Recently, the US San Francisco law firm Velton Zegelman PC released the "Howey Test" report concerning Chinese blockchain project Bytom.
The definition of Bytom is a cryptocurrency and a Blockchain-based application built to control, store, and control your digital properties. All Bytom features aim to make Blockchain storage more convenient for the different types of byte-assets.
Byte-assets are, for example, those like cryptocurrency and tokens, commonly called Heterogeneous byte-assets. There are also atomic byte-assets like warrants, dividends, and forecasting information. Bytom supports multiple types of digital assets and their exchange via cross-chain communication with smart-contracts. Every asset is assigned with an ID based on ODIN (Open Data Index Protocol) to confirm the category of the asset and may be stored in the form of BTM (Bytoms token) or as the other digital asset.
Bytom has redesigned the Proof-of-Work consensus mechanism, as well as introduced the Matrix mechanism that makes Bytom friendly to mine with AI-ASIC chips.
- Bytom Passed the SEC Howey Test, Becomes the First Non-Securities Public Blockchain Project in The USA3923