Bytom coin is a native cryptocurrency of the Bytom blockchain platform launched on the Ethereum network as an ERC20 but was later created on the Bytom blockchain network platform whose transaction takes place from one peer to another without involvement by the government thus is being considered to be a decentralized asset. Bytom coin was mainly created to enable assets from the side chain to be able to communicate with those assets on the main . Bytom coin also allow assets from other blockchain to be able to interact with those assets from the main chain.Bytom coin can also be used to enable different companies created on Bytom platform to be able to issue the dividend earned to several share holders of those companies. Different Dapps created on Bytom network can also use Bytom coin to pay for transaction of those Dapps while running over there as well as to use the coin to create and issue the token of their created Dapps. Bytom coin can also be used to pay for transaction for transferring Bytom coin from one smart contract address to another as well as for swapping the issued tokens on the platform to Bytom coin. Miners of Bytom coin can also use the Bytom coin to purchase different mining hardware. Since Bytom has another third layer, stakers can also stake the Bytom coin on the Bystack so that those coins are used to secure the Bytom network much further thus in return they also receive reward for that.
Bytom transaction takes place on the Bytom blockchain explorer based on block height and timestamp. Here is a view of the Bytom transaction;
To view how the Bytom transaction takes place on the Bytom blockchain, you can follow the link below;
Bytom coin project was started and launched in 2018 with the main objective of allowing assets from the main chain to be able to interact with those assets from the side chain as well as with those assets of other blockchain
Founder Of Bytom coin
Bytom coin was created by Duan Xinxing who is a china based blockchain technologist and was later joined by another cofounder Chang Jia who is the creator of the chinese largest cryptocurrency news, 8btc. Their main motive for creating Bytom coin was to solve the problem of scalability where they were able to make the blockchain of the coin to have three layers, the layer for creating Dapps, the layer for issuing other tokens and the layer for recording transaction thus making it a very much secured coin.
Process of creating Bytom coin
Just like other cryptocurrencies like bitcoin and Ethereum, most of the Bytom coin is released through the mining process using electricity power ,internet connection and computing power of GPU and ASICS hardware. The algorithm used in the mining process is Tensority. After every 2 minute, 412 coins is being added to the Bytom network which is shared among the miners. The key participants are ; miners and mining pool. The miners can either choose to become solo miner which is less rewarding or can join a mining pool which is more rewarding. As a miner on the mining pool, the more computing power of GPU or ASICS you share the more reward you receive. The new coins added on the Bytom block as well as the fees charged in verifying any block transaction on the Bytom network will be shared to all miners based on the computing power they share. Here is how the Bytom mining process looks like;
If you want to become a miner so that your GPU computing power can be used to validate transactions added on the Bytom network thus securing the network, then you can pool your power from below;
Since bytom added a new layer called vapor in order to make the Bytom network much more secured, it was able to become a proof of stake also. As a proof of stake coin, the two key participants are the stakers and block producers. The role of the stakers will be to lease at least 2 Bytom coin to any of the verified block producer thus in return they will be able to receive reward of up to 5% the whole year. The more you stake the more reward you receive. As a block producer, you need to have atleast 1,000,000 coin in your staking wallet and a 24 hour internet connection. As a block producer, you will use the leased coin to verify any block added to the network thus you receive the transaction fees which will be distributed to several stakers based on their staking amount. The maximum number of block producers to take part on this is 36 while the minimum amount of period that you should lock your coin to any of these block producer so that you can be entitled to receive reward should be 20 days. Here is how the staking process looks like;
If you want to lease your coin to any of the verified producer so that they can use your coin to secure the network much further thus in return you receive reward, then you can join them from below;
Maximum circulation of Bytom
The maximum amount of Bytom coin that should be circulating in its Bytom blockchain network upon completion of its mining process should be 2.1 billion coins. During its launch, 147 million coins were issued to private investors while another 630 million coins were premined to cater for those investors who took part in its ICO .Another 420 million coins were reserved by the Bytom foundation while another 210 million coins was set aside to cater for the development of Bytom project.The remaining 693 million coins is the one which will be released through the mining process whose reward will keep on halving after every 4 years. Here is how the Bytom supply distribution looks like;
Currently, 1 Bytom is worth more than $0.05 and its price is expected to increase over the next period of time. Bytom is being abbreviated as BTM.
Converting my Bytom to other cryptocurrencies
To convert your Bytom to other cryptocurrencies such as bitcoin and Ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your Bytom to Bitcoin or Ethereum. Here is a list of exchanges where you can easily exchange your Bytom to your favorite cryptocurrencies;
Storing my Bytom coin
To store your Bytom coin, you need a Bytom wallet. You can either store online or offline. To store your Bytom coin online, you can either use Cobowallet,Byone wallet,bycoin or can download the Bytom wallet for windows, IOS or for linux. To securely store your Bytom coin offline from being stolen by hackers, you can use hardware wallets such as ledger nano and bepal.
Transferring my Bytom coin to other Users
If you want to transfer your Bytom coin to another user, the two of you must have trust in each other. The trust should be the Bytom coin address provided for by the receiver while the sender must have the Bytom coin balance in their account to send to the receiver. For the sender, a blank space to insert the receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;
Knowing more About Bytom coin
If you feel that you need to learn more about Bytom coin, then you can follow them on their site. Here is the link redirecting you to Bytom coin platform website
You can as well read their white paper to learn more about their idea from below
You can also join as a community member in any of their social media platform from below to follow the discussion made by other community members;
Now that you know, I think that it is time for you to start earning some Bytom coin through mining by simply sharing your CPU or GPU computing power to any of the verified bytom mining pool to add new block to the network and to secure the network. You can as well stake your bytom coin to bystack so that your coin provide a top layer security to bytom network.As a miner, the more CPU or GPU computing power you share the more reward you receive from the mining pool while as a staker, the more coins you lease to secure the bytom network the more reward you receive.If you feel that we should also own some Bytom coin for simply helping you know about it, then here is our Bytom coin address;