Qtum is a public blockchain protocol which aims to utilize and combine the advantages of Bitcoin and Ethereum.
What is Qtum?
- Qtum is an open-source Proof-of-Stake (PoS) protocol that has been enhanced to enable smart contracts to operate on top of the Unspent Transaction Output (UTXO) model, launched in 2017.
- The blockchain can connect to multiple virtual machines (VMs) at the same time with Qtum Neutron. This enables Qtum to leverage the Ethereum Virtual Machine (EVM) as well as the Qtum x86 Virtual Machine while exploiting the potentials of its 1,000-node blockchain network.
- Qtum is based on Bitcoin’s UTXO transaction mechanism, with the addition of smart contract execution and decentralized applications (DApps).
- QTUM is native token which users can stake QTUM to win block rewards. A random lottery procedure is used to award block prizes. The quantity of coins in the wallet vs. the total number of coins staked on the network determines chances of winning.
|Token Type/Protocol||QRC20/ Qtum network|
|Total Token Supply||107,822,406 QTUM|
|Current Circulating Supply||See Coinmarketcap|
|Market Capitalisation||See Coinmarketcap|
|Token Creation Date||March 2017|
|Can it be mined?||No|
Who is behind Qtum?
Patrick Dai (Steven Dai) is the founder and the chairman of the Qtum Foundation. He was a product manager at Alibaba and then worked on a series of blockchain projects, including Factom, Vechain, Bitse Group and Meilink before starting the Qtum project in 2016. Neil Mahi and Jordan Earls are the co-founders of the project as well.
What is the purpose of Qtum?
The protocol encourages users to stake their coins in order to make block validation easier and more secure. Confirming each block is a competition amongst coin holders, in which they compete for the opportunity to validate the block based on network connectivity and random chance. Unlike prior PoS protocols, the block reward is unchanging and does not depend on the coin holding period to determine the chances of receiving it. The rewards are proportionate to the amount of coins staked, therefore the more coins staked, the more incentives the user receives.
Qtum is a blockchain based on Unspent Transaction Output (UTXO) that is interoperable with the Ethereum Virtual Machine (EVM). Qtum’s innovative technology is suitable for decentralized finance (DeFi) and Internet-of-Things (IoT) applications, and its native QTUM token allows users to participate in network governance.
- Qtum optimizes Bitcoin’s Unspent Transaction Output (UTXO) model, and uses the PoS consensus algorithm, making it the first public blockchain in the world to do so. To prevent malicious nodes from causing damage to the network environment, they advanced Proof-of-Stake (PoS) consensus and deployed Mutualized Proof-of-Stake (MPoS).
- Also, Qtum develops the Account Abstraction Layer (AAL) to enable smart contracts on the UTXO-based blockchain.
- The Decentralized Governance Protocol (DGP) chain management protocol, which they designed and integrated into the main chain, considerably decreases impact from the fork and improves the decentralized consensus.
- Qtum develops ARM virtual machine which is a software environment that can run on a number of hardware platforms. Moreover, EVM and Solidity are used in Qtum’s virtual machine.
- The x86 Virtual Machine (VM) was created by Qtum, using Intel’s x86 machine language. Smart contracts can be written in a variety of programming languages, including C, C++, Rust, and Python, using the x86 Virtual Machine.
- Token distribution to the masses (51%) and high token allocation to team, foundation, and development (49%) have resulted in significant wealth concentration among the top ten addresses.
- Prior to Qtum, Patrick Dai, Qtum’s co-founder, was found using a different name and promoting another controversial cryptocurrency project. Until confronted with evidence, Patrick declined to reveal this aspect of his past to Qtum investors.
News and Updates:
- Qtum is testing NFT creation on its platform. They are running a campaign which is split into two parts; a lucky draw for creating and sending NFTs, and bug bounty reporting.
- Qtum is now a member of the International Association for Trusted Blockchain Applications (INATBA). By opening up dialogues with policymakers and regulators, INATBA is harmonizing the blockchain industry as well as furthering its trusted nature.
- BitKeep Wallet partnered with Qtum to offer comprehensive support and optionality to QTUM.
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