Qtum (Quantum) is an open source, decentralized project that aims to capitalize on the success of Bitcoin, while competing for the Decentralized Application (DAPP) and Smart Contract market. Our goal is to work with industry partners, and launch the first Value Transfer Protocol (VTP). This will streamline daily business routines, and allow for easier adoption. Qtum aims to become the first platform with Smart Contracts that execute as part of an Unspent Transaction Output (UTXO).
Instead of reinventing the wheel with a completely new codebase, Qtum is based on Bitcoin Core v0.13 and Proof-of-Stake 3.0 (POS). Qtum’s method allows Smart Contracts to be operated without the need for accounts, and existing Ethereum applications can be ported to the Qtum Blockchain. Qtum Core development will be directed by the Qtum Foundation, which will be overseen by an established auditing firm.
This project aims not to be another medium for exchange, there are enough Blockchain projects to fill this demand. Instead, focus will be directed at various sectors where technology could streamline operations. All of this will fall into the framework of Decentralized Applications, based on a modified version of the Ethereum Virtual Machine.
There is a need for a stable codebase, consumers and businesses want confidence that their monetary value is not at risk of sudden incidents. This is why we are basing Quantum on Bitcoin Core for stability, and Blackcoin POS3.0 for consensus.
One project that will be released as a working beta is SpringEmail, which uses a modified Simple Mail Transfer Protocol (SMTP). This allows users to send and receive Qtum as part of an e-mail. We call this hybrid protocol “BiSMTP”. This should lessen the learning curve for users interested in Qtum but do not have a wallet.For more information, please see:
One of Qtum’s growth strategies is the mobile telecommunications market. There is a vast amount of consumers that may not be aware of digital currencies, but could be introduced to Qtum by means of a viral marketing campaign. This does not mean that the average user isn’t accustomed to paying with their mobile devices. In China, Wechat leverages their userbase of over half a billion people, to make payments for everyday goods and services. Just like Apple Pay, they make a quick scan with their device at the point of sale, and the money is deducted from their account. We plan to build Quantum applications that integrate into the popular messaging platforms like: Wechat, WhatsApp, Viber, and so forth. We call this the Qtum “Go Mobile” strategy.The English version of the whitepaper is being edited, and will be released in January 2017.
To summarize, the technical features of Qtum include:
1. Ethereum Virtual Machine running on the Bitcoin UTXO model 2. Compatibility layer for Ethereum Blockchain model, which allows for easy porting of existing Ethereum and Solidity contracts 3. Blackcoin’s Proof Of Stake 3.0, which ensures efficiency and security 4. Ability to manage contracts from mobile wallets without running a full node 5. Most existing tools built for Bitcoin and some BIPs will continue to be compatible with Qtum blockchain 6. Oracles and datafeeds built on top of the Ethereum Virtual Machine
Qtum plans to deliver a business friendly platform that can push forward Blockchain technology. This means it’s not just a retail coin, in which a merchant can create invoices for products or services. The opportunity for industry and business to make use of a public ledger is enormous. For an entity to be able to sell a product or service, provide the customer proof of purchase, and then maintain that item throughout its lifespan is invaluable.
There is big interest in Blockchain technology, especially in the finance industry. Currently, banks are applying for many Blockchain patents. This may be because they are fact finding, or plan to adopt technology into their core products and services. A lot of large corporations find themselves becoming too big, stale, and uncompetitive. Blockchain (and other disruptive technology) may threaten their business model in the years to come.
Through the Qtum Foundation, our goal is to facilitate these large organizations to adopt digital currency and blockchain technology into their mainstream operations. We will do this simply by introducing the power of Blockchain technology, and see whether there’s a place for it in their business model.
Qtum is currently talking with a few corporations in China about strategic partnerships, but it is still too early to make announcements. At this point, the main focus is the social network, telecommunications, finance, and supply chain industries. Third party development will play a large role in the adoption of Qtum (and Blockchain as a whole). At this stage, most industries we have spoken with are curious about Blockchain, and whether it can improve or threaten their business.
Qtum core team comprises of several members, spanning the globe.
Patrick Dai (China/Singapore) – Project Leader/ Co-Founder Neil Sakr (Morocco/China) – Chief Blockchain Architect / Co-Founder Jordan Earls (USA) – Lead Developer / Co-Founder Caspal (China) – Qtum Developer Qiyu (China) – Qtum Web developer Alex (Belarus)- Qtum Developer Time Markov (Macedonia)- Qtum Developer Mike Palencia (China / Colombia) – Project Manager Brett (Canada) – PR / Community John Scianna (USA / China) – PR / Press Ibai Basabe(USA/China)-PhD Product Manager/Researcher Carry Shen (China) – PricewaterhouseCoopers (PWC) process control
It has been a few days since we gave a status update, so we would like to give an overview of what’s going on behind the scenes.
Recently, we have begun work on a new website. That should be ready in about 3 weeks, until then, we will continue to use the current one (https://qtum.org). The section where we list our Angel Backers has been updated, we will reveal more names shortly once we have approval. We plan to discuss with our Angels why they decided to support our project, and what they expect from our team in the future.
The Qtum Crowd Sale will start on March 1st. We currently have enough funds to last until the sale ends on April 1st. The Crowd Sale will be hosted by major Chinese exchanges, which will be announced in February. There will also be a direct sale that is done on our website. The concrete information about the Crowd Sale will be announced in our business whitepaper prepared by PricewaterhouseCoopers. The technical whitepaper will come out mid-February. The draft section that we released a few weeks back was from the last revision of the whitepaper, so that portion will be completely redone for the new version.
On the Press front, we have done a decent job gaining traction with Blockchain industry sites. Our focus right now is engaging with the mainstream press. A large part of this project involves preparing a Blockchain project for real world business applications. We already have a signed partnership agreement with a company valued at 100 million dollars USD, which we will discuss later. We are currently in discussions with more companies, who are excited about our “Go Mobile” strategy. This was actually the portion of our project that convinced a billionaire to back Qtum.
Our development team is currently merging the Proof-of-Stake protocol into Bitcoin Core v0.13, along with some testing of the Account Abstract layer we implemented to allow the EVM to run on a UTXO model. The screenshot earlier of the mobile wallet is what you can expect to see once we have a working testnet. Jordan Earls can give a better update on this later, and it’s best to ask him questions directly if you want more details.
Again, if you would like to speak with our team directly, there is always someone on Slack:
Patrick will be speaking at the European Ethereum Development Conference, February 17th – 18th in Paris. If you are going and would like to attend his venue, please let us know: http://edcon.io
Q: What is EDCON?
A: The EDCON (European Ethereum Development Conference) is a conference that will take place in Paris at the Ecole Supérieure de Commerce de Paris – Europe (ESCP) on 17-18 February 2017. The conference will cover Ethereum technology and research (PoS, Scalability, Privacy) as well as Ethereum-based applications.
Q: Who is organizing EDCON?
A: EDCON is organized by LinkTime with the support and cooperation of developers from the Ethereum Foundation and the wider Ethereum community, as well as ADETIF, the Ecole Supérieure de Commerce de Paris – Europe (ESCP), the Asseth (French Ethereum, nonprofit), La ChainTech (French blockchain, nonprofit).
Q: What topics will be discussed at EDCON?
A: Talks will cover: * Ethereum base-layer technology * Ethereum research (PoS, scalability) * Privacy (eg. zero knowledge proofs) * Formal verification * Ethereum consortium chain development * Applications being built on Ethereum * Growing the Ethereum community
Q: How do I buy a ticket?
A: There are two types of tickets: standard tickets and VIP tickets.
Standard Ticket: Able to attend the Main Conferences, morning community event and activities of Ethereum Community in Subconference.
VIP Ticket: 100 Tickets only. Able to attend the Main Conferences, Cocktail Party and activities of Ethereum Community in Sub-conference. VIPs are able to build deeper connections with core developers, investors and entrepreneurs. Highly recommended for those who want communicate more with core participants.
Tickets for the conference are available here: https://edcon.io/register.html
- Compatible with Bitcoin and Ethereum ecosystems: * Solidity and EVM are used for developing blockchain applications, existing Ethereum applications can be ported to Quantum’s Blockchain) * Directly integrating the existing Ethereum Virtual Machine (EVM) into Bitcoin’s UTXO model, allowing for Ethereum-based smart contracts to be executed on a Bitcoin-based Unspent Transaction Output (UTXO) blockchain - Value Transfer Protocol can be used to support and enhance various industries such as the financial sector, supply chain tracking, internet of things, and social media - "Go Mobile" strategy: the core developers of Qtum will work to ensure that third party developers have ample infrastructure and functionality to support mobile use cases (a mobile wallet, API, and a framework for creating decentralized mobile applications) - A modular design approach can help developers better maintain the system.
Testnet Release (June 2017)
TokenStars TEAM Roadmap
Mainnet release (September 2017)
Qtum integration and API release
Extending Qtum for the future (2018 and beyond)
New VM implementations on Qtum
Attention. There is a risk that unverified members are not actually members of the team
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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