What is QTUM?
Qtum is often called as a “hybrid of Bitcoin and Ethereum”. An open-source blockchain and cryptocurrency project led by The Qtum Foundation. A wide selection of developers, blockchain and internet professionals make up the team, including Neil Mahi and Jordan Earls, both multiyear veterans in the cryptocurrency/blockchain space.
The idea of Qtum is built upon pulling together the most successful and reliable blockchain technologies to build a network for real-world business applications. Qtum takes concepts and established code from blockchains, including Bitcoin and Ethereum, and merges them together to create a better all-around package hence called a hybrid of both.
The project hopes to facilitate the creation and execution of Smart Contracts for businesses.To do this, the Qtum Blockchain connects Ethereum’s Smart Contracts over the Bitcoin chain using a “proof-of-stake”.This allows an interaction between the Ethereum Blockchain and the Bitcoin Blockchain.Thus Ethereum contracts can be easily transferred to Qtum.
It should be noted that the project, although open to all, is more specifically aimed at businesses.
To understand the ambitions of this project, we must first clarify that according to its developers, the Ethereum chain in the current state, still has stability gaps and impossibilities of interaction with Bitcoin.And that, on the other hand, Bitcoin, while being the most stable Blockchain, can not offer smart deals.
That’s why Qtum wants to be the bridge between the two cryptocurrencies. It would thus provide the best of both technologies: an Ethereum type of programming facility, combined with the security of the Bitcoin Blockchain.
It will also enable the rapid construction of decentralized applications and will offer other uses for businesses.
Combining a modified Bitcoin Core infrastructure with an intercompatible version of the Ethereum
Virtual Machine (EVM), it merges the reliability of Bitcoin’s unfailing blockchain with the endless possibilities provided by smart contracts.
Features worth noticing
- Hybrid of Bitcoin and Ethereum: Explained above
Strong Knowledge and Background: The team members have experience from huge and successful companies like Alibaba, Baidu, NASDAQ and so on. They have billionaire angel investors, executives from some of China’s largest technology companies and traditional Venture Capitalists.
- Qtum’s Mobile Push: They are looking to push mobile blockchain development to new levels and its use of Bitcoin’s UTXO, which will allow smart contracts to be executed from light wallets (nodes not syncing the entire blockchain) on mobile devices. The dApps are readying for the mobile age.
- Qtum’s Commitment to Transparency: This is a model project when it comes to transparency and regular updates. On their Medium blog, they provide weekly community and development updates.
Qtum is a serious and ambitious cryptocurrency. Some think that this is the next big startup of the Blockchain system and should and will definitely arrive at a multi-billion dollar market capitalization soon.So it is certainly a currency to follow closely.
Currently, the price is a steal deal! I am buying more! This is one of the most promising projects and the team is really serious about it. It’s already on my top-10 list which you can check here
Do tell us what you feel about the project and what are your predictions for 2018 in the comment box below. We will love to hear from you.