Bytom Blockchain Tech: Bridging The Atomic And Byte Worlds
Crypto news website CryptoSlate have recently published an article ‘Introduction to Bytom (BTM) – A Digital Asset Layer Protocol’. Bytom’s mission statement, outlined in their whitepaper, is “to bridge the atomic world and the byte world, to build a decentralized network where various byte assets and atomic assets could be registered and exchanged”.
Described as an “interpretational protocol for multiple assets,” Bytom intends to bridge the physical world and the blockchain, creating a digital asset layer protocol that establishes the infrastructure of the asset internet.
The word ‘atomic’ is used to represent so-called physical world assets, or ‘virtually any asset that can be traded’. Bytom’s ambitious end goal is to migrate everything that is valuable and transferable to the digital, or ‘byte’ world’.
Some have suggested that something so embedded in our global economic DNA as indices of assets would be incredibly difficult to replace, yet the same could be said for numerous technologies that we now take for granted: letter writing became email, copper infrastructures have now mostly been replaced by cable and fibre, and both the delivery and consumption of news, literature and media have undergone radical changes. With regards to any kind of asset, the fundamental concepts remain the same, but the underlying mechanisms are constantly evolving.
To add further weight to the viability of their offering, the Bytom whitepaper argues that the shift away from traditional platforms is already well under way and it is only a matter of time before the foundation of our economic infrastructure is replaced by a decentralised and immutable technology such as the blockchain. What is not fully explored are non-financial digital assets and I would have liked to see more discussion about that topic, however, that does not mean the concepts cannot be applied.
Under the bonnet, Bytom is made up of a three layer architecture: an application layer, a contract layer, and a data transmission layer.
“The most straightforward level of the Bytom stack is the application layer, which allows PC, web, and mobile apps to call smart contracts to facilitate asset management.” [Read More]
“The second layer of Bytom’s platform model is the smart contract layer, which consists of a genesis contract and a general contract. Bytom’s genesis contract is unique to the platform and can both issue and audit smart contracts.” [Read More]
“The third and final layer of the Bytom model is the most complex, functioning as the “Master Program and Data Structure.” This layer consists of the permissionless public blockchain layer, which manages asset issuance.” [Read More]
This is certainly one to keep an eye on; the creation of a fully-realised ecosystem that would pave the way for the creation and trade of assets that are currently bound to traditional markets would represent a huge leap forward. The question now is one of adoption, and whether the sheer might and prevalence of existing systems will allow this new kid on the blockchain, and a possible successor, a place at the head table.