What is Bytom? Bytom is an exchange platform that aims to tokenize real-world assets such as stocks and gold. In this article, you can find answers to questions such as what Bytom is, what it offers, what is BTM coin, what is it for, how to get it. As Kriptokoin.com, we have prepared it for our curious readers.
What is Bytom?
Bytom is a decentralized and open-source blockchain-based asset exchange platform. It supports the interconnection of financial applications and digital assets. It allows entities from different domains to interact with each other on Bytom. Accordingly, real-world items such as stocks can be traded as tokens on Bytom platforms. In other words, it tokenizes real world assets and offers it to its users on its platform. As a result, we can think of Bytom as a direct bridge between digital networks like BTC and real world assets like gold. The project supports the trading and transfer of assets on Blockchain between these two domains. Finally, an altcoin, BTM coin, is the native cryptocurrency of this platform.
What does Bytom offer?
Bytom primarily works in a decentralized and distributed manner. Accordingly, users who hold the local token of the network can participate in the management of the platform. Decentralization is important to make the network a safer and fairer place. Second, the network uses the Proof-of-Work consensus mechanism like Bitcoin and Dogecoin. In PoW networks, users can earn passive income through their computers with high processing power. However, there will be many new features and changes as Bytom 2.0, announced in 2021, arrives on the network.
First, the network is preparing to switch to the Proof-of-Stake mechanism. When this happens, users will gain the advantage of staking their assets. With the upgrade, the network is poised to pave the way for developers to produce NFT and Metaverse applications. However, new features such as cross-chain support and oracle system are also planned to arrive. The Bytom network has a large chain of corporate partners, especially in China. In other words, the adoption and goals of the platform continue with a focus on China.
What is BTM coin? What does it do?
BTM coin is the native cryptocurrency of the Bytom network. At the time of writing, it is trading with a market cap of $21 million and a unit price of $0.01238. However, the maximum supply of the altcoin is set at 2.1 billion BTM. Currently, 1.76 billion BTM is in circulation, which corresponds to 82% of the maximum supply. So what does BTM do? In fact, cryptocurrency has many use cases within the Bytom network. Let’s examine these use cases.
The primary use cases of BTM coin are in transaction fees. When you transfer an asset on the network, you have to pay a fee. These transaction fees are paid in BTM. Another very important use case is rewards. Users who mine PoW on the network receive BTM rewards for processing transactions. Liquidity providers that move their digital assets to the Bytom network can also receive BTM rewards. In addition to these, it is possible to develop new use cases such as staking with Bytom 2.0.
What is Bytom? How to get BTM?
Investors interested in the Bytom project should access a cryptocurrency exchange where the token is listed. BTM is currently traded on Huobi Global, OKX, MEXC and Gate.io. Interested investors must become a member of one of these exchanges and verify their accounts. Then, they need to deposit an asset suitable for BTM coin pairs into their wallets. After all these transactions are carried out, a purchase order can be placed for BTM.
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