What is Qtum (QTUM)?

burakisirgan (45)in #bitcoin • 8 years ago

The purpose of Qtum is to change the way in which application databases are stored. Rather than keeping a database on a single server as in the centralized method, applications running on the Qtum platform will be stored as transactions in the block chain. The idea behind QTUM is to provide interoperability with leading cryptographic currencies such as Bitcoin and Ethereum while making smart contracts easier and safer. The base of the QTUM code is the block-chain of Bitcoin.

Although Ethereum Virtual Machine (EVM) is built on a system that uses account hubs, placing EVM in the Bitcoin block chain is a serious technical challenge. QTUM solves this difficulty with the Calculate Abstraction Layer, which transforms the outputs of the block chain into calculations, and facilitates the transfer of information between the EVM and the UTXO based block chain.

QTUM tries to offer the best for both worlds (Bitcoin and Etherium). That is, it combines the programming convenience of the Ethereum network with the stability and security of the Bitcoin block chain. In addition, QTUM developers will provide tools, plans and smart contracts that will be instrumental in quickly creating new, decentralized applications (dApps) and other block-based use cases for businesses. By doing so, QTUM hopes to increase the scope and interoperability of smart contracting practices, especially for business and corporate purposes. Businesses will implement tools, templates and smart contract options to facilitate smart contracting and execution. In older systems, switching to block-chain based solutions that increase automation and reduce cost will be facilitated. These solutions are promising for businesses, but in practice, many of these options are not possible with the current state of block chain technology. According to the QTUM team, Ethereum still has unresolved problems.

WHAT ABOUT MINING?

There is no mining in Qtum. With the Proof of Stake model you can increase the number of your coins after a certain period of time keeping the Qtum coins on the platform. The Mutual Cooperation Program is set up so that fees are shared with other stakeholders. This makes attacks on the network much more expensive. Once you have created a block, your address is saved in the block chain and you will receive 10 prizes for the transaction fees after 500 blocks. A moderator for the award and incentive system The miner receives some fees, but at the same time takes on a random group of other miners. This will encourage other miners to share some of the network charges