Fifteen years ago, the birth of Bitcoin marked the beginning of an era of decentralized assets.
This period has seen significant developments in the field of decentralized asset applications, giving rise to a groundbreaking concept: Web3.
Distinct from the traditional internet, Web3 embodies a decentralized network framework, representing the forefront of internet innovation. While theoretically appealing, the practical adoption of Web3 is still in its early stages, hindered by numerous challenges.
These include technical intricacies, user adoption barriers, legal complexities, and integration issues with existing network infrastructures. So its path to massive adoption is far from complete.
Meanwhile, generative artificial intelligence (GenAI) is evolving at an extraordinary pace. Innovative applications, such as ChatGPT, have seamlessly integrated into various facets of daily life, ranging from electronic devices to autonomous vehicles, and from healthcare diagnostics to financial services.
The growing impact of GenAI is driven by substantial investments and an influx of talent, propelling its development forward.
These advancements are narrowing the gap between human and machine interaction, fostering new market opportunities.
We believe that GenAI will not only be a key factor in the widespread adoption of Web3 but also offer solutions to the privacy and data security issues. This synergy suggests a mutually beneficial relationship between GenAI and Web3.
So Bytom, dedicated to asset tokenization, will focus more on data asset. We propose a new form of assets, a new way of interaction, and a new way of thinking. Our belief is twofold: AI innovation holds the key to the massive adoption of Web3, and conversely, Web3 innovation can address prevailing challenges in AI development.
In light of these insights, we are initiating the third phase of Bytom — the Bytom DAO. As a non-profit organization, Bytom DAO will concentrate on content applications and the organizational structure of digital assets within the Web3 ecosystem.
Our Vision
We present a visionary framework composed of two pivotal aspects:
- The Synthesis of AGI and Web3
To meld the inherent decentralization of Web3 with the advanced GenAI.
2. Perpetuate the Wisdom of Crypto
This can be accomplished by implementing advanced large language models (LLMs). To realize our vision, we’ve identified three primary objectives:
(1) Democratizing Access to Cryptocurrency
The first objective aims to lower entry barriers for newcomers in the crypto world by simplifying user interactions. Our strategy encompasses both educational and technological initiatives. Educational AI-driven tools will be deployed to help new users grasp the fundamentals of Web3 and its operational mechanisms. These will leverage AI to streamline intricate processes involved in trading, investing, and asset management, making them more accessible and user-friendly.
(2) Enhancing Security and Combating Fraud
Security is of utmost importance in the decentralized world. Given the widespread hacking incidents and the risks to digital assets, we’ll employ AI to proactively identify and mitigate high-risk fraudulent activities. This objective also involves strengthening the security of smart contracts. By enhancing code and system resilience against various attacks, we’ll establish a more secure and trustworthy environment for cryptocurrency transactions.
(3) Turning Data into Tradeable Assets with Defined Rights
As GenAI grows, issues like data rights and personal privacy become increasingly crucial. The challenge is evident with frequent leaks and infringements. Our aim is to use blockchain to confirm and trade data rights, empowering users with control over their data, including the option to monetize while safeguarding privacy. Blockchain’s immutability and smart contracts ensure effective copyright management, preventing infringement and piracy.
The New Tokenomics
Embracing the visionary future, Bytom is strategically shifting to a new economic model and governance mechanism. The previous public chain doesn’t align well with the evolving ecosystem. Instead, our redesigned economic model and governance structure are crafted to ensure our tokenomics directly correlate with strategic goals.
1. Transition to Bytom DAO
The Bytom Blockchain is evolving into Bytom DAO, marking a significant transition from the traditional public chain token model to a decentralized application (DApp) token model.
2. Fixed Supply of Bytom DAO Tokens
There will be no further issuance of Bytom DAO Tokens (BTM).
3. Strategic Usage of BTM
The existing BTM will be used to support ecosystem development and facilitate application payments.
4. Shift to DAO Governance
Bytom is adopting a decentralized autonomous organization (DAO) model, putting the community at the center. This empowers them with control over proposals, decisions, and fund management.
To boost our strategic shift, the Bytom Foundation is initiating a comprehensive community DAO-ization process. Anchored in community-driven governance, the aim is to establish a sustainable ecosystem. The founding team will transfer all rights to a Temporary Autonomous Committee(TAC), gradually devolving control to the community. This includes stewardship of the foundation, project codes, documentation, community resources, and operational accounts.
All tokens (about 20%) held by the Bytom Foundation will be allocated to the DAO treasury for community management. As a non-profit organization, all investments and revenues are funneled into DAO treasury, which will also serve as the funding source for community operational expenses. While the founding team will cease to lead the daily operations, we will continue to support community initiatives and contribute to our new vision.
This transformation is anticipated to attract a diverse and international talent pool. With a focus on research and regional compliance policies, we envision the emergence of a professional public welfare foundation dedicated to advancing technology in the Web3 and AI industry.
The New Roadmap
The following key milestones are outlined:
1. Suspension of Bytom Blockchain Applications and Token Migration
To facilitate this transition, we will suspend all operational applications on the Bytom Blockchain and conduct a comprehensive token migration.
2. Shutdown of Bytom Blockchain and Node Withdrawal
Subsequently, the Bytom Blockchain will cease operations and provide a seamless withdrawal process for staking nodes.
3. Transition to TAC Management
This TAC will take over all daily management and authority of Bytom Foundation and accomplish a complete transition to a DAO model over the next 6 months, effectively handing over the control right of the project to the community.
4. Launch of DAO Governance Mechanism
The TAC will be responsible for unveiling the DAO governance mechanism and initiating the community voting process. Upon approval through voting, the mechanism will be officially implemented.
5. Implementation of DAO Governance and AI Ecosystem Fund
Once the DAO governance mechanism is operational, the AI ecosystem fund will simultaneously be launched, marking the beginning of a new chapter in the Bytom DAO era.
The Decentralized Future
The ongoing evolution of GenAI and Web3 is a dynamic journey, reshaping our societal structure and resource allocation. In this changing landscape, Bytom DAO aims to be a pivotal bridge, engaging in progressive research and infrastructure development. We seek to enhance collaboration with globally recognized projects, seamlessly integrating BTM into their systems. This expansion of BTM utilities is expected to bring about a deflationary phase, boosting its intrinsic value for holders.
No matter how long the journey, we’ll reach our destination by staying the course. Despite the difficulty of the task, we’ll get it done through continuous effort.
