Review on Bytom by Olugbenga Ajayi
Bytom: Tokenizing all traditional assets
Can it ever be possible that anything that has value will be digitized, migrated to and stored on a blockchain and thus be available for trading through the smart contract. This is what Bytom project aims at achieving. I personally believe in this and with the current progressive popularity of Blockchain technology and cryptocurrency, it is not impossible.A brief look at Bytom project will convince you.
The project was founded by two crypto enthusiast and developers: Duan Xinxing and Chang Jia who also co-authored the first book about Bitcoin in China titled "Bitcoin-a real yet virtual financial world. When they founded the project, its token BTM was an erc-20 on ethereum network but later the mainet was launched in 2018.
The main aim of the project was to enable users of traditional assets to digitize them and enjoy full control over them as they carry out all possible operation common to digital assets without the need for a third party(brokers, asset managers, bankers etc). Owners if such assets will be able to trade them and gain values from them.
They intend to achieve this by using a three layers protocols: applications layer, contract layer and data transmission layer. With this, the project established a mapping between physical and digital assets. They also facilitate a cross interaction between blockchain so that all assets will be managed on a single platfom.
It uses proof of work algorithm for governing and verification. It is also ASIC compatible making Mining and transaction verification easier.
Pros
- It allows for crosschain interaction
- It reduces possibility of data manipulation because all data are kept in a global network of nodes
- Middle men are removed from assets management
- Cost of assets management is reduced
- Users have a lot of controls over their assets
Cons
- Blockchain technology has not reached the popularity required to actualize such goals
