Qtum (read Quantum) is a Chinese hybrid platform that connects the existing blockchain with a virtual machine, such as Ethereum. A platform that enables developers to build applications and smart contracts on the current blockchain technology.
Focusing on building a platform that helps companies create smart contracts on blockchain, Qtum is a toolkit in the first place. Designed to be both robust and modular, the platform can create small contracts to be used on most major blockchain.
Qtum is a project for the creation of a public blockchain with an open-source code, combining the technologies of Bitcoin and Ethereum. The Qtum Foundation Company that is implementing the project is located in Singapore and was founded by Patrick Dai, the developer of the Chinese origin.
Qtum ICO start date: 2017-03-17
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. The 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 platform with Smart Contracts that execute as part of an Unspent Transaction Output (UTXO).
More information in the project whitepaper: https://qtum.org/wp-content/uploads/2017/02/Qtum_blockchain_economy_whitepaper_20170209_EN.pdf
While bitcoin is pleased to remain a standard cryptocurrency, providing users with very little functionality, safely protecting against each other cryptocurrencies, Qtum creates a platform capable of running decentralized applications and smart contracts.
Qtum DApps (Decentralized applications)
When a business develops a new application, website, or software, the application database must be stored on the server. This is called a centralized system. It doesn't matter if this database is stored on the same server or on multiple servers, a hacker attack can change the datasets, and there is no way to verify what was changed. The platform enables enterprises to develop decentralized applications. Using blockchain technology for bitcoin to store transactions in each user's system, all transactions must be verified, and after verification there is no way to change them without alerting each user of the chain.
Qtum Smart contracts
Smart contracts are considered contracts of the future. They are similar to how a Bank's standing order (SO) will work. Just as SO-Bank takes EUR300 on the FIRST day of each month, a smart contract transfers digital assets, such as cryptocurrencies from one user to one or more other users, based on a set of predefined requirements.Smart contracts exist on a blockchain and run automatically if the requirements encoded in the contract are met. The platform offers a scripting language that allows users to easily create such contracts.
Based on Bitcoin's UTXO model, the simple payment verification (SPV) Protocol is supported by default by The qtum codebase. As a result, you can now execute smart contracts from lite-wallets, which can be easily installed on any mobile device, declaring the age of mobile decentralized applications. Thanks to this, the blockchain is finally ready to present itself in a world in which half of all Internet traffic is generated by smartphones and tablets.
The platform extends the bitcoin scripting language to work as a means to port code to the EVM Qtum version. This makes it possible to execute smart contracts and run decentralized applications simply and securely in environments that were previously inaccessible to creating entire chains, combining the endless possibilities offered by smart contracts with the stability and maturity of the bitcoin ecosystem.
Qtum is compatible with existing Ethereum contracts as well as Bitcoin gateways and will maintain backward compatibility even if the system is upgraded.
The Qtum technology combines the transaction model of Bitcoin with the developed consensus system of Ethereum.
On the one hand, the Qtum blockchain uses the UTXO model (unspent transaction outputs, or a set of unused transaction outputs). This model blocks the outputs and requires from the users to provide evidence of the asset ownership to spend it - this is how Bitcoin works. Along with this, a virtual machine for smart contracts on the analogy with Ethereum is built in over the Qtum blockchain. Thus, the Qtum blockchain combines the proof-of-work consensus and the smart contract technology.
Thanks to a hybrid nature of the blockchain in combination with the first of a kind PoS consensus protocol, Qtum apps will be able to be compatible with the main blockchains as well as support the work on mobile devices and the devices of the “Internet of things”.
QTUM market cap on 12 OCT 2017: $686,878,000
QTUM price on 12 OCT 2017: $11.64
Qtum Coin Price Online From CoinMarketCap
The developers of Qtum believe that both Bitcoin and Ethereum have their own disadvantages that hold off the developers of corporate products from these technologies and hope to take this niche.
The project has awakened interest already on the development stage and managed to attract $1 million from Blockchain angels (venture investors in the sphere of blockchain) at once. The coming to the ICO also turned out to be successful and brought $15.6 million to the startup.
The emission of Qtum at the moment of the ICO in April 2017 made out 100 million tokens. 51% of them were available for selling to a wide audience on exchanges; the remaining 49% were distributed according to a predetermined mechanism.
By the middle of October 2017, Qtum tokens are traded for $11.69 with the market capitalization of almost $690 million.