Bytom

FAQ's

How to Stake BTM2.0

Bytom 2.0 (BTM2.0) Staking Guides will be published when Bytom 2.0 launches around August 2021.

Users holding a certain number of BTM can participate in the consensus node election, and all BTM holders can vote on the alternative nodes.

BTM holders can use BTM to vote and participate in the governance of important matters at the public chain level of Bytom 2.0.

How much can I earn Staking BTM2.0?

Reduction of total amount

After changing from POW Bytom to POS Bytom 2.0, there will be no mining reward of about 80 million BTM per year in the future, and the total amount of new BTM will be reduced from 2.1 billion to about 1566 million BTM2.0.

Lock mining

When issuing new token in Bytom ecology, it is considered to distribute some new ) tokens to users who participate in BTM2.0 locking, that is, lock mining.

Airdrop

When issuing new certificates in Bytom ecology, Bytom team may conduct airdrops to a certain number of BTM holders or users who have participated in Bytom-related products in a certain period of time.

Collateral & lending

BTM2.0 can be used as collateral assets for MOV stablecoin and lending products to lend stablecoin or other assets.

Any risks to Staking BTM2.0?

There are always risks when alpha and beta testing a new consensus mechanism, please follow the Bytom Official account for updates on the launch phases.

What is Bytom 2.0?

Bytom 2.0, combines the architecture of “one main side and one side chain” into a unified platform, and integrates the multi-asset DeFi
protocol on the unified platform, optimizes the asset flow efficiency, connects the bit world and the atomic world, and better serves the vision of “putting asset on-chain”.

“The Vast Journey of Stars” is embellished for the “Wandering Earth” plan.

For more information please read the Bytom 2.0 Whitepaper.

Who is the Team behind Bytom 2.0?

Some of the core Bytom Team Members include:

Chang Jia – Founder of Bytom (also founder of 8btc.com)

YiQi Zhu – CTO at Bytom Blockchain

lang yu – Bytom Foundation – CEO

Charles Wu – Head of Overseas Operations

Xu Nan – Media Operations

How was Bytom 2.0 Launched?

Bytom 2.0 is currently undergoing a multiphase launch as outlined in their Bytom 2.0 Technical Roadmap.

The first stage “Earth Engine”
Bytom 2.0 needs to complete the construction of all safety attributes and underlying functions
as an independent big public chain, and become the “Earth Engine” supporting the vast journey
of new Bytom blockchain.

The second stage, “stop rotation”
In a certain time channel in the future, the process of 2.0 alternation will be started, and the
original BTM token will be irreversibly migrated from the PoW Bytom (called “historical PoW Bytom”) to the new PoS Bytom (called “Bytom 2.0”). BTM token migrated to Bytom 2.0 is the original value carrier of Bytom in the true sense, and is recognized and circulated by all major trading platforms as always.

The third stage “driving out of the solar system”
Fully start the pledge operation and transaction consensus of PoS Bytom. In order to better implement the MOV open financial strategy, develop more diversified MOV protocol clusters, and obtain the value capture of BTM token by the development dividend of DeFi.

This unprecedented 2.0 process has been implemented in three stages. It will also bring
profound influence to the new Bytom blockchain and new BTM from the following four aspects: new economy, new consensus, new platform and new MOV.

What is the Bytom 2.0 Vision?
Based on the Vapor side chain architecture and the multi-year operation and implementation of
MOV open financial platform, Bytom, chose to re-examine its historical position and decided
to usher in a new era of Bytom 2.0 with extraordinary significance.
• PoW Bytom blockchain evolves into PoS Bytom blockchain
• Build a united PoS Bytom blockchain on Vapor, turn the architecture of “one main side
  and one side chain” into a unified platform
• Build an economic model of deflation to help the BTM holders participate in the
  underlying construction of public chain and gather consensus
• Better focus on compatibility with external ecology and contract system to serve the
  open financial strategy MOV
• Fundamentally realize the mission of value capture for BTM