Everything You Need To Know About QTUM
QTUM (pronounced Quantum) is a value transfer platform that focuses on mobile decentralised applications, or DAPPs. What’s intriguing about QTUM is that its usefulness stems from its ability to connect the two most prominent cryptocurrencies, Bitcoin and Ethereum. It was intended to function as a value transfer network.
QTUM is used to pay for smart contracts on the blockchain and it can also be staked in order to contribute to network security and to the oversight of the platform itself. Using QRC-20 tokens, businesses and developers may use Qtum’s token standard. QRC-20 transactions need QTUM to be paid in gas costs in order to be utilised in dApps.
History of Qtum
Quantum was founded in 2016 by Jordan Earls; Neil Mahi and Patrick Dai. Since earning his master’s in computerscience, Patrick has served as the CTO of VeChain and the Bitse Group, a Chinese Bitcoin mining business, as well as the chairman of both the Bitse Group and Qtum Foundation. Jordan Earls, CEO of Earl Grey Tech and Co-chair of the Smart Contracts Alliance project, began writing software when he was only 13 years old.
To assist the company’s founders, there is a huge team who have previously worked at NASDAQ, Alibaba, Tencent, and Baidu, as well as in the Bitcoin and Ethereum communities. Venture capitalists, blockchain industry leaders, and executives from some of China’s most prominent technology enterprises all support the initiative.
When Qtum 2.0 was released in 2019, the consensus process was modified and new features including confidential assets, offline staking, and chain-cloud interaction were implemented. This was the first hard fork on the Qtum blockchain.
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What is the Qtum Process?
However, critics of Qtum claim that it is nothing but a combination of Ethereum and Bitcoin. Proof of stake is used to forge blocks in QTUM. Coins on the Qtum blockchain are not mined and hashed using proof of work, unlike Bitcoin and Ethereum.
Instead, blocks are called up with a function and pseudo-randomly allocated to validators to vote on their legitimacy. Anyone may serve as a validator, but they must stake Qtum in order to do so. Even though Qtum is based on the same blockchain technology as Ethereum, you may expect it to keep staked money in a smart contract.
Instead, Qtum relies on transactions and opcodes from the Bitcoin Script to monitor stakes and new funds. Locking your coins using Qtum is not necessary. It only takes around 20 hours for the coins to mature enough to be used for staking.
Benefits
By using a unique technological structure, Qtum is able to combine the security and smart contract flexibility of Ethereum with the Bitcoin model. The UTXO layout of Bitcoin is used in the protocol. It’s also free and open source. They have thoroughly evaluated Qtum’s smart contracts so that they are secure and there are no suspicious activities taking place behind the scenes…
Flexibility for Developers
Developers’ constraints and impediments to onboarding can be eliminated thanks to Qtum. Multiple virtual machines, such as EVM and ARM VM, are supported by the platform. Platform developers, like those on Ethereum, don’t have to rewrite their code in order to benefit from lower costs and a more responsive user experience on the network.
Modularized
Qtum’s development environment was designed utilising a modular design. Additional development resources are available for creating new blockchains and developing Dapps on next-generation Blockchain.
Open Access
Qtum makes the decentralised economy available to everyone who wants it. Gatekeepers and third parties are no longer an issue thanks to the network. In particular, smart contracts ensure that all network functions may be accessed in a way that is both fair and transparent.
How can you buy Qtum (QTUM)?
A number of cryptocurrency exchanges now offer Qtum (QTUM).
Binance
- The best option for much of the globe, including Australia, Canada, Singapore, the United Kingdom, and the rest of Europe. Qtum is not allowed to be purchased in the United States (QTUM). Discount Code: EE59L0QP may be used to get a 10% discount on all trading costs by entering the discount code.
Gate.io
Established in 2013, this exchange is a well-known and trustworthy one. US citizens are presently eligible to join Gate.io (excluding New York & Washington State).
KuCoin
Over 300 additional popular tokens are presently available for trade on this platform. It is often the first to provide purchasing options for brand new tokens. International and US citizens are presently eligible to participate in this exchange.
WazirX
To assure the highest level of quality, it is part of the Binance Group. It’s the greatest currency exchange for Indians.
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Conclusion
To get the best of both worlds in terms of security and usefulness, Qtum combines the UTXO transaction architecture from Bitcoin with Ethereum virtual machine. The adoption of a Proof of Stake consensus method further enhances Qtum’s efficiency and corrects the flaws of other platforms.
The platform’s virtual machines, development tools, and support for a broad variety of programming languages make it excellent for a broad range of developers and applications to work with. Qtum strives to suit the demands of businesses and provides a wide range of applications, including banking, internet of things, mobile, and DeFi.
The QTUM coin is essential for staking, governance, and payment of fees in the QTUM ecosystem. Even if blockchain technology is not widely adopted, Qtum might be a valuable asset in the future.
