‘Computing is Power’: Blockchain Protocol Invites Developers to Build DApps on Its Network

A new blockchain protocol is presenting itself as a place where businesses and individuals can build peer-to-peer financial applications with confidence.

Bytom describes itself as the “infrastructure of the asset internet.” The company’s vision is to create diverse assets and a programmable economy and ensure that byte assets (such as cryptocurrencies and digital assets) and atomic assets — like securities, dividends, bonds and information existing in the physical world — can interact and circulate more easily.

In their white paper, the team behind the protocol say its architecture for creating applications “is friendly to mobile and other terminals and convenient for developers to develop asset management applications.” Meanwhile, the contract layer allows for the complete personalization of smart contracts. Bytom says that this accessible interface delivers flexibility to the crypto community, reduces the barriers to entry for fledgling financial apps, and enables entrepreneurs and developers “to focus on innovations” instead of technicalities.

According to the Bytom team, the internet is quickly transitioning from an age of “information is power” to one of “computing is power” — with big data and large-scale computing contributing to an era where the world’s economic structure is more greatly defined by byte information. To put this into an everyday context, the platform believes that “everything that is valuable and exchangeable in the real world will be migrated to the byte world” — creating an immutable, traceable record of assets and delivering symmetric information to all.

Supporting various types of different assets

To ensure that assets can be clearly distinguished on its platform, Bytom plans to use 256-bit string IDs and separate the assets on its network into two categories. The first asset is the BTM token, which will be distributed to miners and nodes. Bytom’s white paper says a proof-of-work mechanism is used to “encourage random anonymous miners to get involved in the entire ecosystem.” As well as being used for transaction fees when assets are traded, the other main purposes for BTM include the payment of dividends associated with income assets, as well as deposits for when assets are issued.

Bytom is available here

In the second category, remaining assets are divided into three further subcategories. While income assets could be classified as things such as film-making and home-stay properties, equity assets could