Qtum — Crypto News
Qtum ( Quantum) is a Chinese hybrid platform that connects the existing blockchain with a virtual machine, such as Ethereum. In the Qtum blockchain, there is an internal token — Qtum coin. It is a platform that enables developers to build applications and smart contracts on the current blockchain technology.
Focusing on building a platform that helps companies create smart contracts on blockchain, Qtum is a toolkit in the first place. Designed to be both robust and modular, the platform can create small contracts to be used on most major blockchain.
Qtum (Quantum) is an open-source, decentralized project that aims to capitalize on the success of Bitcoin while competing for the Decentralized Application (DAPP) and Smart Contract market. The goal is to work with industry partners, and launch the first Value Transfer Protocol (VTP). This will streamline daily business routines, and allow for easier adoption. Qtum aims to become the platform with Smart Contracts that execute as part of an Unspent Transaction Output (UTXO).
More information in the project whitepaper: https://qtum.org/wp-content/uploads/2017/02/Qtum_blockchain_economy_whitepaper_20170209_EN.pdf
The Qtum technology combines the transaction model of Bitcoin with the developed consensus system of Ethereum
On the one hand, the Qtum blockchain uses the UTXO model (unspent transaction outputs, or a set of unused transaction outputs). This model blocks the outputs and requires from the users to provide evidence of the asset ownership to spend it — this is how Bitcoin works. Along with this, a virtual machine for smart contracts on the analogy with Ethereum is built in over the Qtum blockchain. Thus, the Qtum blockchain combines the proof-of-work consensus and the smart contract technology.
Thanks to a hybrid nature of the blockchain in combination with the first of a kind PoS consensus protocol, Qtum apps will be able to be compatible with the main blockchains as well as support the work on mobile devices and the devices of the “Internet of things”.
There are no difficulties in Qtum mining, as this coin is based on the Proof-of-stake protocol. Each of the transactions for sending coins to the Qtum wallet requires 500 miners’ confirmations, after which they begin to make a profit to the owner. Network weight is the total number of Qtum bets. The weight determines the probability with 1 Qtum token (coin) will mine the next block.
Currently, the creation of the block of Qtum coin is performed every 2 minutes. Each block rewards are 4 tokens, as well as commission for transactions entered into this block as a result of Qtum mining. The creation of a Qtum coin block is based on probability. It’s kind of like a lottery. Each Qtum token in the wallet is one ticket to participate in the lottery for its owner.
Qtum ICO was held from March 16 to April 15, 2017. Within 24 hours from the start of the token sale, about $10 million was collected. The total amount of funds that the developers were able to attract during the sale of 100 million tokens amounted to $15.6 million.
Tokens were distributed as follows:
- public sale of coins Qtum — 51 million.;
- developers, sponsors and founders — 20 million Qtum coins;
- fund for development of Qtum-related projects — 29 million coins.
In addition, in the future plans of the Qtum Foundation team are to increase the total number of coins by 1%.
Qtum coin is available for purchase on such exchanges as OKEx, Bithumb, Huobi and etc. Most of the purchases and sales of this token are carried out through the ZB exchange.
The Qtum Core wallet is available for download on the official website of the project in versions for Windows, MacOS and Linux. Also, Qtum coins can be stored on accounts of crypto exchanges and in other wallets, for example, Qtum Electrum, Exodux, Virrex.
While bitcoin is pleased to remain a standard cryptocurrency, providing users with very little functionality, safely protecting against each other cryptocurrencies, Qtum creates a platform capable of running decentralized applications and smart contracts.
Qtum DApps (Decentralized applications)
When a business develops a new application, website, or software, the application database must be stored on the server. This is called a centralized system. It doesn’t matter if this database is stored on the same server or on multiple servers, a hacker attack can change the datasets, and there is no way to verify what was changed. The platform enables enterprises to develop decentralized applications. Using blockchain technology for bitcoin to store transactions in each user’s system, all transactions must be verified, and after verification there is no way to change them without alerting each user of the chain.
Qtum Smart contracts
Smart contracts are considered contracts of the future. They are similar to how a Bank’s standing order (SO) will work. Just as SO-Bank takes EUR300 on the FIRST day of each month, a smart contract transfers digital assets, such as cryptocurrencies from one user to one or more other users, based on a set of predefined requirements.Smart contracts exist on a blockchain and run automatically if the requirements encoded in the contract are met. The platform offers a scripting language that allows users to easily create such contracts.
Based on Bitcoin’s UTXO model, the simple payment verification (SPV) Protocol is supported by default by The qtum codebase. As a result, you can now execute smart contracts from lite-wallets, which can be easily installed on any mobile device, declaring the age of mobile decentralized applications. Thanks to this, the blockchain is finally ready to present itself in a world in which half of all Internet traffic is generated by smartphones and tablets.
The platform extends the bitcoin scripting language to work as a means to port code to the EVM Qtum version. This makes it possible to execute smart contracts and run decentralized applications simply and securely in environments that were previously inaccessible to creating entire chains, combining the endless possibilities offered by smart contracts with the stability and maturity of the bitcoin ecosystem.
The developers of Qtum believe that both Bitcoin and Ethereum have their own disadvantages that hold off the developers of corporate products from these technologies and hope to take this niche.
The project has awakened interest already on the development stage and managed to attract $1 million from Blockchain angels (venture investors in the sphere of blockchain) at once. The coming to the ICO also turned out to be successful and brought $15.6 million to the startup.
The emission of Qtum at the moment of the ICO in April 2017 made out 100 million tokens. 51% of them were available for selling to a wide audience on exchanges; the remaining 49% were distributed according to a predetermined mechanism. By the middle of October 2017, Qtum tokens were traded for $11.69 with the market capitalization of almost $690 million.
This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License.
Originally published at https://cryptonomad.info on July 3, 2019.