1. PixelPlaygroundHome
  2. Blockchain Briefs

Why did BTXM plummet?

• Blockchain Briefs • 83 views

Why did BTXM plummet Editor\’s Note: This article is from Bitcoin Information (I

Why did BTXM plummet?

Why did BTXM plummet Editor’s Note: This article is from Bitcoin Information (ID: bitcoin8btc), written by Chen Hua, and authorized by Planet Daily News.

At 3 am on June 2nd, the price of decentralized asset protocol BTXM fluctuated and plummeted between $0.1 and $1. According to the price displayed on Binance, the price was 0.015 RMB, a decrease of about 40% compared to the previous highest price of 0.027 RMB. Subsequently, the price of BTX continued to fall to around 0.035 RMB, with a closing price of 0.0005 RMB, a decrease of more than 20%.

So why is it so cheap? Let’s understand this issue together. 1. What is TTM? TTM is a digital currency based on the Ethereum blockchain. Its main purpose is to pay transaction fees. Users can use cryptocurrencies such as Bitcoin or Ethereum to purchase goods and services without the need for any third-party participation. These goods include gold and diamonds. When people use TTM for payment, a token called “BTC” will be generated. This is a token with a stable value generated by an algorithm. There are currently two different tokens on the market, namely ETH (BTC) and BNX: BTC/USDT, BFX/DAI, XRP/BSV.

Therefore, fundamentally speaking, TTM is actually an ERC20 token of a blockchain smart contract platform. However, its mechanism is very simple: if a wallet holds a large amount of BNB and converts it into BTM, it will transfer these BNB back to its control address. The reason for doing this is to ensure the security of BTT and prevent others from using it for money laundering risks. At the same time, since TTM has fully decentralized private keys and an unchangeable design structure, even if you own a TTM, you cannot transfer it to others (unless they know that you have sold it). In other words, if you don’t have enough user funds to support TTM, then it is not your money. 2. Why did this situation occur? First of all, TTM is not the only blockchain application software. By embedding a specific part of the code into the network, TTM enables developers to create various types of applications, such as lending protocols or DeFi protocols, such as loan markets, games, and so on. Then, as the number of developers increases, these applications can also achieve more complex functions in the network. In addition, there are also some minor improvements needed. For example, providing liquidity mining, allowing users to vote for and with their own tokens, making the system more fair.

However, TTM is not suitable for most DAPPs. Because in traditional finance, all operations must take a certain amount of time, and for emerging decentralized projects, they often cannot obtain enough rewards. Therefore, in order to make more people exposed to better blockchain technology, many teams have to give up the original underlying infrastructure, such as open-source smart chains. In addition, some companies also try to establish a concept verification framework that includes an open architecture and a new ecosystem.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/22531/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 08/08/2023 23:37
Next 08/08/2023 23:59

Recommended articles