the mining mechanism. Many people think POW mining mechanism is not environmentally friendly which is always doing meaningless hash operations. In order to avoid that, POW algorithm system that is friendly to AI ASIC chip is proposed instead of POS mechanism. This innovative computing hardware by itself not only supports hash operation for BTM mining, but also serves AI industry by matrix operation. You can switch between the two modes and POW therefore becomes more meaningful.
Duan also introduced the development progress of Bytom, saying it is not only an innovative technology, but actively shaping the business form.
Development: SCOPE, testing web version of Bytom was officially released in early January, on which network monitoring, public and private key management, account management (account creation) and asset management marking have been achieved. Bytom’s main net will be officially launched in March or early April.
Business and cooperation: We’ll have further cooperation with OKEX as an exchange and Wanchain in cross-chain R&D. Since Bytom released our algorithm papers, we are now focusing on hardware R&D testing partnering with a few globally well-known computing hardware infrastructure companies, and deploying scenario applications with some large financial and traditional institutions.
Compliance: Bytom is the first Chinese public chain to pass the Howeytest. This year, our focus will be on promoting lawful and compliant expansion and licensed operations in North America, China and South Korea.