Why BYTOM?

"Why BYTOM?" - this is the most frequent question I get asked.
...and that's the right question. If you are really looking for a worthwhile project, ask this question!

Although the article is lengthy, it cannot be classified as a standard overview of blockchain projects. I will share with you my observations of the development of the Bytom project, of course, I will tell you about Bytom's achievements and prospects, but most importantly, I will draw your attention to some of the aspects that make it the Sleeping Dragon. "In this article, I will list the facts that characterize Bytom as a project with far-reaching plans and, in my opinion, already having the necessary connections or a major customer, who, according to a pre-agreed plan, implements developments that will certainly be applied. In Russia, the project is not yet known, but Bytom is quite popular in China (Bytom - Chinese project). It started back in 2017, was in the TOP 50 by CMC and traded on Binance. But soon after the launch, China passed a law prohibiting ICOs, and all projects that recently carried out them had to return money to investors. Bytom targets the DeFi market, for this everything must be in perfect order with the law, and of course the team returned all funds, found investors and priest drank to work! Since then, the work has not stopped! During the long crypto winter, the team had time and money, they created a number of successful solutions, developed and launched the MOV trading platform. A lot has been done, and most importantly, the project, despite all these difficulties, lived and developed. All these years Bytom was regularly funded and did not stop development for a single day.

Take a look at Bytom partners, take a look at security and code auditing.

I am not claiming anything, but I have a suggestion that Bytom may be associated with large commercial or government institutions in China and is building its platform according to a pre-planned scenario. In China, as you are sure you know, the blockchain has been declared a national treasure, and special attention is paid to its development and implementation! Bytom already has several implementations in government organizations, for example, in the agricultural bank, by the way, it is the third largest! In my opinion, now is exactly the moment when it is worth paying attention to Bytom, since during the recent bull run, the BTM coin did not show any ATH. Now the team has carried out a global update of the blockchain and transferred it from PoW to PoS! Again, oh-oh-very interesting moment... The transition to PoS was announced back in the spring, and after that, the persecution of miners began in China. And this once again confirms my theory that Bytom is not a simple project.

The authors of the project emphasize that BTM coins are not a means of payment for widespread use. The key task of this currency is to ensure the functioning of the Bytom network.

By the way, an interesting fact from 2017!
The US San Francisco law firm Velton Zegelman PC released the "Howey Test" report concerning Chinese blockchain project Bytom. Having reviewed and analyzed the technical white paper and economic white paper of Bytom, as well as the legal statement of the "Token Sale Documents" from the Chinese Zhonglun W&D Law Firm, Velton Zegelman PC concluded that Bytom did not comprise any security and would not be included under the SEC's supervision.
China's first case in the United States, considered to be compliant with non-securities sector chain projects with milestones.

The system's internal currency (TM) works in several main directions:

1) Payment of commission fees;

2) Accrual of fees for keeping assets on the site;

3) Management and provision of assets.

Initially, the total supply of BTM is capped at 2.1 billion. However, on 08/20/2021, the emission was greatly reduced as a result of the transition of the blockchain to PoS!

Along with the blockchain upgrade, the changes also affected tokenomics.
The total number of the new BTM token will be reduced from 2.1 billion to 1566 million.

Distribution of tokens from the day of foundation.

147 million BTM (7%) were distributed among private investors.

630,000,000 BTM (30%) were allocated during the initial placement of $BTM. 210,000,000 BTM (10%) reserved for the development of Bytom's business.

420,000,000 BTM (20%) reserved for the Bytom Foundation to support protocol development. This amount has been frozen for years and is released at the rate of 5% of the total supply per year.

693,000,000 BTM (33%) mined through mining.

During the first 4 years, it is planned to produce about 86.5 million BTM, and this amount will be halved every four years.

Bytom is a blockchain-based protocol for financial applications and digital assets. With the help of Bytom, organizations and individuals can register and exchange not only digital (for example, bitcoins), but also traditional assets (stocks, bonds, precious metals or just information). Gradually, real assets are taking on a tokenized form against the background of the transition from paper (centralized) accounting of ownership of the blockchain. However, there is no one-size-fits-all way to move these assets from the real world to the digital one. It is necessary to provide some degree of interaction between the two forms of assets and create a single coherent ecosystem. Until this happens, it is difficult to talk about full-fledged tokenization. The Bytom project is busy with this task.

1. Chang Jia - Team Leader and Founder of 8btc

Renowned China writer of science fiction and digital money promotion in China.

2. Lang Yu - CEO of Bytom

He had experience as a Systems Engineer at Alipay and an MS in Computer Science. Joined 8btc in 2014 to build platform data center system.

More information about the team here: https://bytom.io/team

Outside of China, the Bytom project is almost unknown, but in China it is very well known, and I have every reason to believe that Bytom has influential patrons and some kind of agreement with some, let's call him the customer. I am not talking about any specific buyer, although it is possible. I admit that some major market players know in advance that they will implement Bytom developments. In this, I see an answer to the paradox that the team can withstand a blow perfectly (for example, the situation with the ban on ICOs and forced refunds to investors). Delisting from Binance and again without consequences ... After that, most projects are closed, but not Bytom! Bytom, calmly survived a long crypto winter, during which the DePhi MOV platform was actively developed, followed by its successful launch.

Do you know a lot of projects that work closely with organizations of this level and even preside over?
Global Partnership with IEEE - The International Nonprofit Association of Engineering Professionals, the world leader in standards development. Has a greater impact on the international arena. To promote the standardization and application of blockchain technology, the IEEE established the IEEE Computer Association's Blockchain and Distributed Ledger Committee (IEEE C / BDL) in May 2019, and for the first time in March 2020. An extraordinary meeting was held in which Bytom CEO Lang Yu was elected the first member of the executive committee! During this meeting, the Bytom Foundation led the creation of the Standard for Blockchain Identity Key Management working group.

More details: https://medium.com/bytomofficial/the-first-ieee-working-group-of-standard-for-blockchain-identity-key-management-welcome-to-join-829fdb97c621

This event also gives grounds to assume that there is some interest in the developments of the Bytom team from the government authorities of China.

MOV and Bystack Recorded in Hangzhou Blockchain Industry WhitePaper 2020!

Bytom is mentioned in the Application and Practice of Basic Technology section.

The document states that BYTOM, using blockchain technology, implemented the exploitation of data exchange assets and costs using a three-layer architecture of the application layer, contract layer and data layer; Based on the included in the platform, Hangzhou Civil Service services deployed within the Hangzhou City Public Data Management Bureau system on a blockchain of 26 types of trust licenses.

I will cover this in more detail in the BYSTACK section.

More details: https://medium.com/bytomofficial/mov-and-bystack-are-recorded-in-hangzhou-blockchain-industry-whitepaper-2020-976dec8d0b5f

Bytom's unprecedented focus on the safety of their products.

Bytom did not limit itself to auditing the code in one company, but entered into partnerships with many serious brands. This partnership will cover the audit of products (services) that need to guarantee the security of the assets entrusted to them, mainly focusing on improving the security of the Blockchain.

Bytom has partnered with 360 Total Security, PeckShield, Beosin, BUGX and Slow mist on code auditing.

Bytom blockchain passed the first round of Blockchain Security Capability Test Certification of CAICT (China Academy of Information and Communications Technology) and received a test report. This is another national standard certification obtained after passing the Blockchain Function Test by China Electronics Standards Institute in 2020, further proving the efficiency and security of the Bytom blockchain.

Ask yourself why does Bytom need to comply with this standard adopted in China?

More details here: https://medium.com/bytomofficial/bytom-obtains-the-blockchain-security-capability-test-certification-of-caict-ca7c34185d94

Now I would like to share with you my observations showing Bytom's plans to enter the mass world market soon. I'm sure Bytom's ambition goes beyond China. I also have an explanation for this guess. Here are some facts. Let's start with the little things ... Have you seen how many official wallets Bytom has? But the main thing is not the number of wallets, but the number of platforms for which they are created! In my opinion, this is to say that the team is preparing for mass implementation, otherwise there is no point in developing wallets for such a number of platforms.
Keep in mind that Bytom wallets do not store coins, they are a pass to DeFi's MOV platform.

It started back in 2017.

Emerita Capital is an independent financial research firm based in San Francisco specializing in blockchain technology and artificial intelligence (AI again!). Emerita Capital has expressed its willingness to introduce more traditional financial resources into Bytom, to introduce Bytom products to more local investor communities, and to contribute in some way to the spread of Bytom technology in the west. Gabriel Rojo (Engineer and CEO of Emerita Capital) writes: Since 2017, I have spent quite a lot of time researching the Bytom project and trying to figure out its potential. In the following months, we gradually opened positions in $ BTM and have been investors ever since. What I found most appealing about Bytom is the promise to combine multiple technologies on a single blockchain to solve some of the problems of previous protocols. Three main technologies that I saw Bytom implemented in an interesting way: first, the UTXO architecture of Bitcoin; second, a virtual machine (EVM) similar to Ethereum; and third, the new BFT consensus protocol, which implements scalability similar to Cosmos. This, together with the combination of Proof-of-Work mining and Proof-of-Stake rewards, made the project unique. Where others have cloned, the Bytom team has innovated (and that's the truth). We now have a clear interest in making Bytom a success, and we believe we can help by launching our own node on the Bytom Vapor sidechain. In addition, we are also delighted to be the first Bytom side chain node in San Francisco.

More details: https://medium.com/bytomofficial/interview-with-gabriel-rojo-founder-of-emerita-capital-7f0d196ccbb2

Next, I want to tell you about one very interesting development that is modestly overshadowed by other Bytom products. I don’t know if you have heard about Bystack, but believe me this product is especially interesting in the light of the facts about which I would like to tell you.

Briefly about Bystack, this is a boxed blockchain solution. Bystack allows you to significantly reduce the time and money spent on the implementation of blockchain technologies in any direction. So, then I list the facts of the application of this development in areas and organizations that certainly characterize Bytom as a project that has clearly earned unprecedented trust, interacts with government agencies, business and has prospects for development in these areas.

Activities in Hangzhou - China's Silicon Valley

Working with the Hangzhou Municipal Public Service Administration, the Bytom team launched Bystack for use in the Hangzhou Municipal Service Chain. This chain of public services began trial operation in May 2019 and has been operating steadily to this day. Some statistics: in six months of testing, over 3 million blocks were generated and over 60,000 calls were made to satisfy 26 types of licenses running on the platform, including resident credentials and ledgers, etc. This chain was applied in the Hangzhou identity authentication scenario. Previously, citizens initially went to the mayor's office to register a business; if they did not bring their ID card, they had to go to a higher-level department to verify their identity. With the use of blockchain technology, citizens can apply once to apply for identity authentication, and then they can use this authentication for all applications, including business registration. There is no longer a need to repeatedly receive this data by repeatedly contacting a higher department. I am especially impressed by this moment in this article: Of course, this is only a small application implemented on the basis of Bytom development. In the near future, there will be more government departments and related blockchain applications for government affairs to be developed on top of Bystack.

Track Code Charity Project During the epidemic this year, many donations are received by various foundations, but when large sums are donated to a charitable organization, many questions arise... Everyone wants to know to whom these funds were delivered, when and to whom the assistance was provided. Has the organization given donations to those who really need help? We usually know the status of the shipment using the tracking code of the parcel.

The Bytom team promptly developed and launched the Track Code Charity Project with charities in Beijing. It was Bystack that made it possible to implement this on the blockchain in the shortest possible time. The charitable organization or donor, as well as recipients, are included as nodes in the chain so that they have the rights to contribute, record donations and receive donations. By having the authority to keep records, donors can find out where their donated goods are going; material donations go through the chain and all data is recorded. Using this technology to track donations prevents criminals from taking illicit benefits and significantly increases public confidence in community charities.

On the basis of Bystack, an intelligent platform for working with the Wuhan Big Data Bureau was released.

She has won many awards so far!

This system has been selected by the Wuhan government as a key special project of the National Key R&D Plan “Technology Boosts Economy 2020”.

At the same time, Bystack was included in the second batch of anti-epidemic cloud products and services of the provincial Department of Economy and Information Technology of Hubei Province.

Agricultural Bank of China (third largest)

Bystack is used in the Entrepot trade project with the Agricultural Bank of China, which has a total volume exceeding USD 400 million.

And I find this fact especially interesting and impressive. Do you know a lot of blockchain projects that have such projects in their portfolio? I'm asking seriously...

Well, if a big bank didn't impress you, then maybe a world famous brand will convince you? Read on.

As you remember, I briefly described Bystack as a ready-made solution for using blockchain ... So, Bystack station uses the Huawei Kunpeng 920 (Huawei) server. Any company or organization can simply turn on a server with Bystack and deploy a blockchain node or application in a very short time. The software layer is equipped with the Bystack platform, which fully meet the current needs of enterprises in blockchain applications. At the same time, it supports multiple terminal access, be it mobile phone or PC. And here we come to an interesting aspect: Bystack has officially become a partner of Huawei in the cooperation program for the development of Kunpeng. Plus, Bystack Series and Huawei TaiShan Series have recently completed compatibility testing and certification! Bystack is officially a cooperation partner in the Huawei Mobile Cloud ecology partner development program, to help both parties further improve the interoperability, stability and security of blockchain products, and jointly accelerate the development of blockchain ecology technology.

More details: https://medium.com/bytomofficial/bystack-huawei-%E4%B8%A8bystack-will-empower-huaweis-kunpeng-processor-s-ecosystem-c154f6f2172e

And of course, partnerships with world exchanges...

For example, a partnership with OkEX! Did you know about the partnership with OKChain?

More details: https://bytom-official.medium.com/okchain-bytom-partnership-proposal-9a8a50ff622a

The exchanges Huobi, Fcoin.com, ZB.com, BTC.com, F2Pool have their nodes in the Vapor seed chain (this is the side chain of the Bytom blockchain).
BTM trading pairs are represented on all leading exchanges except Binance. I am sure that the BTM will be there as well. Here is a list of all exchanges:
https://coinmarketcap.com/currencies/bytom/markets/

Bytom has many more partners, but the task of this article is not to collect statistics, but to detect a certain component that is not visible to a person who has not watched the development of the project since the day it entered the market.

Also, I would like to invite you to think about the facts of the summer of 2021.

Tech giants Alibaba and Baidu have won the AI ​​City Challenge smart city competition, beating competitors from 38 countries. Chinese businesses and universities ranked first and second in all five categories, Wired writes. This article says:

Four years ago, the International AI City Challenge was created to stimulate the development of artificial intelligence for real-world scenarios, such as counting cars passing through intersections or detecting motorway accidents. In the early years, teams representing American companies or universities took first place in the competition. Last year, Chinese companies won three out of four competitions.

I also found this information: Alibaba's "City Brain" tracks over 1,000 traffic lights in Hangzhou's hometown, a city of 10 million people. The pilot found that Brain of the City significantly reduced congestion and helped clear the way for emergency responders.

Now attention!

A few paragraphs above, you have already read about the work of the Bytom team in Hangzhou (by the way, the hometown of Alibaba) and they not only rented an office there, a serious municipal-level project was implemented there in close cooperation with the authorities and the system of state registration of private business. Bytom is based in Hangzhou and is involved in this whole movement. This gives me confidence in the application and success of the technologies developed by the team!

Stan Caldwell, executive director of the Mobility21 project (developing a smart city platform in Pittsburgh), noted that China is investing in research and development in relation to GDP twice as much as the United States. According to him, this is a key moment in maintaining competitiveness. And do you know what I think? I am almost sure that Bytom is part of this ambitious plan and I believe the team is confident that their developments will be in demand in the emerging market. It is for this reason, as it seems to me, that they do not conduct massive airdrops, do not focus on marketing and so on. They write code and deeply study the market, the direction in which their project should take a leading position. Of course, this is all my personal opinion and I just shared my guesses with you. Next, each of you must decide for himself whether BTM will be in his portfolio.

Thank you for stopping by and mastering this longread.

Author: LabelMen

Official website: Bytom.io Whitepaper: https://bytom.io/Bytom-Technical-White-Paper-EN.pdf

Trading Ticker: $BTM CoinMarketCap / CoinGecko
Github: github.com/Bytom/
Bytom Explorer: https://blockmeta.com
Official wallets: https://bytom.io/wallet/

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