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What does Bytom Chain MOV mean? (What’s the deal with Bytom Chain?)

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What does Bytom Chain MOV mean? On September 8th, BitTorrent, a blockchain gamin

What does Bytom Chain MOV mean? (Whats the deal with Bytom Chain?)

What does Bytom Chain MOV mean? On September 8th, BitTorrent, a blockchain gaming guild, announced the meaning of Bytom Chain MOV (MinermintWave).

After the fork of Bitcoin, many people transferred their coins to different networks because miners were unwilling to change their mining algorithm, making them unable to use the coins. This led to the development of a method called “mov” in Bytom Chain for trading, rewards, and transaction fees. This method can be understood as “sending a fixed amount of tokens to a user” to solve the high gas fees problem in the Ethereum network.

What’s the deal with Bytom Chain?

According to Cointelegraph, what’s the deal with Bytom Chain?

Bitmain is one of the research and development teams under Bytom Technology and has been focusing on blockchain mining business since 2014. On November 28, 2017, Bytom developed the Bitcoin Core client, Prysm, and the Ethereum Classic test network, Kovan. Following this project, a new network called “Bytom Chain” was launched. However, the name “Bifrost” gradually disappeared since then. So here’s the question: why is there a new consensus algorithm called Bytom Chain (Bitcoin Core)?

Firstly, it is not a cryptocurrency controlled by the Bitcoin community; instead, it is a decentralized and unmanaged computer system operated by an independent node. Its purpose is to open-source the entire system’s code and obtain rewards while preventing malicious actors from attacking and compromising the security of the platform. Without this mechanism to maintain platform security, a 51% attack would occur. Therefore, as long as someone can perform some form of hashing computation on the blocks, an immutable public-key can be generated, which can be used to verify whether a transaction has been tampered with or to confirm at any given time.

Secondly, Bytom Chain adopts some technical solutions designed by Satoshi Nakamoto. For example, using BTC as proof of work, solving the problem of PoS with POW+SHA256 forked coins on Ethereum, and using POS+DAG structure can achieve the true essence of Bitcoin. This means that the Pow algorithm originally set by Bytom only needs to consume a certain amount of time and resources to achieve the purpose of Bitcoin.

Lastly, according to the publicly available information, there are currently over 200 wallet addresses that own or have used similar technological services like Bytom Chain, but only a little over 10 accounts that have completed KYC certification can provide relevant information.

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