The Bytom (BTM) project is a blockchain protocol that allows individuals and businesses to exchange not just digital assets but traditional assets like bonds, securities and even data over the blockchain. Bytom launched its mainnet in April 2018, having been conceived in 2017, and has grown in popularity as a platform to exchange tokenized assets since.
Founded by Chang Jia and Duan Xinxing, Bytom’s mission is “to bridge the atomic [physical] world and the byte [digital] world”. Specifically, it is focusing on avoiding the replication of real world assets on the blockchain, resolving compliance issues related to these assets and bridging the aforementioned gap between the real world and the digital world.
Bytom has 3 kinds of assets that can be exchanged on its network: income, equity and securitized assets. Income assets include non-performing assets and fixed local government investments, equity assets include equity of non-listed companies and private funds, and securitized assets include debts and loans.
Functionally, Bytom operates as a blockchain network focused on tokenization would: it eliminates paperwork and middlemen, consequently decreasing costs and expediting the process. The assets are also more secure, as no third party is involved in the management of assets.
Bytom also has a strong focus on Artificial Intelligence, making its Proof-of-Work consensus algorithm easier for AI-based ASICs. The Bytom protocol also allows for cross-chain transactions via side chains.
Bytom has several technical developments chalked out for 2019, including research and development on a distributed identity system, collaboration between Bytom and AI cloud services and supporting more mainstream programming languages to support Bytom smart contract development. Most recently, Bytom announced an integration with Chainlink, another cryptocurrency project with a goal of becoming an Oracle service provider that powers smart contracts on the Bytom network.