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Detailed description and rate of the Bytom (BTM) cryptocurrency

What is btm cryptocurrency

The project gives users the opportunity to transfer real assets to the digital sector. Thanks to the decentralized structure, asset management is reliable and fair, and attention to security allows you not to worry about a possible hack or attack on the platform.

The developers divided the assets into two segments:

  • Byte assets. This segment includes securities, as well as derivatives of any format, translated into bytes.
  • External byte assets. This segment looks at tokens located in the Bytom sub-ecosystem.

A clear division makes it possible to assess the need for the project, which is why significant investments were attracted to its implementation.

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Creating a wallet for the Bytom (BTM) token

If you are interested in the idea of ​​investing in Bytom project tokens, then you will need a wallet to store them. Of course, you can simply store the token on the exchange where you purchase it, but this is not the safest way. There are plenty of cases of exchange hacks and crashes, even when it comes to large exchanges, and you have probably heard about them. The BTM token is a standard ERC-20 token that runs on the Ethereum blockchain. Any Ethereum wallet that supports their standard is suitable for storing such tokens. An official Ethereum wallet would do the job, but installing it would require completely synchronizing the blockchain, which would take a lot of time and hard drive space. Additionally, it is not available for all platforms. The solution to the problem is to use web wallets. One of the best of its kind is the MyEtherWallet project. You should not worry about the security of using such a solution, because the wallet performs all operations on the client side using JavaScript. The wallet supports all the main features of Ethereum and is recognized by many fans of this cryptocurrency.

Let's start by opening the project website, MyEtherWallet, https://myetherwallet.com. (You should be careful when visiting the site, since there are many cases where attackers used the most similar domain and stole the personal data of inattentive users.) When visiting the site, we find ourselves on the “New wallet” tab. Here we will register a new wallet. We come up with a strong password of at least nine characters and remember it. Click on “Create New Wallet”.

On the next page you need to download your wallet file – Keystore File. It is required to gain access to your wallet every time you use it. Click on “Download Keystore File (UTC/JSON)”, save the file and be sure to backup it. Now, click on the “I understand. Continue.”, confirming that you will handle the storage of the file with full responsibility.

Now, we are given the private key to the wallet. It is also important, because with its help you can also unlock your wallet. We copy the key and save it in the same place as the wallet file. Now click on “Save Your Address”.

The page you will see next is where you will need to gain access for the first time. This is how all transactions in MyEtherWallet will be confirmed. Here you can choose between a wallet file and a private key. In the first case, we select the file and enter the password, in the second, we simply copy the private key into the required field. Click “Unlock”.

Ready. You have just registered an Ethereum wallet that supports ERC-20 tokens. The BTM token is not in the wallet by default and you must add it there yourself. To do this, click the “Add Cutom Token” button and enter the address, token symbol and the number of decimal places. In the case of BTM, the address is 0xcb97e65f07da24d46bcdd078ebebd7c6e6e3d750, the symbol is BTM, and the number of decimal places is 8. Click “Save” and see a line with a zero BTM balance.

To send Ethers or tokens, go to the “Send Ether & Tokens” tab. In the drop-down menu you can select Ether or the token you need. You can save on transaction costs. To do this, change the cost of Gas at the top of the page. But you should not set the lowest value, because the transaction may not be confirmed if the network is too busy at this time.

Project creators

The key figures in the Bytom (BTM) cryptocurrency are:

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  • Chan Tzya. Cryptocurrency enthusiast whose idea to digitize fiat money allowed him to launch a large-scale company.
  • Lang Yu is an e-commerce expert. He supported Alipay and also participated in 2 successful startups.
  • Duan Sinzin is a marketer and head of the advertising department. Thanks to his team, we were able to get off to a fast start. A thorough advertising strategy attracted millions of dollars of investor funds.
  • Yi Chanzun is an experienced developer who wrote most of the cryptocurrency code from scratch.
  • Chzu Izki and James Dzhy are the people who implemented the virtual machine, which allowed us to accelerate the development of the company.

Of course, these are not all the participants who developed the idea. But thanks to these people, “Bytom” received life and the opportunity to develop.

New Bminer 10.1.0 with improved Bytom mining (BTM)

Bminer, previously introduced in version 10.0.0, has now been updated to version 10.1.0 with fixes that relate to Bytom (BTM) cryptocurrency mining. The update fixes the issue of gradual performance degradation that was observed during BTM mining.

Let us remind you that Bminer is closed source and that this software is designed to work with Nvidia video cards on Windows and Linux. It is distributed as pre-compiled binaries and comes with a 2% fee for Bytom (BTM), Equihash and Zhash developers, a 0.65% fee for Ethash developers, and a 1.3% fee for Ethash and Blake dual mining. .

Bminer is currently the fastest miner for Bytom. However, it unfortunately has limited support for pools and cannot be used in all known and large pools, which limits the usability of this software.

An alternative Bytom soft miner (BTM) is BTMiner NebuTech with the Tensority algorithm, also designed to work on Nvidia video cards.

The latest version of Bminer 10.1.0 for Nvidia video cards can be downloaded here.

#Bminer #Bytom #mining #mining software

Advantages of the BTM digital coin

The main advantages include:

  • Fault tolerance. All processes are optimized and worked out, so a large number of transactions will not affect the network load. The algorithm is built from three layers, which ensures special reliability;
  • Support for third party digital assets. The project sets itself ambitious goals, so the implementation of a multi-currency wallet is a necessary measure for its continued existence.

Storing funds in Bytom Wallet is convenient because interaction can occur using one private key.

What is a three-level structure and why is it needed?

The development of a three-tier structure has reduced the overall network load, increased security and provided users with an uninterrupted platform that compares favorably with competitors.

Levels are divided into:

  • The first one, which is the basic structure for transactions and interactions between users. At this level, transactions and transfers within the btm ecosystem are recorded in chain blocks.
  • The second one is responsible for the graphic part. Using the application, users see statistics, their own account, as well as data on previous transactions.
  • The third, responsible for contracts. At this level, the creation and interaction of smart contracts occurs.

The service uses the PoW algorithm, thanks to which bytom mining (BTM) is implemented.

Project Bytom

The Bytom platform from Chinese developers was launched in 2017. The main purpose of its creation is to work with byte assets. This concept includes all documents converted into digital analogues, as well as those originally created on the Internet.

In the functionality of the Bytom project, there are two types of byte assets :

  • elementary - bonds, dividends and securities that initially operated outside of digital technologies and were converted into electronic form as needed;
  • external – cryptocurrency money and tokens that function only in digital form.

As part of its functionality, Bytom provides several levels of working with these assets:

  • application – contains tools for managing papers and user interaction with them;
  • smart contracts – drawing up agreements on a contractual basis for interaction with other users;
  • release of own assets and tokens, transactions and transfers.

For all operations, the Bytom blockchain requires the computing power of devices connected to the network. The protocol for achieving consensus within the framework of network decentralization is Proof of Work. Taking into account the algorithm used, ASIC devices can also be included in mining.

The Betum token (BTM) is not positioned as a means of payment for widespread use. The main task of this cryptocurrency is its internal functionality. There are three directions in which these coins are used:

  • payment of commissions for transactions and asset management;
  • accrual of dividends for storing assets within the Bytom platform;
  • provision of used assets.

Thanks to these factors, the Bytom application creates all the conditions for successful financial activities. A distinctive feature of the platform is the use of technologies that combine different blockchains to work within one system.

Also, active attention is paid to the conversion of Bitcoin as the main cryptocurrency in the digital world. The developers made sure that, within the Bytom project, these coins were easily converted from BTM for purchase and sale, which would provide simplified user access to the functionality of the platform.

How to mine bytom

Bytom is a cryptocurrency whose mining allowed ASIC holders to stay afloat. The main mining is carried out on Antminer B3, which is designed for mining such a digital asset.

To start the mining process, you should perform the following steps:

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  • Connect Antminer B3 via ethernet.
  • Scan the ports to find the ASIC.
  • Go to the miner's office.
  • Specify the pool, wallet and password (if necessary).
  • Launch the miner and see the statistics.

The startup process is quite simple, but the pool will play a crucial role. Your income will depend on it, which may decrease due to commissions. Professionals recommend using the following pools:

  • Antpool;
  • BTCC;
  • ViaBTC.

Such pools are accompanied by a large community, as well as low commissions.

Bytom

Bytom (BTM) is an interactive protocol for multiple byte assets. Through Bytom, external byte assets (own digital currency, digital assets), which operate in various forms on the Bytom blockchain, and elementary assets (guarantees, securities, dividends, promissory notes, intelligence information, forecast information and other information that exists in the physical world).

Rate as of 08/14/2020

  • Rate:
    0.108101 USD
  • Symbol:
    BTM
  • Rating (CMC):
    82

Algorithm

Bytom consists of three levels:

  1. data circulation and transmission level
  2. contract level
  3. level of interaction with assets

The asset interaction layer performs actions on assets by requesting contracts. The data circulation and transmission layer is compatible with the UTXO model and the Bitcoin transaction data structure, allowing for high-speed consistency and controlled anonymity.

General address format

The Bytom wallet design uses BIP32, BIP43 and BIP441 to provide support for multi-currencies, multi-accounts, multi-addresses and multi-keys through Hierarchical Deterministic Wallets (or HD Wallets). BIP44 provides five levels of path guidance: (1) defining path rules; (2) types of currency; (3) account; (4) change; (5) address index. Users can control the wallet for all assets while maintaining one master private key.

National Encryption Standard Compliant

Asset management and operation Bytom involves a private key, a public key and an address system, which in Bitcoin design is achieved through ESCDA encryption and SHA256 hashing. Bytom will support SM2 public key cryptographic algorithm based on Elliptic Curves 2 and SM3 cryptographic hash algorithm 3, which are compatible with the Chinese National Standard.

For similar computational complexity, SM2 is much faster than RSA and DSA in processing private keys, resulting in higher efficiency in encryption.

The compression function of the SM3 algorithm has a structure similar to that of SHA-256. However, the design of the SM3 algorithm is more complex. For example, two message words are used for each round of the compression function.

The hashing process introduces the use of a new POW algorithm and matrix calculations so that miners can be used for AI hardware acceleration services.

Naming assets using ODIN

The asset naming process will use ODIN (Open Data Index Name) standards to ensure asset uniqueness across the entire network and blockchain. Unlike other blockchain-based identity solutions, ODIN relies on the Bitcoin blockchain and supports the implementation of other blockchains (public blockchain, consortium blockchain, personal blockchain) through multi-layer tokenization. ODIN uses the height of the blockchain as a name index instead of registering a string of characters.

Bytom's design features a DLT protocol that makes interoperability between different assets possible.

Multiple blockchains that accept the same protocol can exist independently and can conduct cross-chain trading by forcing different operators to interact in the same format. Following the principle of minimal governance, Bytom's design separates transaction signatures from the rest of the data in the transaction to provide isolated asset management and synchronized distributed ledgers. This design provides better programmability and contract support, as well as a redundant bypass interface for the future.

Increased trading flexibility

Unlike Ethereum's account model, BUTXO can validate transactions in parallel, using a unique mechanism to ensure that each unused result can only be reported by one transaction. In addition, Bytom is lighter than Ethereum, since participants only need to remember unused results, since other relevant information (such as asset ID, units, controller program) is carried by the trading operation itself. Another functional feature of Bytom is compact verification, which allows the client to verify only the relevant transaction instead of all transactions in the block, trusting the amounts signed by the sender. The whole process is implemented through Merkle proof.

Developers can create a tiny version of the X-blockchain (other blockchains) or X-relay based on the Bytom platform. They can also make API calls through a smart contract to verify network activities on the X blockchain, thereby enabling cross-chain communication, asset transactions and dividend distribution in the contract.

Crypto asset rate and where to buy

Bytom is a cryptocurrency whose rate fell by 75% from its peak in 2020. As of December 2020, the rate of the digital asset is $0.092 per unit. You can purchase a token on well-known digital exchanges, such as:

  • Kucoin;
  • Huobi;
  • Bibox.

The total capitalization of the coin does not exceed $100 million, and trading volume has decreased due to the fall of the main crypto asset. The issue amounted to 2.1 billion tokens. Investors are expressing doubts about the future of the decentralized space.

The market is changing its downward trend, consolidation has ended, so in the 1st-2nd quarter of 2020 it will be possible to formulate a conclusion about the feasibility of such investments.

Fund

The company has created its own fund to monetize applications. This made it possible to speed up the development of the project, as well as timely refine the “holes” in the structure. The creative thinking of the creators helps solve most pressing problems, but among users there are those who are still in doubt.

There is an acute question about the legality of the product. It is not yet possible to regulate user interaction at the state level. Countries are trying to develop a law that will regulate transactions and relationships between platform users and optimize the taxation system, and this may well lead to the collapse of the project.

However, most countries are not going to apply commissions. Residents believe that unhindered interaction between continents will make it possible to generate income from sales volumes.

A negative factor in the entire chain of relationships is anonymity, which allows scammers to work freely. No platform has been able to solve this problem, but hacker attacks have decreased significantly in 2020.

Prospects for Bytom

The crypto community is not optimistic about this project due to mining on Antminer B3. Mining on GPU farms could increase the flow of platform users. Investors don't expect anything special, but 7 out of 10 give the company a positive outlook.

The main competitor is TenX, which is capable of overtaking the network in popularity in 2020. However, the implementation so far is very mediocre. Much needs to be improved, the interface needs work.

The native wallet lags behind MyEtherWallet and other successful wallets. Therefore, Byte’s objective assessment is 4 out of 10. Speculators and analysts do not recommend investing fiat money in this company.

Rating
( 2 ratings, average 4.5 out of 5 )
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