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.
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$15 664 829
$19 664 829
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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