Q1: Why transition to ERC-20 in the strategic upgrade?
Charles: This upgrade signifies our shift from focusing solely on public blockchain to prioritizing AI applications. With Ethereum’s ecosystem being the most robust and flourishing, adopting the ERC-20 standard was a strategic necessity for us.
Lang Yu: ERC-20’s widespread adoption and ease of integration make it an optimal choice. Post-upgrade, our emphasis will be on leveraging $BTM in the AI sector.
Q2: When is the token swap scheduled to start, and which exchanges are involved?
Charles: We’re in talks with all CEXs supporting $BTM to facilitate the swap. Several exchanges have completed this process, while others are in progress. To aid this transition, these platforms have temporarily halted deposits and withdrawals. We appreciate your patience and expect services to resume gradually post-swap.
Q3: How will assets on the Mainnet and sidechain be managed?
Charles: Following the shutdown of the BMC chain this week and the PoS main chain on December 22, all tokens, except for $SUP, will cease operations. NFT images will be perpetually stored. The $SUP migration plan is still underway.
Q4: What is the current team size and focus?
Charles: Our team, comprising around 20 members, is primarily focused on technology and AI research.
Q5: How should we understand BytomDAO, and what are its operational plans?
Charles: Our DAO and compliance framework are structured into three phases: 1) Transition of rights and management, 2) Establishment of compliance and a temporary management committee, and 3) Implementation of new DAO management practices for regular operation. We are currently in the second phase. Post-transition, we will unveil a comprehensive community DAO management approach. Envision BytomDAO as akin to Consensys, functioning more as an incubator and service facilitator. The DAO mechanism is central to Bytom’s post-transformation value. Our current projects include AIGC generative content and Web3 GPT-focused products.
Lang Yu: With DAO management, we’re opening up more international collaboration in BTM operations, allowing our tech team to concentrate on application development.
Q6: How will DAO treasury funds be distributed, and how will future labor costs be covered? Why not opt for token burning instead of managing the foundation’s locked BTM?
Charles: The foundation’s tokens will be moved to the DAO treasury, adopting a grant model to bolster ecosystem growth, with the DAO overseeing fund distribution. Direct token burning isn’t viable as it doesn’t provide sustainable developmental impetus for the ecosystem.
Lang Yu: DAO committee operations will include a community-based employment model, with salaries funded through the treasury.
Q7: Who comprises the Temporary Autonomous Committee?
Charles: The Temporary Autonomous Committee includes the founding team, external OGs, and early BTM investors. Due to privacy preferences of some members, Lang Yu and I are the public faces, handling inquiries.
Q8: Will there be any further issuance of BTM? How will BTM adopt a deflationary mechanism, and is there a plan for token burning?
Lang Yu: There won’t be any additional issuance of BTM. Token burning, if needed, can be proposed and deliberated.
Charles: Three key points define our approach: no more issuance, introducing a burning mechanism through collaboration and internal development, and transforming foundation tokens into a treasury, governed by a grant application process as the ecosystem evolves.
Q9: What technical reserves are in place for the transition to an application chain?
Lang Yu: We’ve accumulated nearly a year’s experience in generative AI technology, underpinned by significant computing power.
Q10: How can BTM staked in NFTs be ?
Charles: Collateral from NFTs on BMC 2.0 has been unlocked and is available for independent transfer. For NFTs on BMC 1.0, we will automate the BTM return process.
Q11: Are there plans to list BTM on more exchanges?
Lang Yu: This is part of the committee’s strategic initiatives.
Q12: Are there ongoing collaborations with AI projects?
Charles: Post-strategic upgrade, we’ll be announcing partnerships with other AI projects.
Thank you for joining us in this enlightening AMA session. We appreciate your enthusiastic participation and insightful questions.
