Cryptoindex is a tool for exposure to the cryptomarket and serves as a smart benchmark for all cryptocurrencies. The AI-based Cryptoindex algorithm is continuously analyzing more than 2000 coins applying over 200 factors, processing more than 1 million signals per second to provide a highly sophisticated index of the top 100 coins.
You can find our previous reviews here:
0x Protocol [ZRX] Review. November 2018.
Maker. Review - October 2018
Why Cryptoindex is unique?
Tezos. Review - September 2018
Binance Coin. Review
IOTA. Review. August - 2018
Cardano - review. Future plans.
Ripple - review. Further Perspectives
Litecoin. June'18 overview
The Dow Jones index. From where did it come to us?
Bitcoin Cash. June 2018 overview
Are cryptocurrency indices a new crypto market trend?
EOS. End of May'18 overview
Ethereum. May 2018 overview
Here on our Cryptoindex blog, we will be posting 100 articles about each of the top performing coins selected by our powerful AI algorithm#CIX100coinreview.
Today’s review: Otum
What is Otum?
Qtum is a Chinese hybrid platform that connects existing blockchains with a virtual machine like Ethereum. This platform allows developers to create applications and smart contracts based on current blockchain technology.
By focusing on developing a platform that helps companies create smart contracts on the blockchain, Qtum is the first toolkit. Designed to be both robust and modular, the platform can create small contracts that will be used on most basic blockchains.
Qtum is a project of the Quantum Foundation, which integrates Bitcoin protocols with Ethereum technology. The open source project integrates Ethereum Virtual Machine (EVM) with Unspent Transaction Output (UTXO) and plans to provide smart contracts for companies around the world. The project received funding in the amount of $1 million, including Fenbushi partner Bo Shen, one of the founders of Ethereum Anthony Di Loriot, BitFund founder Xiolai Lee, and others.
Qtum's goal is to create a decentralized application platform for translating costs by combining the best features of the two most well-known products.
Qtum ICO was conducted from March 16 to April 15, 2017. Within 24 hours since the start of the token sale, about $10 million dollars was raised. The total amount of funds that the developers were able to attract during the sale of 100 million tokens was $ 15.6 million.
Tokens are distributed the following way:
- Public sale of Qtum coins - 51 million
- Developers, sponsors, and founders - 20 million Qtum tokens
- Qtum related development fund - 29 million coins
In addition, the future plans of the Qtum Foundation team intend to increase the total number of coins by 1%.
At the moment, the Qtum team has created two decentralized applications - Spring Email and Qloha. Both services use cryptocurrency solutions that optimize messaging applications and STMP email protocol. According to the team, the Qtum project is currently working on creating stationary and mobile wallets for its users.
Qtum token mining does not require much effort and is based on a Proof-of-stake algorithm. Each of the transactions for sending coins to a Qtum wallet requires 500 confirmations of miners, after which they begin to bring profit to the owner. Net weight is the total number of Qtum bets. The weight determines the probability with which 1 Qtum token will mine the next block. Therefore, we can conclude that the greater the weight, the less the possibility.
At the moment, it takes about 2 minutes to create a block of Qtum coins. Each block rewards the miner with 4 tokens, as well as transaction fees entered into this block as a result of mining Qtum. Creating a block of Qtum coins is based on probability. It resembles a kind of lottery. Each Qtum token in the wallet is one ticket for participation in the lottery for its owner.
The developers of Qtum believe that both Bitcoin and Ethereum have their drawbacks, which push developers of corporate products away from these technologies, and hope to occupy this niche. The project aroused interest at the development stage and immediately attracted $ 1 million from blockchain angels (venture investors in the blockchain industry).
ICO was also successful and brought the startup $ 15.6 million US dollars. The prospects are quite astounding.
Most altcoins which are descendants of bitcoin, offer users the ability to transfer digital currencies and a little more (for example, Dogecoin). Although it’s not bad at all (sometimes it’s all you need to do), Qtum wants to become a more powerful platform that allows enterprises to build applications that benefit from blockchain technology. These are two completely different aspects of blockchain and cryptocurrency revolution.
At the time this article was published, Qtum makes up 0.129% of the total of CryptoIndex portfolio.
You can always check the current CIX100 composition on our MVP platform: http://cryptoindex.ai/
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