Bytom Coin Review: Mining Guide, Price & Analysis of Bytom Cryptocurrency

Bytom is a cryptocurrency that takes a three-layered approach to blockchain. This blockchain is specifically designed to handle asset management. The idea behind it is to provide a digital exchange platform for physical assets. In a sense, it is a blockchain to manage and exchange physical and digital assets.

Moreover, Bytom acts as a link between specialized and generalized blockchains. It a first of its kind. Therefore, it is groundbreaking technology. It has the potential of creating the world’s most versatile blockchain. It would enhance the security and liquidity of assets. Eventually, it could improve the value of these assets. Moreover, it has a lot of potential in big data.
It has many people intrigued. Its architecture and potential is something to keep an eye on. Many cryptocurrency experts believe it does not have an equal. However, many other blockchain enthusiasts have scepticism.

How It Works

Bytom allows easy registration of physical assets and representation in digital formats. This makes it easy to trade in markets. The platform facilitates the exchange and flow of information and the exchange of assets. Further, it uses smart contracts to create new digital assets.
This simple explanation does not fully demonstrate the full benefits of the coin. The digital assets it hosts will eventually become assets in AI and IoT. This is the next big step the Internet will take. Bytom is just aligning itself to fit the next generation. It will help impact both the physical and digital world.

Additionally, the coin supports transferring value on a peer to peer basis. This opens the network to small merchants and businesses. Therefore, Bytom coins have similar use cases as other cryptocurrencies.
Further, owning the coins represents ownership and right of use of the network. Hence, holders of BTM coins have a range of activities they can perform. For example, they can participate in building consensus through voting on different activities.

Can Investors Mine Bytom Coins?

Yes, investors can mine Bytom coins. Mining is the process of confirming transactions in blockchain networks. Miners are nodes spread in the network. They participate in recording transactions on the public ledger.

Just like Bitcoin, the coin uses the Proof of Work consensus. This means that the harder miners work, the better the rewards.
On its inception, it created 2.1 billion coins. 33% of these coins is the total miners’ reward. However, mining these coins is very difficult. It requires high computational power. Therefore, miners need specialized miners such as ASIC computers.  This means that individuals without this upfront may not be able to mine the coins.

Bytom supports both solo and pool mining. Solo mining is no longer profitable in many blockchains. This is especially true due to the high computational power needed to mine the coins. It is much better to join a mining pool.
Some of the best mining pools include F2pool, Uupool, Antpool and Btccpool. Most of these pools are available in the USA, Asia and Europe. Different pool fees apply.

The Team behind Bytom

The founder and CEO of Bytom are Chang Jia. Chang is also the founder of 8BTC.com. He has vast experience in blockchain technology. Moreover, he is a champion of technology. He campaigns to foster awareness and understanding of blockchain technology in China. It is safe to say that the coin is in safe hands. Chang aligns with the core vision and mission of blockchain technology.

Moreover, Chang has other great team members beside him. One of them is Duan Xinxing. He is the co-founder of Bytom and current executive president of 8BTC.com. Further, he is the former vice-president of OKCoin.
These individuals have the experience necessary to spearhead Bytom into the future. They form one of the most formidable teams in the blockchain space. Understandably, Bytom sees a lot of success early on in its existence.

Privacy and Security

Bytom is one of the most secure cryptocurrencies that exist. It has unique features that make it near impossible to hack. It uses separated transaction networks for blockchain data. The cryptocurrency uses a DLT protocol.  This allows interactions between assets without compromising on security. Moreover, it adopts the principle of minimum authority. This guarantees user isolation between asset management and ledger records.

This model allows users to operate without worries. They do not fear that compromise in one asset can affect the rest of the network. In this case, the nodes isolate the affected asset and cure it. Moreover, the development team is working to ensure the security is continuously improved.

In terms of privacy, the coin is an anonymous cryptocurrency. The asset management system relies on advanced encryption to conceal user details. Hackers cannot unmask user details and accounts. The network uses the ESCDA encryption and 256 hashing to keep transactions private.

Governance

Bytom uses a three-level governance approach. The three layers include the Bytom coin holder assembly, the autonomous committee, and the executive committee.

The coin holder assembly has the most control on the operations of Bytom. Coin holders vote in the coin's holder assembly on the changes the developers should implement. the coin holder assembly holds the autonomous committee accountable.
The autonomous committee elects members of the executive committee. Moreover, it supervises the executive committee.

The executive committee is in charge of the daily operational needs of Bytom. The executive committee also creates various management centres. These include centres for development, business, finance, risk management and service management. The Executive committee oversees the operations of all these management centres.

Our Take on Bytom

The crypto is really an interesting project. It is impossible to tell where this blockchain will end up in a few years. Technologically advanced projects do not always win. However, Bytom’s focus on artificial intelligence and big data may prove to be a boon.
However, this project is focusing on too many things. This may result in centralization. That would defeat the whole vision of blockchains. Therefore, this is a cryptocurrency to watch and see where it ends up.

Advantages

• Bytom supports anonymous transactions.
• It is a fast and secure way of sending funds.
• It involves low transaction costs.

Disadvantages

• Centralized mining.
• Delisted from Binance.

How to Buy Bytom Coins

Knowing the functionalities of Bytom, it is clear that Bytom coins have a lot of potentials. As such, man investors want to have this cryptocurrency n their portfolio. The simplest way to do this is to purchase Bytom coins. Luckily, there are several exchanges that support the trade of Bytom coins.

Some of the best exchanges to purchase Bytom include Changelly, Bitfinex, CEX, Poloniex and Cryptopia. The Bytom coin ranks 108th in market cap share. This shows it has the potential to break into the top 100.
Investors can hold their coins on various wallets. Some of these include Trezor, Metamask and MyEtherWallet.

Final Verdict

Bytom is outperforming some of the cryptocurrencies with a longer lifespan in the market. It has a market cap rank of 108. This shows that t has a lot of potentials to break into the top 100. Moreover, this application of blockchain has a lot of economic incentives. Such incentives could see Bytom adopted by more people. Consequently, Bytom coins could see a rise in value. Still, it is impossible to predict the direction this coin will take.