Qtum (pronounced ‘“quantum”) is a proof-of-stake (PoS) smart contract open-source blockchain platform and value transfer protocol. It aims to bring together the strengths of Bitcoin and Ethereum in one chain. Qtum is built on Bitcoin's UTXO transaction model, with the added functionality of smart contract execution and DApps. Recently, the platform added support for DeFi applications. As of March 2021, there are more than 20 tokens created on the Qtum blockchain.
The project was announced in March 2016 and held an ICO a year after, in March 2017, which brought its founders $15 million USD. The Qtum main chain was released on Sept.13, 2017. Initially, the Qtum coin was issued as a ETH-20 token, but with the launch of the mainnet, it was converted to native blockchain.
Decentralized GovernanceQtum has a unique ability to change parameters in a decentralized fashion. The community has access to a set of smart contracts that can adjust the cost of gas, block size, and other important features.
SpeedQtum can theoretically achieve “millions to billions” of transactions per second by combining various layer-1 and layer-2 solutions. Qtum’s layer 1 network is currently around 1100 tps.
Proof of StakeQtum uses the scalable and energy-efficient proof-of-stake mechanism to secure its network. Participants can use low-powered devices to stake, or even do it offline to save more energy.
Upstream LeverageQtum is an independent blockchain that combines the best parts of Bitcoin and Ethereum. Simply put, our blockchain can accommodate game-changing updates from both ecosystems.
Token StandardsIndustry standards such as ERC20 tokens and NFT functionality are easily accessible on Qtum. Send and receive various fungible and non-fungible tokens without paying huge gas fees.
JanusJanus is a web3 proxy adapter that can be used as a web3 provider to interact with Qtum. It allows developers to easily port their solidity-based applications to Qtum with ease.
Attention. There is a risk that unverified members are not actually members of the team
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Summary:It is essentially the Ethereum Virtual Machine retooled to run on the Bitcoin blockchain.It allows for apps designed for Ethereum to run on its blockchain, meaning essentially that entire decentralized applications could easily move over or replicate themselves on Bitcoin as easily as they could onto Ethereum Classic.QTUM smart contracts work because of custom code designed by QTUM, without which the transactions necessary to execute smart contracts wouldn’t be possible.QTUM’s first decentralized application was Agrello, a platform which seeks to make artificial intelligence-powered, legally enforceable smart contracts.It benefits from upgrades to both Ethereum and Bitcoin in the long run. One of the recent developments in Bitcoin which might really boost QTUM is Lightning Network.
In conclusion, Qtum is one of the next big startups. It’s likely they could become a leading developer and innovator in when it comes to smart contract development and reliability. If you’re familiar with Ethereum, looking to get in one something new or use Smart Contracts, then Qtum could be the right platform for you to look in to.
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