Bytom AMA Recap

06 Dec 202122:19

AMA

Bytom AMA Recap

Myko (CryptoDiffer)

Hello, everyone!😁

We are glad to meet here:

Lang Yu, CEO of Bytom

Lang Yu

Thank you for having me, will love to share my thoughts here

Myko (CryptoDiffer)

Will love to collect them!
then let's start:)
Q1: Can you introduce yourself to our community?

Lang Yu

I am the CEO of Bytom Foundation, I was working as a system engineer at Alipay. Now I am taking charge of Bytom's tech and operations.
done

Myko (CryptoDiffer)

Okie! Thanks for the answer:)
now move on to the project
Q2: Can you introduce Bytom to us?

Lang Yu

Bytom is a public blockchain. Bytom just upgraded to Bytom 2.0 August 2021, using BBFT consensus, and we have own contract language, Bytom 2.0 aims to reach more on-chain applications.
The upgrade involved three important improvements:
1. A stronger platform, compatible with EVM system, also with a unique asset-'oriented contract system called Summoner;
2. more efficient user experience New POS consensus Algorithm reduced confirmation time from 3min to 6 sec.
3. Better economic incentives. reward co-builders of commnuity.
done

Myko (CryptoDiffer)

I see!
Let's now take the final question of the introductory part!
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Lang Yu

Regarding the milestones: 1, we upgrade the Bytom 1.0 to Bytom 2.0 2, We developed a new contract language - Summoner 3, support EVM
Regarding the future plan: We gonna launch our new metaverse protocol called Maze(MAZ) protocol, this will build a brand new NFT and metaverse standard which using radical market theory.

Cryptodiffer Community

My first knowledge of Bytom started from an AMA. However, since then I observed that Bytom has so much improved, developing a successful ecosystem which includes
1. Bytom Blockchain
2. Identity Key Management working standard group
3. DeFi protocol (MOV)
4. Cross-chain gateway (OFMF)
Enterprise Blockchain...

What's the major next things for users to see on Bytom ?

Lang Yu

Yes, Identity key management working stand is for scholar researching in IEEE.
Enerprise Blockchain（Bystack) aims to develop the solution for enterprise or companies.MOV is a tool box of DeFi
The most big thing is MAZ metaverser protocol will create a standard that other GameFi developer can develop on this protocol to build a open Metaverse and NFT assets.

These all align with the purpose of Bytom, which is to tokenize assets.

Cryptodiffer Community

I read that Bytom will be using the Radical Trading Protocol for NFT Pricing and Trading. Can you tell us what this Protocol is all about and how it opens up a new direction for NFT pricing and trading?

Lang Yu

The main point of Radical trading is no one can real own the NFT, actually NFTs are below to all people. Radical trading using margin mode, every NFT should deposit margin funds. People need to pay funds larger than the margin funds to own the NFT temporarily.
This mode will dramatically improve the dynamic of NFT, it will trading much faster than normal NFT trading.

Cryptodiffer Community

Your website says "Embrace the Extensive Application Era of Blockchain". Is this the Motto for Bytom? What does the statement really translate into and why did Bytom stick with this Motto?

Lang Yu

We think application on-Chain should interact with human's life and real life economy. We don't build another digital currency, we want to let more people to use blockchain, and our new metaverse protocol can bring more people enter the metaverse era.

Cryptodiffer Community

1. Can you tell us what an Open federation management Framework (OFMF) is and benefits it offers partners of Bytom?

2. How exactly does Bystack helps in the mass adoption of Bytom’s technology for enterprise and organization?

Lang Yu

OFMF is a crosschain that connect Bytom mainchain, sidechain, and other bockchains. We can use this crosschain to connect Bytom with other blockchains, so people hold other blockchain assets can use in Bytom's ecosystem, and people hold Bytom assets can use in other blockchains.

Cryptodiffer Community

📍Why does Bytom 2.0 work on the basic UTXO model? How does this space store global data and manage complex business needs?
Can multiple data transfers be made in the new UTXO

📍 Is UTXO suitable for programmability?

Lang Yu

We extended the basic UTXO, we found Bytom 1.0 's UXTO smart contract cannot fulfill the complex business needs. We introduced EUTXO that provide space to store global variables. Each UTXO can store status data, we designed Summoner smart contract language specifically for EUTXO and Virtual machine. This will great improve the functionality for developers to develop application. The new MAZ metaverse protocol is building on this new EUTXO system.

Cryptodiffer Community

I am very impressed with Bytom, how can our Crypo group become a global node of Bytom ? Are you interested in cooperating with other smaller groups or platfroms to promote Bytom and its ecosystem?

I learn that Bycoin 2.7.0 version is now live. I learnt that this version is fully built for Cross-chain experience optimization. Where can I download this ? Do you have the download link or can I get it from Android play store or iOS store ?

Lang Yu

You can download app in Appstore or google play.

Cryptodiffer Community

Of all the 7 products which your platform offers to the public, which ones are running and efficient? What do you mean by Data Service Provider using BlockMeta.com?

Lang Yu

Bystack - the enterprise blockchain is running well by design solutions to companies and government. And in MOV DeFi, we have SuperTx AMM that create incomes to burn SUP tokens, the JieDai protocol provides lending business smoothly. And Blockmeta can compared to infura.io, that provide data service.
Done
Thank you for asking so many questions, a lot great questions here.

Myko (CryptoDiffer)

Thanks for your comprehensive answers!!
The chat is unmuted thanks everyone for your questions