-
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Bytom<
/p>
Economic
White
Paper
T
able
of
Contents
One
O verview
1.
Background
of
Bytom
2.
Mission
of
Bytom
Bytom
Native
Assets p>
1.
Bytom
Coin
Basis
of
Value
2.
Distribution< /p>
of
Bytom
Coin
3.
ICO
Rules
Two
Three
Management
of
Bytom
1.
Instructions
for
Structure
o f
Management
2.
Meeting
< p>ofBytom
Coin
Holders
3.
Autonomous
Committee
4.
Executive
Committee
5.
Responsibilities
6.
p>
Obligatory
Disclosure
Four
Bytom
Financial
Affairs
1.
Source
of
Funds
2.<
/p>
Instructions
for
Private
K ey
Management
3.
Instruction s
Management
of
Finances
< br>Bytom
–Legal
Bytom
Implem entation
Plan
(Roadmap)
Five
Six
Seven
Warning
of
Risk
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w
One,
Overview
1.
Background
of
Bytom
Bytom
p>
(The
Bytom
Blockchain
Proto col)
will
not
be
another p>
Bitcoin,
nor
will
it
be
Ethereum
2.0.
Bytom
is
an
intermediary
connecting p>
generalized
blockchains
with
< p>specializedblockchains.
In
th e
past,
there
has
not<
/p>
been
a
complete
and
effective
blockchain
protocol
fo r
the
purpose
of
exchangin g
diversified
digital
assets
.
Bytom
is
designed
to
be
the
public
blockchain
< p>specificallyfor
the
area
< p>ofasset
management
in
a n
attempt
to
solve
the
following
problems:
>
What
kind
of
blockchain
i s
needed
to
carry
digital< /p>
assets.
>
How
to
establish
the
mapping
relations hip
between
physical
and
d igital
assets
,
and
resolv e
compliance
issues.
>
p>
How
to
bridge
the
gap
between
the
physical
and< /p>
digital
worlds
to
promote< /p>
effective
flow
of
assets p>
on-chain
and
off-chain.
2.
Mission
of
Bytom
< br>The
mission
of
Bytom
is
to
bridge
the
digital
world
and
the
physical
world,
and
to
build
a
< p>decentralized
network
where
< p>variousdigital
and
physical p>
assets
can
be
registered
and
exchanged.
The
goal
< p>ofBytom
is
to
becom e
the
world’s
largest
dedi cated
public
blockchain
platform ,
connecting
various
asset
classes
to
the
blockchain,< /p>
enhancing
the
liquidity,
s ecurity,
and
value
of
thes eassets.
Bytom
will
greatly< /p>
promote
the
exchange
and p>
flow
of
“byte
information”< /p>
and
“byte
assets”
with
value
attributes,
and
via
contract
and
configuration
< p>createnew
“byte
assets”.
< p>Bytomis
also
a
type
of
intermediary,
becoming
an
economic
body
generating
profit
from
data
and
an
amplifier
to
the
perf
ormance
of
digital
assets.
In
the
future,
these
digi tal
assets
will
not
only p>
be
used
in
daily
life ,
but
can
also
be
< p>artificialintelligence,
provide
“digital
food”
for
equipment< /p>
in
the
Internet
of
T hings,
and
to
increase
the
influence
of
the
digi tal
world
on
the
physicalw orld.
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< br>Two,
Bytom
Native
Assets
< p>1.
Bytom
Coin
Basis
of
Value
Bytom
Coins
a re
the
native
asset
on
the
Bytom
Blockchain.
Bytom p>
Coin’s
value
comes
from
its
ability
to
easily
characterize
and
measure
the< /p>
digital
economic
activity
on
the
Bytom
Blockchain.
B ytom
Coin
represents
both
the
ownership
of
the
B ytom
Blockchain
and
the
ri ght
to
use
it:
use
o f
the
Bytom
Blockchain
will
incur
a
fee
in
Bytom
Coin,
reflecting
the
< p>rightof
usage
characteristic< /p>
of
Bytom
Coin;
holding
Bytom
Coins
represents
ow ning
a
piece
of
the
Bytom
Blockchain,
essentially
be ing
a
shareholder
of
the p>
Bytom
Blockchain,
and
t herefore
able
to
participate
in
the
highest-level
governan ce
of
the
Bytom
Blockc
hain,
reflecting
Bytom
Coin’s
ownership
characteristic.
(For
the
specific
structure
of
management,
refer
to
“Thr ee,
Management
of
Bytom”.)
2.
Distribution
of
Bytom
Coin
way:
Bytom
Bloc kchain’s
tokens:
Bytom
Coin
< p>(EnglishSymbol
BTM),
total
of
2.1
billion,
split
in
the
following
Bytom
Coin
Distribution
Private
E quity
Investors
ICO
Distribu tion
Reserved
for
Bytom
< p>Foundation
Business
Development< /p>
Mining
Allocation
7%
30%
20%
10%
< br>33%
7%
of
Bytom
Coi n
will
be
distributed
to p>
Private
Equity
investors
in cluding
angel
investors
and
< p>institutions.
Primarily
for
< p>providingresources
and
techni cal
expertise
in
early
dev elopment.
30%
of
Bytom
Coin
will
be
distributed
during
the
ICO.
The
BTC/ET H
received
during
the
publ ic
sale
will
be
used p>
for
funding
startup
operati ons
of
Bytom
Blockchain
in cluding
development,
cryptographic
audits,
marketing,
legal,
financial
affairs,
third-party
audits,
as
well
as
the
initial
computing
power
neede d
to
deploy
the
blockc hain.
20%
will
be
rese rved
for
the
Bytom
Foundat ion.
This
amount
will
be p>
used
for
project
developmen t
incentives;
furthermore,
u pon
successful
completion
of
the
ICO
these
funds
wil l
be
frozen
for
one
year.
Afterwards
the
funds p>
will
be
unfrozen
over
four
years
with
5%
unfroz en
each
year.
At
the
same
time,
the
initial
power
deployed
through
funding
by
the
Bytom
F oundation
will
also
act
as
incentive
for
development
p>
operations
and
the
continue d
support
of
BytomCoin.
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10%
w ill
be
reserved
for
Bytom< /p>
Coin
business
development.
Business
development
funds
will
mainly
be
used
to
pay
exchange
listing
fees
for
Bytom
Coin,
developing
commercial
applications
of
t he
technological
standard,
m aintaining
the
ecosystem
of
< p>theBytom
Blockchain,
and
< p>soon.
33%
will
be p>
reserved
for
mining
rewards .
Bytom
Blockchain
consensus
operates
by
the
POW
mechanism,
mining
rewards
will< /p>
halve
every
four
years
until
no
new
mining
blo ck
reward
is
produced.
In< /p>
the
first
four
years p>
from
when
Bytom
Blockchain< /p>
is
released,
86.625
millio n
Bytom
Coins
will
be
< p>mined
each
year.
In
years
five
through
eight
4 3.3125
million
Bytom
Coins
will
be
mined
each
year,< /p>
and
so
on.
1‰
of
Bytom
Blockchain
mining
y ields
will
be
donated
to p>
foundations
and
non-profit
organizations
researching
the
< p>ethicsof
artificialintelligence.
3.
ICO
Rules
The
ICO
will
distribute
630
million
Bytom
Coins
(BTM).
< p>ICO
is
divided
into
five
stages:
Early
Bird
< p>stage:
Time:
6/20/2017
1:3 0pm
to
6/22/2017
1:30pm
To tal
of
2
days
Exchange
Rules:
1
BTC
for
75 000
BTM;
1
ETH
for
1 0900
BTM
First
Week:
< br>Time:
6/22/2017
1:30pm
to
6/29/2017
1:30
Total
of
7
days
Exchange
Rules:
< p>1BTC
for
71000
BTM;
1
ETH
for
10355
BTM
Second
Week:
Time:
6/ 29/2017
1:30pm
to
7/6/2017
1:30
Total
of
7
days
< p>Exchange
Rules:
1
BTC
< p>for67000
BTM;
ETH
excha nge
rate
will
be
announced
within
24
hours
of
the
start
of
the
secon d
week.
Third
Week:
Time:
7/6/2017
1:30pm
to
7/13/2017
1:30
Total
of
7
days
Exchange
Rules:
1
BTC
for
63000
BTM;
ETH
exchange
rate
will
be
announced
within
24
hours
of
the
start
of
the
third
week.
Fourth
Time:
7/13/2017
1:30 pm
to
7/20/2017
1:30
Total
of
7
days
Exchange
Rules:
1
BTC
for
59000
BTM;
ETH
exchange
rate
will
be
announced
within
24
hours
of
the
sta rt
of
the
fourth
week.
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Three,
Management
of
Bytom
1
.
Instructions
for
Structure
of
Management
The
Bytom p>
Blockchain
has
a
groundbrea king
program
for
the
gover nance
of
the
blockchain,
s imilar
to
a
corporate
governance
structure,
but
with p>
completely
different
internal
operations.
Bytom
Blockchain
is
a
decentralized
business< /p>
built
in
the
blockchain
world
using
blockchain
techn ology,
with
a
new
type
of
enterprise
system
and< /p>
property
rightsrelations.
By
tom
governance
utilizes
the
< p>BytomBlockchain
to
have
a
three-tier
governance
structu re
including
the
Bytom
Coin-holder
Assembly,
the
Auton omous
Committee,
and
the
E xecutive
Committee.
The
Byto m
Coin-holder
Assembly
has
the
highest
authority
on
decision
making,
with
coin
holders
having
the
right
to
vote
in
the
Bytom p>
Coin-holder
Assembly;
The
Autonomous
Committee
is
held< /p>
responsible
by
the
Bytom p>
Coin-holder
Assembly,
elects
< p>members
of
the
Executive p>
Committee,
and
supervises
t he
work
of
the
Executive p>
Committee;
The
Executive
< p>Committeeis
responsible
for p>
the
daily
operational
matte rs
of
the
Bytom
Blockchain .
The
Executive
Committee
will
create
a
number
o f
management
centers,
including< /p>
a
blockchain
technology
development
center,
a
blockcha in
business
application
center,< /p>
a
financial
management
cen ter,
a
risk
management
center,
and
an
integrated
services
management
center.
Eac h
management
center
will
c arry
out
their
corresponding
work
under
the
guidance p>
of
the
ExecutiveCommittee.
The
Bytom
Blockchain
governa nce
structure
is
shown
bel ow:
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The
Bytom
Blockchain
team
will
establish
the
Bytom
Foundation
outside
of
China,
the
Foundation
will
serve
as
the
governing
body
of
Bytom
Blockchain,
have
full
responsibility
for
the p>
implementation
of
the
B
ytom
Blockchain
Shareholders
Ass embly,
standardize
the
managemen t
of
technological
development p>
and
application
development p>
for
the
Bytom
Blockchain, p>
protect
the
rights
of
Bytom
Coin-holders,
market
the
Bytom
brand,
and
so
on.