We thank each and everyone to show immense love and support to our new knowledge series Know Your Crypto.Today we bring you another installment of the series where we discuss about one of the most well known chinese crypto asset based on ethereum platform QTUM.
Qtum is a is an open source, decentralized project ,hybrid blockchain application platform. Qtum’s core technology combines a fork of bitcoin core also an Account Abstraction Layer (AAL) allowing for multiple Virtual Machines including the Ethereum Virtual Machine (EVM).It also makes use of Proof-of-Stake consensus aimed at tackling industry use cases.While QTUMs are the cryptographic software tokens used to engage with the Decentralized Application (DAPP) and smart contracts on the Qtum platform. QTUMs will also serve as the staking currency of the Qtum blockchain.
QTUM's team includes Patrick Dai(Project Co-Founder),Neil Mahi(Chief Blockchain Architect / Co-Founder),Jordan Earls(Lead Developer / Co-Founder), some of the well known people in the crypto community.Qtum has a list of large number of backers and supporters which include Matthew Roszak, co-founder of Bloq, Roger Ver, a pioneer investor in blockchain-related startups, Anthony Di Iorio, a founder of the Ethereum blockchain, and Star Xu, CEO of Okcoin in the team
Initial Coin Offering
Qtum raised $15.6 million in 117 hours, becoming the fourth most-funded cryptocurrency crowdsale and the eighth most-funded crowdsale at the time of it's launch. The Qtum crowdsale started off fast by selling $10 million of its tokens in just 90 minutes.The Qtum crowdsale which was scheduled to last for 30 days or until all tokens were sold, ended with the project raising 11,156.766 bitcoins (BTC) and 77,081.031 ether (ETH) in exchange for the 51 million Qtum tokens being distributed to the public.
Qtum is first to implement a protocol based on both Bitcoin’s and Ethereum’s transaction models. Developers on either of the two blockchains (or their variants) can switch or port applications easily.Implementing the Bitcoin Improvement Protocols and using the Ethereum Virtual Machine provides stability.
Qtum has one of the most impressive and experienced team of backers and supporters the blockchain industry has seen in awhile. The success of platform technologies like Qtum, especially enterprise-oriented ones, will depend on business adoption.
How does Qtum Work?
Qtum is a proof-of-stake (PoS), smart-contract compatible blockchain that can natively run both Bitcoin-based and Ethereum-based applications. The Qtum protocol makes use of Bitcoin’s UXTO model of storing transactions, while also supporting oracles and two types of smart contracts. Applications built for Bitcoin, Etheruem, or either of their derivatives are able to port easily. It makes use of Blackcoin’s proof-of-stake (POS) consensus model as according to their research it has been felt that businesses are not comfortable with a proof-of-work consensus model. Using a PoS model with some semi-trusted nodes would ease corporates that a mining outfit or state-sponsored hashpower attack doesn't disrupt the network
Qtum uses features of the Bitcoin core blockchain, like its UTXO approach for storing transactions which makes individual coins traceable. Qtum has a layer that abstracts the UTXO data into something the Ethereum Virtual Machine can read. This in turn allows it to interact with both Bitcoin-based and Ethereum-based applications.
The Qtum Blockchain Foundation, a Singapore non-profit, oversees the codebase, helps promote cohesion in the community, and represents Qtum to the external world it also is the decision-making body that drives the project’s development.
At the time of writing the article Qtum has a market cap of $896,263,100 and a circulating supply of 59,000,000 QTUM .The total supply of QTUM is 100,000,000 QTUM.The current price of 1 QTUM stands at $15.19 or 0.00441855 BTC
- Qtum Prices-1 Month
- Qtum Prices-1 Year
The current market stats for QTUM can be found here
Qtum Blockchain combinES the advantages of Bitcoin and Ethereum community and also addresses the “inherited problems” of existing blockchain systems.The White Paper clearly shows POS is more suited for bussiness environment than POW. It also solves issue of compatibility between different blockchain technologies mainly the difference between account model in Ethereum and Bitcoin's UTXO model.
Author : @shrey
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