Qtum is a public blockchain platform that is developed on a Proof of Stake peer-to-peer network. It is based on the same transaction mechanism as Bitcoin, but with the extra flexibility of smart contracts. The project offers a variety of resources for developing blockchain and decentralized apps, as well as a multi-wallet ecosystem.
In addition to using an open-source global talent pool, the Qtum team has been working with researchers at top universities. Qtum applications connect blockchain to the real world, and the project's goal is to meet the needs of businesses by creating a development environment that is easy for businesses to use and by offering customized blockchain solutions for enterprise clients.
Qtum's roots Qtum, whose name is pronounced "Quantum," was initially established by Patrick Dai, Neil Mahi, and Jordan Earls. Before starting Qtum, Patric was a member of the Alibaba team, and Neil Mahi had 20 years of experience developing software. Before starting Qtum, its founders had already spent considerable time in the field of cryptoassets. The founders are backed by a huge team of individuals with prior expertise at NASDAQ, Alibaba, Tencent, and Baidu, as well as the Bitcoin and Ethereum communities. The project is also backed by venture capitalists, leaders in the blockchain industry, and executives from some of China's biggest technology companies.
Qtum is a cryptocurrency platform that was launched in September 2017. After finding security problems, Qtum developers saw a gap in the crypto market: there weren't enough apps that could connect different major platforms. They started working on making such an app, then started the company and released Qtum's white paper later that same year.
Qtum was made to combine the flexibility of Ethereum (ETH) technologies with the security of the Bitcoin (BTC) blockchain. Despite ongoing innovation in the crypto world, these two blockchains continue to dominate the market. However, they each have their own weaknesses.
Ethereum has a strong ecosystem and a lot of innovative technologies, but the network's several high-profile security breaches often make it hard to use them. Even though Bitcoin is more secure, it doesn't have many uses besides being a store of value. This is because the network is not scalable, meaning it can't handle a lot of transactions at the same time. This problem has led to many contentious spin-off projects, such as Bitcoin Cash (BCH).
Qtum tries to fix this problem by combining the best components of both Ethereum and Bitcoin's systems.
Account abstraction layer (AAL): Qtum's AAL allows the platform to build, execute, and process smart contracts on top of a second Bitcoin layer. This enables the hosting of dApps on the Ethereum Virtual Machine or on Qtum's own x86 virtual machine while preserving blockchain performance.
Mutualized Proof-of-Stake: Qtum uses a version of proof-of-stake (PoS) consensus known as mutualized proof-of-stake to keep its network in sync (MPoS).
To validate and process transactions, nodes are required to stake QTUM in a wallet. In exchange for validating, processing, and recording transactions, these nodes are rewarded with newly created QTUM and the transaction fees (also paid in QTUM) that are included in a block.
QTUM is Qtum's own cryptocurrency. Users get QTUM through the network's consensus mechanism. The QTUM coin can be used to:
Pay the network's transaction fees. QTUM calculates gas fees using a model similar to Ethereum
Vote on proposals to take part in Qtum's on-chain governance protocol. These could include changing the size of the blocks or the fees for using the network
Stake as a delegator or Super Staker to confirm blocks. Every new block gives rewards to delegators and Super Stakers
DATE NEWS/EVENTS IMPACT 07/05/2022 TerraUSD and LUNA both collapsed, and as a result, a number of crypto platforms folded in the aftermath -33% Decrease 05/05/2021 Qtum strikes as the team's focus on DeFi and staking attracts more users +160% Increase 25/07/2018 Most Qtum-based crypto tokens fail to hold their ICO prices -21% Decrease 15/12/2017 The rise of Bitcoin over the past month has affected all cryptocurrencies. As a result, new investors are flooding the market through popular cryptocurrency brokerage Coinbase +300% Increase
By integrating Bitcoin's UTXO transaction mechanism with Ethereum's virtual machine, Qtum seeks to provide the most secure and functional aspects of both systems. The addition of a Proof of Stake consensus mechanism also makes Qtum very effective and fixes problems that other platforms have. The project's virtual machines, development tools, and variety of supported programming languages make the platform a great place for a wide range of developers and applications. Qtum seeks to suit the requirements of organizations and has a wide range of potential use cases, including finance, Internet of Things, mobile, and DeFi applications. The QTUM cryptocurrency is an important part of the ecosystem and is needed for staking, governance, and paying fees. As the Qtum network grows and blockchain technologies become more popular, QTUM could become a valuable asset.
Qtum