Created in 2013
Created by the Quantum Technology company
Created in 2013
Qtum (quantum) is a mix of Ethereum and Bitcoin. It uses the most significant smart contracts of Ethereum and Bitcoin’s blockchain to complete its platform. Qtum used proof of stake 3.0 consensus protocol for verification. The main idea behind this project was to make smart contract much easier and secure for use with the tag of interoperability with other well-established cryptocurrencies.
Patrick Dai – Founder https://twitter.com/patrickxdai
Jordan Earls – Core Developer https://twitter.com/earlzdotnet
Jeffrey Wernick - Advisor https://qtum.org/en/team
Ethereum Virtual Machine & Bitcoin UTXO verification
Qtum is a mix of two stable names Ethereum and Bitcoin. It uses the version of Ethereum’s Virtual Machine that makes smart contracts but uses its own custom language for smart contract creation for transactions. Whereas those smart contracts run on UTXO verification model.
A very detailed version is available here with all technicalities and challenges lined up in a single doc. Qtum has clearly addressed current problems and possible solutions for them. A brief detail is an outline regarding PoS 3.0 and UTXO with the complete transactions flow.
Qtum is mainly designed to be a core solution for businesses, where people can adopt blockchain without complications of cross-platform and interoperability challenges. Qtum has collected the benefits of two major cryptocurrencies at one platform where inherent risks are minimized.
One significant change is expected to occur in blockchain industry because of Qtum. It will elaborate the extended blockchain ability in the development of lightweight DApps by using almost any kind of machine language.
Qtum is challenging and interesting platform but has definitely a reliable future because of Bitcoin code base. Qtum is not going to change its codebase of UTXO model, and it will really help Qtum in future because of Bitcoin improvements i.e. Sewgit and lightening. Currently, there is debate over UTXO model challenges, but hopes are high as there is a lot of work in future in the context of maximum solutions.
Qtum is in-short working on main pillars VM & Blockchain; it has retooled Ethereum’s Virtual Machine to work on the stable Bitcoin blockchain. It has extended the flexibility for those who have designed apps for Ethereum to run Bitcoin blockchain. Whereas Qtum smart contracts work with custom code specifically designed by Qtum itself.
A list of backers supporting Qtum project:
Qtum Integration and API releases
Extending Qtum for the future
New VM implementations on Qtum
Qtum is known to be an innovative platform with exciting features in future. It is unique and has potential to reach a significant number of clients in coming days. Being world’s first proof-of-stake smart contract platform, it will be a worthy investment for future.
Great coin to mine!