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.
- Best features of two best coin (mix of Ethereum & Bitcoin)
- The latest consensus protocol Proof of Stake 3.0
- Completability with separate transaction signature
- Unspent Transaction outputs (UTXO) model; proven to be best blockchain model
- There are no minimum staking numbers defined
- Doubted history of Co-Founder Patrick Dai who was accused of defrauding BTC
- UTXO limitation can create challenges which are avoided by Ethereum
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:
- Roger Ver – First major investor in the blockchain
- Weixing Chen – Founder of KuaiDi
- Xu Star – CEO at OKCoin
- David Lee Kuo Chuen – Founder of Left Coast
- Bo Shen – Advisor and advocate at FenBuShi Capital
- Ash Han – Blockchain Evangelist
- Jehan Chu – Jen Advisors Etherum
- Lihua Yi – Partner at ZhongWo
- Jeremy Gardner – Co-Founder at Augur EIR
- Anthony Di Lorio – Founder of Etherum
- Matthew Roszak – Co-founder of Bloq
- Potentially incomplete GUI, full RPC methods for contract interaction
- Designed for developers, not consumers
- Should be stable, but features and RPC layers subject to change from community feedback
- SPV extended to support syncing contract state without full chain download
- GUI for smart contract interaction in the wallet
- GUI may not be perfect but will be improved over time
- Stable RPC layer for developers
Qtum Integration and API releases
- APIs will be developed in open source process
- Release Qloha, a WeChat wallet for mobile use
- Release SpringMail, email integration for Qtum
- Smart contract lifecycle management
Extending Qtum for the future
- Each extension will be formally evaluated, and timeframe determined, with community input guiding priorities
- Adding new features and power to Qtum AAL
- First class Oracles – Native Oracle support on blockchain beyond standard smart contracts
- Support community projects built on Qtum
New VM implementations on Qtum
- Adding new VMs beyond EVM
- eSML, a new smart contract language with formal verification
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.
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