Review on Bytom by Fanuel PORPORTY

Name: Bytom
Item: Bytom
Rating: 4

March 01, 2020

What is the bytom protocol?

Bytom is a blockchain protocol for financial applications and digital assets. Thanks to the Bytom protocol, individuals and companies can save and exchange not only digital assets (for example Bitcoin), but also traditional assets (securities, bonds, or even intelligence data).
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The problem: Real-world assets become tokenized as we transfer ownership and trade registers to the blockchain.  However, based on a protocol, there is currently no unified way to map these resources from the physical world to the digital world.  Beyond this mapping, there still needs to be some interoperability between the two forms of assets to create a coherent ecosystem.  In the meantime, it's hard to imagine a "tokenized" world.  This is what Bytom is trying to solve.
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Bytom's mission is to "make the link between the [physical] atomic world and the [digital] byte world, to build a decentralized network where various byte assets and atomic assets could be saved and traded".Registering the ownership of assets and trading on the blockchain creates a more efficient and secure system than what is currently available.
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Pros

With the Bytom protocol, it is now possible to exchange all types of assets on the chain. This allows for a more efficient and safer system. The platform eliminates the excess costs that are often generated by intermediaries.
Users have control over their assets because transactions do not require the intervention of any questionable intermediary. The Bytom protocol allows for inter-chain transactions via the side chains. To do this, simply create a version of the chain and establish smart contracts.

Cons

Roughly 3 / 4th of the total amount of BTM tokens were sold off via phases of both public and private ICO rounds. As a result, few coins are left to be mined
Although the platform offers to exchange all types of assets, such a proposal can open the way for different hackers. The Bytom protocol does not offer any security measures to protect all types of transactions on the platform.