1. Introduction
bytom blockchain protocol (referred to as Bytom: bytom) is an interactive protocol for multi-bit assets, which runs on the Bytom blockchain in different forms and heterogeneous Bit assets (native digital currency, digital assets) and atomic assets (warrants, rights, dividends, bonds, intelligence information, forecast information, etc. with their counterparts in the traditional physical world) can be registered, exchanged, gambling, and more complex interactions based on contracts. Connect the atomic world and the bit world, and promote the interaction and circulation of assets between the two worlds.
Bytom adopts a three-layer structure: application layer, contract layer, and data layer. The application layer is friendly to multiple terminals such as mobile terminals, which is convenient for developers to develop asset management applications; the contract layer adopts Genesis Contracts and control contracts are used to issue and manage assets, support the extended utxo model butxo at the bottom layer, optimize the virtual machine, and use an introspection mechanism to prevent the dead state of Turing completeness; the data layer uses distributed ledger technology to achieve For operations such as asset issuance, spending, and exchange, the consensus mechanism adopts the pow algorithm that is friendly to artificial intelligence asic chips. Matrix and convolution calculations are introduced in the hashing process, so that the mining machine can be used for AI hardware acceleration after being idle or eliminated. services, resulting in additional social benefits.
2. Project introduction
Bytom is a blockchain interaction protocol for diversified bit assets. Different types of assets running on the Bytom chain can perform complex interactions. Bystack is a general blockchain application stack platform. Its architecture is divided into the bottom layer of the blockchain, the middle platform of Blockcenter and the application entry layer. Through the collaboration of the main chain and the side chain, the assets of the main chain can be freely exchanged with the side chain (Vapor chain), the main chain guarantees security and stability, and performance, scalability and more innovative attempts will be implemented on the side chain.
Features
Bytom has carried out a variety of innovations in design. Compatible with the design of Bitcoin UTXO, it can take advantage of the Bitcoin and Ethereum ecosystems; the wallet design will introduce BIP32, BIP33, BIP44 concepts, and use Hierarchical Deterministic Wallets (or “HD Wallets”) to provide multi-currency, multi-account , multi-address, multi-key support; at the standard level, support national secret standards (SM2, SM3) and unified asset identification ODIN; adopt POW algorithm that is friendly to artificial intelligence ASIC chips, so that the mining machine is idle or eliminated. It can be used for AI acceleration services, taking into account the interests of existing blockchain mining, developers, ASIC and artificial intelligence industry ecological participants; balancing financial regulatory requirements and user privacy protection to achieve controllable anonymity.
Asset exchange is one of the most important functions of Bytom, which is also the basic function that will be implemented in the first version of Bytom. In addition, regarding application scenarios, the white paper mentioned that the management of revenue-based crowdfunding projects is one of the applicable scenarios of Bytom. Based on the programmable interface, the smart contract is built-in when the crowdfunding asset is issued, so that the funds can be used exclusively, so that investors have no worries.
Bytom can also be used for equity management and securitization asset management of non-listed companies. Users can use the Bytom Chain to reduce the cost of equity option management and expand financing channels; in addition, private equity fund managers can issue contractual funds through the Bytom Chain.
Bytom has an experienced development team, which brings together core developers of Tencent blockchain, senior engineers of Alipay, and code contributors of Ethereum Parity.
Application scenarios
Bank blockchain application. In supply chain finance, cross-border business, document business and other fields. Effectively improve efficiency and improve application scenarios. At the same time, the improvement brought by the blockchain is more of a change in production relations, and the payment method and management organization model are different from the original Internet era.
Bitcoin and Ethereum applications. In addition to establishing a decentralized payment method and a world computer. At a deeper level, a DAO-style organization was established. The DAO-style organization of the blockchain makes the system show strong vitality.
