Qtum enables seamless blockchain integration for enterprises aiming to innovate with decentralized applications. Designed to function on mobile devices while ensuring compatibility with existing major blockchain ecosystems—something unprecedented before. In essence, Qtum acts as a robust toolkit for crafting reliable decentralized apps meant for practical business applications.
Qtum fuses a unique variant of the popular Ethereum Virtual Machine alongside tweaks from Bitcoin Core infrastructure. This blend delivers blockchain's reliability while harnessing smart contracts' boundless potential.
Who Is Behind Qtum?
The team behind Qtum is supported by diverse sources, including the Ethereum and Bitcoin communities, along with mainstream corporations like Alibaba, NASDAQ, Baidu, and Tencent. The team comprises individuals experienced in traditional venture capital, blockchain technology, and top-tier tech management in China.
Patrick Dai is an expert in blockchain and had stints with Alibaba. Neil Mahi brings 20 years of software development experience, coupled with four years in blockchain. Jordan Earls is a veteran in the crypto community with years in software development. Yunqi “Caspal” Ouyang specializes in web development, Baiqiang Dong pursued theoretical mechanics, and Xiaolong “Stephen” Xu has a background in software development. The squad includes numerous other highly-experienced professionals.
What Distinguishes Qtum from Other Decentralized Application Platforms?
Qtum is tailored for interoperability, robustness, and modularity. As a hybrid mechanism, it amalgamates essentials from Ethereum and Bitcoin, garnering an ideal blend of their advantages. Its PoS (Proof of Stake) consensus system, a pioneering model, aligns with prominent blockchain ecosystems while natively backing IoT and mobile functionalities.
What Are the Components of Qtum?
Using hybrid blockchain architecture, Qtum incorporates multiple cutting-edge technologies. It merges Proof of Stake consensus, the Ethereum Virtual Machine, additional virtual machines in the Account Abstraction Layer, and facets of Bitcoin Core. This integration offers a recognizable platform for deploying decentralized applications and smart contracts, affording developers ample flexibility.
What Is the Account Abstract Layer?
The Account Abstract Layer of Qtum unifies the Unspent Transaction Output model from Bitcoin Core with the EVM. This integration innovatively supports decentralized applications and secure execution of smart contracts in settings previously unreachable.
Before Qtum’s Account Abstract Layer, attempts were made to implement smart contract systems on the Bitcoin blockchain. They faced challenges in widespread adoption or wrestled with problems due to discrepancies between Bitcoin’s coin-address associations and Ethereum’s account model. The Account Abstract Layer bridges these differences, facilitating seamless operations.
What Can Businesses Do with Qtum?
With Qtum, businesses, legacy frameworks, and well-established sectors can seamlessly adopt blockchain technology, regardless of technical expertise. This adaptability empowers the creation of tokens, streamlines supply chain management, and enables the automation of smart agreements in a standardized, stability-vetted setting.
Qtum is pioneering the creation of standardized tools and methodologies for crafting business-centric smart contracts. These innovations offer precision in determining elements, conditions, and terms, support error mitigation, and ensure formal validation of translating human-readable agreements into robust machine contracts.
How Does Qtum Work on Mobile Devices?
While most blockchain frameworks concentrate on computer-related uses, Qtum embraces mobile functionalities. Thanks to the SPV protocol’s default backing influenced by the Bitcoin UTXO model within Qtum’s codebase, smart contracts are executed via lightweight wallets accessible across mobile devices.
Essentially, Qtum offers capabilities for both mobile and non-mobile decentralized applications. This flexibility is critical, given that about half of internet traffic involves tablets and smartphones. While others may not accommodate this type of traffic effectively, Qtum does.
Besides mobile accessibility, Qtum extends its reach to previously unaccommodated environments by complete-blockchains. This versatility originates from the expanded Bitcoin 'script' language that enables code transmission to Qtum’s EVM, facilitating decentralized application execution and smart contract deployment. More sectors can now capitalize on Bitcoin’s mature ecosystem and smart contract innovations.
QTUM Tokens
The Qtum crowdsale was held from March 16 to April 15, 2017, distributing 100 million coins, with 51 percent allocated to public acquisition. The remaining 49 percent was distributed as follows: 20 percent to developers, foundation initiators, and early supporters, another 20 percent to business development, and 9 percent for academic exploration, market growth, and education.
How to Buy QTUM
Purchasing QTUM directly with “Fiat” currency isn't an option. You'll need to first buy a different cryptocurrency—Bitcoin or Ethereum are the most straightforward to acquire on a platform like Coinbase using bank transfer, debit, or credit cards, after which you can exchange it for QTUM on exchanges such as Binance.
Register at Coinbase
For those new to cryptocurrency, we suggest using Coinbase for an introductory purchase—it's user-friendly, complies with US governmental regulations ensuring safety and credibility. Coinbase facilitates acquiring Bitcoin, Litecoin, and Ethereum via card or bank transfer. Card payments carry higher fees but provide instant currency access.
During sign-up, identity verification is required to meet stringent financial compliance. Make sure you complete our link to signup to be awarded $10 in free bitcoin on your initial purchase of $100 or more.
To initiate the process, click “Sign up” to reach a registration page, where you’ll input your name, email, and create a password.
Purchase Ethereum
In this guide, we'll acquire Ethereum for our targeted cryptocurrency swap. It's preferred owing to significantly reduced transaction fees compared to Bitcoin and expedited processing. Within Coinbase, access the “Buy / Sell” section, opt for “Ethereum,” select a payment method, and specify your purchase amount—either in USD or Ether.
Following transaction confirmation, card payments might entail verification with the issuing company. Once completed, Ethereum will reflect in your account.
Purchase XLM at Binance or Kucoin
You can now send your Ether over to Binance to finalize your QTUM acquisition, check our review of Binance here for guidance on signing up and making purchases on the exchange.
QTUM is also listed on the Kucoin Exchange , take a look at our guide here to find out how to use this exchange.
Post-purchase of QTUM, if you intend to hold them for a while.
What Future Goals Does Qtum Aim to Accomplish?
Through collaborations with third-party partners, Qtum aspires to establish industry benchmarks. The objective is creating a smart contract hub using high-security, thoroughly-tested templates, offering customized solutions across industries like social media, supply chain management, IoT, and telecom.
The Qtum Foundation aims to construct a public blockchain catering to business use. Post-completion, the team envisions various industries exploiting the framework, extending even to non-traditional tech sectors. Target sectors include logistics, production, mobile communications, finance, and counterfeiting prevention.
Qtum consistently anticipates future developments in all project phases. Thus, it ensures compatibility with all existing Bitcoin gateways and Ethereum agreements, granting backward compatibility for future upgrade support.
Conclusion
By integrating the most beneficial Ethereum and Bitcoin architectures, Qtum offers businesses and individuals an efficient, straightforward avenue for utilizing blockchain to construct decentralized apps. Its potential for rapid growth arises from its practical benefits, serving as a valuable asset across numerous industries.
