Bytom (BTM) - a familiar name of the Chinese cryptocurrency

Although it may seem that Bytom is a Polish cryptocurrency worshiping the city famous among others from suits, it's from Asia. The name is a contamination of words byte and atombecause it is supposed to connect the world of digital money based on blockchain technology with companies operating in the chains of the traditional economy.

We continue the cycle of the Forex Club portal, in which we describe the largest, most popular, most interesting and most controversial cryptocurrency projects in the world. Today, it's time for Bytom - a cryptocurrency that is extremely popular primarily in Asia.

How Bytom was created (BTM)

Bytom (BTM) is a network and cryptocurrency through which you can change physical stocks, bonds and other securities and assets into their digital counterparts. Thanks to this they will be safer because they are based on blockchain technology. You can also create decentralized applications and smart contracts in the Bytom network.

Contrary to appearances, Bytom was not established in Poland and has nothing to do with the city in Silesia, in which suits known not only in our country are produced. The network and cryptocurrency were invented in China, and the project team worked in Singapore, where the Bytom Foundation is based. In mid-2017, BTM was a token bet on Ethereum networks, and less than a year later operated on its own network.

Quick ICO Bytom

Like virtually all projects based on blockchain technology, this one also began with a collection for the development of the idea. The public sale of tokens between 20.06.2017/20.07.2016/1 and XNUMX/XNUMX/XNUMX was a great success. In the first week for XNUMX Bitcoin 75 thousand received BTM units, followed by fewer, up to 59 BTM in the last week of public sale. 8,4 thousand were collected without any problems. BTC, which was the equivalent of USD 22 million at the time.

30% of the tokens were on sale. Another 20% went to the Bytom Foundation, which supports the development of the network and cryptocurrencies. 10% was spent on introducing cryptocurrencies on cryptocurrency exchanges and marketing activities. 7% was purchased by institutional investors. There is 33% left that miners can dig as the network relies on the Proof of Work consensus algorithm.

How BTM works

In the Bytom network, first of all, you can create decentralized applications that are compatible with the most popular Ethereum network in this area. Applications can be written in the Solidity language, which is in turn the most popular among blockchain developers. Interestingly, the source code is based on Go programming language.

In the Bytom network, you can also create smart contracts that issue tokens or other digital assets, as well as pay dividends or create secure contracts.

The network is based on the Proof of Work consensus algorithm, i.e. miners deal with the extraction of new blocks as well as the confirmation of transactions. Security is overseen by the original cryptographic algorithm Tensority.

Bytom Quotes (BTM)

Currently, cryptocurrency Bytom (BTM) can be traded on 21 Cryptocurrency exchanges whole world. On June 04.06.2020, 0,07, each unit is valued at USD 1. There are 73 1,6 million of them on the market, out of almost 77 billion of the target ones. This gives a capitalization of almost USD 24.04.2018 million. The peak of trading took place on April 1,17, 12, when BTM reached the price of USD 0,24. In the past 70 months, however, the BTM price did not exceed $ XNUMX, but the popularity of the cryptocurrency is growing. The daily turnover exceeds USD XNUMX million.

Bytom cryptocurrency chart, interval D1. Source: TradingView.com