On May 25, Bytom 2.0 released solonet, which will start Bytom blockchain’s transition from PoW-based to POS-based, and the block confirmation time will be offset to 6s. This new version can stably blocking under solonet. It supports the main functions of Bytom 1.0, such as wallet creation, transactions, transfer, asset issuance. Bytom 2.0 solonet currently does not support the consensus node through staking tokens.
What is Bytom 2.0
Bytom will evolve into Bytom 2.0, and Bytom blockchain will turn from PoW-based to POS-based; from “one mainchain and one sidechain” architecture to “unified platform”; build a deflationary economic model, let BTM holders participate in the underlying construction of public chain; be compatible with external ecology, and serve open finance MOV(MOV.network).
Details of Bytom 2.0 WhitePaper: https://cdn.bytom.io/res/WhitePaper-Bytom%202.0-en.pdf
Consensus upgrade, PoS replaced PoW
Bytom 2.0 will complete the transition from PoW to PoS. BTM2.0 does not need to run expensive and professional equipment to create and verify transaction blocks. The verification and confirmation of new transaction blocks will be completed by validators, based on the BTM staked to conduct random selection. Taking into account the harmless attacks in the POS mechanism itself, innovative economic penalties will be adopted to avoid related situations.
Note: Currently Bytom solonet doesn’t support consensus node through token staking.
Adjust the blocking rate
The final block confirmation time will be offset to block/6s, and each node will only produce 1 block at a time, reduce the feasibility of the fork as much as possible, and ensure that the chain can no longer be rolled back.
Stronger performance and stability
Through the new consensus algorithm and aggregation signature, the blockchain’s fork probability and occupied volume are greatly reduced, and the performance advantages of the PoS chain can be better utilized to better ensure its stability and security.
Empowering the development of DeFi ecosystem
Users’ demand for the cross-chain market is constantly increasing. However, ensuring the safety, reliability, and efficiency of asset transfer on the mainstream asset chain and truly improving the vitality and efficiency of the DeFi ecosystem is a key issue. By supporting mainstream assets, Bytom has improved the circulation path of mainstream assets in the DeFi ecosystem, increased asset utilization, and brought greater market and vitality to the existing DeFi.