An open letter from BYTOM Founder—Duan XinXing to the Community

Dearest friends of Bytom Community,

After nearly a year of evaluating, enhancement, development and testing, from the first line of the white paper, the first discussion in WeChat, to the first line of code on GitHub, my team, as well as China, United States, Germany, Switzerland, Singapore, Austria and South Korea global communities have witnessed the birth of Bytom. Bytom is like our children, we watched Bytom growth and development every single step.

This world has never been calm, life controversy and conflicts, and the struggling managing this. In this era, each of us bears our own memory, wealth, and assets, and we continue to work. However, this world has never ceased to change. The world that we are currently living in and what we are interacting is changing.

Nine years ago, Satoshi used his thesis and code to show us for the first time the possibility that code can become not only a tool for managing cash, but also a kind of cash, a wealth, and an asset.

One year ago, the craze and bubble in blockchain digital, we have experienced countless time: the unimaginable edge categories in the traditional economy, such as prop pets in games, countries in the virtual world, land on the moon and mars... ... and with the development of digital technology, become the subject of price and pricing as well as free circulation.

This seems to be an absurd and funny scene, but it is also true and reasonable. We are consciously aware that this is exactly what can be foreseen in the future.

Money is a memory, as well as assets. What determines its value is not the physical particles already existing in the earth, but common memory, imagination, and the common paradigm that is based on this common memory of the past, the common imagination of the future, and the formation of common understanding and interaction. We cannot expect that those born in Year 2000 and Year 2010 generations to accept the gold standard and use shells and silver coins; We also cannot rely on AI, robots and the Internet of Things for liquidation and settlement based on existing currency and banknotes.

The future: First, the advent of digital assets is a necessity. Due to the necessity of asset digitization, we have developed a naming and identification system for digital assets, a complete global name space, and concurrent transaction channels to facilitate digital interaction. (ODIN, BUTXO)

Secondly, smart assets era is also a necessity. Based on the necessity of asset intelligence, we are committed to the improvement of contracts, virtual machines, smart signatures, decentralized consensus, blockchain and AI-compatible cloud computing, and programmable economic models. (Equity, BVM, Tensority)

At the same time, we must realize that if the world will human society live in continues to exist in the future, if the atomic world still makes sense, if the past is still valuable, and the assets of the physical atomic world are worthy of more efficient circulation, then we have reason to believe that: The intelligent "asset Internet" of the digital world will not be too far away from us.

The above is what Bytom mission is: through the empowerment of blockchain technology, the efforts of the global community, and the realization of the goal of "smart asset Internet".

We hope: Using Bytom to create an "Intelligent Global Assets Internet", assets will be more easily registered and flexible and programmable. It is possible to allow independent interactions between "people and people", "people and assets", "assets and intelligent terminals" and even future "assets and assets" in the digital era.

Not only focus on China Unicom's existing blockchain islands (cross-chain mechanism) targeting different vertical domains, but we also focus on the integration with the real world, the financial industry, and the physical industry (based on the key-top account system, AML and KYC. Regulations, audits, asset gateways, and the progress of the winding up), and try to start with examples of chaining of real-world assets such as computing resources, equity, bonds, forest rights, property income, cultural intellectual property, copyright, and data assets.

In this process, the link itself is also complete, and various infrastructures such as transaction systems, payment systems, trade markets, clearing and settlement systems, and wealth management systems will be on the chain, and a ring is gradually established, eventually forming a compatible and coexistence with tradition. The mirror world. "Assurance of assets" is synchronized with "links and network construction". The two worlds share common circulation and common prosperity and development.

More importantly, Tensority, an AI-based ASIC-friendly consensus algorithm that we built, allows us to see the convergence of the blockchain and artificial intelligence industry in computing. If we are in a great era, the traditional productive forces and relations of production are undergoing transformation and deconstruction in an unprecedented manner. With this, computing power is the most intrinsic driving force of this transformation. In this process and preliminary ecological construction, we have reached cooperation with all major global mining pools, introduced artificial intelligence-friendly POWs, built free markets on the basis of equal consensus and open computing access, and ensured the rights of participants. . We believe that with Tensority, introducing a meaningful, valuable, safe and usable power model, the proof of work (PoW), which belongs to the glory and pride of the mining industry in the 1.0 era, will be presented as a new “calculation as power”, and injects computing resources into the economy

In the coming year, we will continue to actively work in the construction of the main network, the global community, and use cases: Please look at the roadmap for the development of BYTOM.

With the blockchain protocol, we gradually constructed an intelligent global asset-based Internet to ensure that everyone cannot usurp the asset rights, give each person the right to a programmable economy, let wealth flow better to promote the development of individuals and society, to meet this coming digital age and smart age, and this is what Bytom wish to create. We hope to join hands with all of you to achieve this together.

Duan XinXing

Bytom Team