Bitcoin Bam is a public blockchain platform designed to eliminate the deficiencies of the most popular Ethereum network, like network speed and excess transaction fees. A public blockchain is completely decentralized and permissionless, where anyone can join the network. Bitcoin Bam is a blockchain solution with all essential features. The platform seeks to become a cryptocurrency payment provider on marketplaces.
Bitcoin Bam is based on the UTXO model, which is a balance model. UTXO refers to the amount of cryptocurrency left after executing a transaction. These transactions are processed one after the other and are responsible for beginning or ending the transactions. When UTXO is spent in a transaction, but the user does not want to use the entire UTXO amount, the amount spent is sent to a self-checking account for the changed address. The UTXO also works as a verification model.
The UTXO model helps build a hybrid blockchain ecosystem and combines Bitcoin with the EVM model of Ethereum. Ethereum Virtual Machine (EVM) is a software program used to create decentralized applications (dApps) on Ethereum. Hence, Bitcoin Bam is compatible with both the Bitcoin and Ethereum networks, which helps users to have dApps that can be easily migrated between both the blockchain networks. This includes decentralized finance (Defi) protocols as well.
Bitcoin Bam uses a proof-of-stake consensus mechanism that maintains the accuracy of data transmitted by the users on the chain. A consensus must be reached to continually run the network and process new data into the network.
As per its whitepaper, BTCBAM is the native coin of the Bitcoin Bam blockchain platform. The coin powers up the network and has multiple use cases. BTCBAM also provides users the opportunity to earn additional income by staking. The coin has broadened its reach to reach more users, and it can be used as a payment option in its own market.
