Introduction to Bytom

Bytom is a platform that works with tokenization over blockchain and although you might have read all about the cons and pros of the Bytom token, that would not be sufficient to help you understand all aspects of this incredible platform. Therefore, in this introduction to Bytom, we delve a little deeper.

What is Bytom?

Bytom is basically a protocol rooted in blockchain technology for making it possible to tokenize assets from the real world and then use them within a blockchain network.

Bytom acts as a bridge between the actual world and the virtual world in a way that does not disrupt issues surrounding legal compliance in the real world.

The official website of Bytom explains:

“A digital asset layer protocol
is the infrastructure of asset Internet. Any peer-to-peer financial applications and asset applications from institutions and individuals could be built on Bytom chain.”

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What Problem Does Bytom Seek To Solve?

In the modern tech scene, tokenization of real-world assets is quite an exciting feature.

In terms of use cases, it is becoming increasingly common to shift records of birth, death, ownership, license and so on from ledgers kept on paper or databases maintained on digital spreadsheets to blockchain-based databases.

How does one trace the route of this move? How does one build a connection between the real and virtual worlds as it happens? These are the questions the Bytom platform seeks to address and take care of.

Types of Assets Bytom Works With

1. Income Assets:

This category includes the assets that are primarily non-performing in nature.

Examples of this kind often include crowdfunding campaigns or even investments made by local governments.

2. Equity Assets

These assets give the holder shares in a private investment or even a stake of equity in a private company.

This type of assets must be verified by investors.

3. Securitized Assets:

As the name suggests, this asset correlates to loans taken on securities.

One example would be an automobile loan, or a loan you take for purchasing a new vehicle.

The cash flow for such an asset can be easily predicted.

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How Does Bytom Work?

Bytom allows the user to work with these three types of asset on the chain itself.

Apart from having on-chain transactions with these assets, developers can also execute cross-chain transactions by creating mini-versions of the blockchain and implementing API calls.

The usage of Bytom platform and its allied token BTM ensures that one has complete control over one’s real world assets and does not need to rely on unnecessary third party intervention. As a result, transactions are usually smooth and speedy on the Bytom Blockchain.

The areas where Bytom works includes:

1. Oracle Systems

2. Decentralized Trading Systems

3. Peer-to-peer settlement clearance and payment systems

4. Verification of Identity

5. Tokenization of Assets

6. Wallet for BTM.

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