📃CryptoGuide📃^Qtum by @atimk23

atimk23 (60)in #cryptocurrency • 6 years ago

Hello fellow Steemers, today, a short preview about QTUM. ENJOY reading.

Qtum, pronounced Quantum, is an open source Blockchain project based in China. By combining the code of the Bitcoin and Ethereum projects, Qtum creates a robust environment for developers to make decentralized applications.

Qtum is considered to be the largest competitor to NEO, since both companies are trying to take on the Chinese market. The founder of Qtum is Patrick Dai, who graduate from Draper University and previously worked at Alibaba. The company behind Qtum is called Qtum Foundation and is a Singapore based entity. During its ICO, Qtum raised over $15M in 5 days, which was one of the largest ICOs at that time. The Qtum team mainly resides in China, and have attracted many Chinese startups to build on the Qtum platform. The idea behind Qtum is to take the Bitcoin Core code and alter it from Proof-of-Work to Proof-of-Stake. Next is to take the Ethereum Virtual Machine (EVM) and making it compatible with the Qtum blockchain. This means that all smart contracts built on Ethereum can be copied and operated directly on the Qtum network. Since the Bitcoin Core code and Ethereum Virtual Machine are initially not compatible, QTUM uses an underlying technology called "Account Abstraction Layer", which acts as a bridge. This connects the gap between the Ethereum Virtual Machine and the Unspent Transaction Output (UTXO) model of Bitcoin Core. This method has allowed the Bitcoin Core blockchain to seamlessly interact with the Ethereum Virtual Machine.