Bytom blockchain protocol (abbreviated as Bytom) is an interactive protocol for multi-bit assets. Different forms of heterogeneous bit assets (original digital currency, digital currency) run on the Bytom blockchain. Assets) and atomic assets (warrants, equity, dividends, bonds, intelligence information, forecast information, etc. with traditional physical world counterparts) can be registered, exchanged, gambled, and more complex interactions based on contracts through this agreement operate. Connect the atomic world and the bit world, and promote the interaction and circulation of assets between the two worlds.

Project Introduction

What is Bytom 2.0

The decentralization of PoW creates great value, but also brings extremely high costs. The solution of Bytom 1.0 is that the main chain adopts PoW, which is responsible for asset issuance, and the side chain adopts PoS, which is responsible for transaction efficiency. But this brings new problems. It is necessary to pay for the operation of the nodes of the two chains. It is necessary to pay about 80 million BTM to the main chain miners and 10 million BTM to the side chain nodes each year. The BTM ecology brings a heavy economic burden.
The economic security and economic efficiency of the POS architecture also brings great convenience to the development of upper-level ecology such as DeFi, and is more conducive to MOV to exert its greatest potential and foresight. The great integration of technical architecture will inevitably introduce a more general smart contract system and developer ecology to bring great flexibility, which is the only way to shape an open ecology.
Based on this, we propose the architecture concept of Bytom 2.0, which merges the architecture of one master and one side into a unified platform, and integrates multi-asset DeFi protocols on the unified platform, optimizes the efficiency of asset flow, and connects the Bitworld And the atomic world, better serve the grand vision of asset on-chain.

Technical Features of Bytom 2.0

In order to serve Bytom's new unified platform, integrate multi-asset DeFi protocols, optimize asset flow efficiency and other goals, Bytom has made great innovations in the model layer, consensus layer, and contract layer, and at the same time further This has further improved the risk resistance of the entire chain's economic security and network security.

Consensus design to improve finality
The Bytom2.0 consensus mechanism is transferred from PoW to PoS. The benefit it brings is the improvement of finality. All applications use no It is necessary to consider the existence of such a problem as "whether this transaction will be confirmed", which also reduces the operational risk; secondly, the Bytom2.0 block confirmation time is adjusted to 6 seconds/block, compared with the previous premise 25 times higher efficiency;

Construct the state of the world on UTXO
The UTXO model represented by BTC, because the output is mainly presented in the code form of the locking script and lacks data records, so the programmability Slightly insufficient.
Therefore, in the underlying model of Bytom, the UTXO function is extended to include UTXO status information. This will provide stronger programmability of the extended UTXO. It is possible to record the change of UTXO status before and after the transaction without going through a third party, and it is convenient to provide functions such as multi-asset exchange.

Ingenious and extensible contract system
The Bytom contract system has its own language and syntax, supports various operators and has a Turing-complete contract language .
But at the same time, it can be compatible with external contract languages ​​and the Ethereum contract system. On the basis of the UTXO account model, EVM/eWASM and other mainstream virtual machine architectures can be realized, making DeFi applications on external ecology (such as Ethereum) , Ecosystem components and tools are compatible with Bytom2.0, no modification or only minor changes are required, reducing the learning cost and difficulty of migration for developers.

Project progress
In January 2017, the Bytom chain project was launched;
In June 2017, private placement and ICO were completed;
In Q4 of 2017, Bytom chain was launched Test;
In Q1 of 2018, the constitution of the Bytom chain was released, and the first holder meeting;
In Q2 of 2018, the version 1.0 of the Bytom chain was released;
In Q3 of 2018, Bytom chain block browsing Bystack V2.0 released;
In Q1 of 2019, the BBFT consensus algorithm was released and the Vapor side chain was launched;
In Q2 of 2019, the Bystack BaaS platform was launched;
In Q4 of 2019, MOV decentralized cross-chain interaction protocol announced.

Technical Overview
UTXO Compatible
Bytom consists of three layers, data transaction and transmission layer, contract layer, and asset interaction layer. The asset interaction layer operates on assets by calling contracts. In the data transaction and transmission layer, it is compatible with Bitcoin's UTXO model and transaction data structure to achieve high-speed concurrency and controllable anonymity.

Universal Address Format
Bytom Wallet will introduce BIP32, BIP43, BIP44 concepts, and use Hierarchical Deterministic Wallets (or "HD Wallets") to provide support for multiple currencies, multiple accounts, multiple addresses, and multiple keys .

Support national secret standard
Bytom supports national secret SM2 elliptic curve public key cryptographic algorithm and SM3 cryptographic hash algorithm. When achieving the same computational complexity, SM2 is much faster than RSA and DSA algorithms in terms of private key processing speed, and the encryption efficiency is higher. The compression function of the SM3 algorithm has a similar structure to the compression function of SHA-256, but the design of the SM3 algorithm is more complicated, for example, each round of the compression function uses 2 message words.

Friendly to artificial intelligence ASIC
Introduce a new type of POW algorithm in the consensus mechanism, integrate matrix calculation and convolution calculation in the hash calculation process, and realize the friendliness to artificial intelligence ASIC chips, so that the mining machine is idle or eliminated After that, it can provide hardware acceleration services for artificial intelligence deep learning.

Assets are named using the ODIN logo
The assets on the chain are named using the ODIN (Open Data Index Name) open data index naming standard, using the transparent, credible, and non-tamperable features of the blockchain to ensure the entire network and entire chain of assets uniqueness. Different from other blockchain-based identification solutions, ODIN is based on the Bitcoin blockchain and supports the expansion of multi-level identification to introduce other blockchains (public chain, alliance chain, private chain) instead of preemptively registering strings. way, but use the block record location as the identification name.

Separation of data and signatures
A distributed ledger protocol is designed in which multiple assets can be traded and published. Multiple chains using this protocol can exist independently and can be traded across chains, so that different operators can trade with each other in the same form. Adhering to the principle of least authority, the block design of Bytom separates data from witnesses and signatures, so as to realize the separation of asset management and distributed ledger synchronization control. It creates better programmability and contract support, and reserves an interface for later bypass channels.

Enhanced transaction flexibility
Unlike the Ethereum account model, BUTXO can verify transactions in parallel, as long as a nonce-like mechanism is used to ensure that each unspent output can only be referenced by at most one transaction. Bytom is thinner than Ethereum and does not require a complete world state. Participants only need to remember the unspent outputs, because the transaction will bring other relevant information (such as asset ID, amount, control program), Support for ultra-light clients. Bytom supports compact verification, which only allows the client to verify the relevant transactions in the block, instead of verifying all transactions, as long as the number of signers is trusted, the whole process uses Merkle proof.

Cross-chain dividends based on side chains
Developers can create a small version of the X-chain (other chain X) relay Xrelay on the Bytom chain, and transfer it from the smart contract to the X-chain relay API calls to verify X-chain network activities, realize cross-chain communication, and complete transactions and dividend operations in the contract.

Related links:
https://bytom.io/zh/
https://bytom.io/Bytom-Technical-White-Paper-EN.pdf
https://info.binance.com/cn/currencies/bytom
http://www.qukuaiwang.com.cn/szhb/2105.html#jj
https://bikongtou.com/u /564.html
https://info.binance.com/en/rate/detail/1193
https://medium.com/@Bytom_Official/%E9%A1%B9%E7%9B%AE %E5%9B%9E%E9%A1%BE-2019%E6%AF%94%E5%8E%9F%E9%93%BE%E5%B9%B4%E5%BA%A6%E6%8A%A5 %E5%91%8A-2fb94e614d19