Review on Bytom by Danh Huỳnh Ngọc Công
Bytom - Byteassests era!
Bytom is a cross-chain protocol facilitating the activities related to byteassets and providing a brilliant management environment for them. The blockchain inherits Bitcoin's essential features and includes advanced features for fulfilling its ultimate goal mentioned. Bytom utilizes sophisticated mechanism to accelerate transaction speed, guarantee the security, anonymity, assets uniqueness, prevent double-spend attempts, and incentivize users. Its goal of bridging physical world with byte world is very ambitious resulting in mass adoption once it is proved to be successful. The project has gradually gain trust from cryptocurrency community. In my opinion, Bytom is a really serious project that is important to the growth of blockchain industry.
Pros
- Bytom connects physical world with byte world to support the development of global finance
- BUTXO models is proposed to enhance high-speed concurrence and controllable anonymity
- BIP32, BIP43, and BIP44 is leveraged to support multi-currency, multi-account, multi-address, and multi-key with HD wallets to make storage more optimal, safe and convenient
- Bytom's encryption is of Chinese National Encryption standard so it is secure enough for byteassets storage
- ODIN standards differentiate assets making them unique. Blockchain height is used to name the assets
- Quasi "Segregated Witness" Design is the design that helps the interoperation of different types of assets.
- Good liquidity on many major exchanges is another strong point
- The team often interacts with the community
- It is very friendly to ASIC miners
Cons
- Overall ideas are too similar to many other projects
- PoW has critical problems that need to be tackled
