On May 25th, Bytom 2.0 released Solonet, which starts the transition of the Bytom blockchain from PoW-based to POS-based. The block confirmation time is moved to 6 seconds. This new version can block stable under Solonet. It supports the main features of Bytom 1.0 such as: B. Wallet creation, transactions, transferring and dispensing of assets. Bytom 2.0 Solonet does not currently support the consensus node by staking tokens.
What is Bytom 2.0?
Bytom will evolve into Bytom 2.0, and the Bytom blockchain will go from PoW-based to POS-based. from the architecture “one main chain and one side chain” to the “unified platform”; Building a deflationary economic model so that BTM owners can participate in the underlying building of the public chain; be compatible with external ecology and serve Open Finance MOV (MOV.network).
Details about Bytom 2.0 WhitePaper: https://cdn.bytom.io/res/WhitePaper-Bytom%202.0-en.pdf
Consensus upgrade, PoS replaces PoW
Bytom 2.0 completes the transition from PoW to PoS. BTM2.0 does not need to run expensive and professional equipment to create and review transaction blocks. The review and confirmation of new transaction blocks is completed by validators based on the BTM used for random selection. Taking into account the harmless attacks in the POS mechanism itself, innovative economic sanctions are applied to avoid related situations.
Note: Bytom Solonet does not currently support consensus nodes through token staking.
Adjust the blocking rate
The final block confirmation time is offset to block / 6s, and each knot only creates 1 block at a time, reducing the feasibility of the fork as much as possible and ensuring that the chain cannot be rolled back.
Stronger performance and stability
The new consensus algorithm and aggregation signature significantly reduce the fork probability and the occupied volume of the blockchain, and the performance advantages of the PoS chain can be better used to better ensure its stability and security.
Strengthening the development of the DeFi ecosystem
User demand for the cross-chain market is constantly increasing. However, ensuring the safety, reliability and efficiency of asset transfers in 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 usage and added market and vitality to the existing DeFi.