Qtum —pronounced “Quantum”— is an open-source, decentralized Blockchain platform and Value Transfer Protocol. It can execute smart contracts on multiple virtual machines and run environments with Proof-of-Stake consensus.
Qtum is a hybrid of both Bitcoin and Ethereum, which combines Ethereum smart contracts with the stable blockchain of Bitcoin. It is build from Bitcoin’s core code, and modified to work with Ethereum Virtual Machine (EVM). All this while replacing Proof-of Work with Proof-of-Stake as consensus mechanism.
QTUM is official cryptocurrency of Qtum Blockchain platform. QTUM serves its function as a fuel to make transaction on Qtum network. A total of 100 million tokens were issued during ICO (Initial Coin Offering). The platform allows QTUM mining of its token on Smart Stake Protocol which is based on Proof-of-Stake protocol, PoS 3.0.
Development of Qtum (QTUM)
Qtum was developed by the Qtum Blockchain Foundation (a non-profit organization). The foundation was established during November 2016 by Patrick Dai, Patrick Dai, and Jordan Earls. Patrick, a Draper University graduate, had previously worked in Alibaba.
During its Initial Coin Offering in March 2017 which was aimed to last 30 days, Qtum raised $15.6 million within a little less than 5 days in exchange for 51 million QTUM tokens, effectively making it the fourth largest Initial Coin Offering of all time. For token allocation refer to chart below:
Qtum is a hybrid platform, altered to advantage of both Bitcoin’s Unspent Transaction Output (UTXO) model and Ethereum Virtual Machine. It adds additional layers to Bitcoin blockchain to make it compatible with Ethereum Virtual Machine, and introduces consensus mechanism Proof-of-take.
Qtum is committed to bring blockchain technology to real world like finance, DNS, Internet of Things, gaming etc. by creating a global open-source community with the cooperation of other blockchain communities. It is bridging the real world to blockchain world by utilizing Oracle and Data feeds.
Decentralization as one of its core characteristics, Qtum facilitates dApps development by developing diversified module for different systems and users. with Mobile Go strategy QTUM aspires to bring blockchain technology to common internet users by developing lite dApps.
Qtum claims to be the blockchain made ready for business. It employs business centered consensus mechanisms to facilitate business development. Qtum provide a robust way (like Qtum’s hybrid smart contracts) to accept blockchain technology without the complexity connected to Bitcoin and Ethereum. It supports a variety of industries which involve but not limited to finance, healthcare, social media, digital assets, logistics, etc.
Qtum’s ability to create lightweight decentralized apps (dApps) and Mobile Go strategy allow ordinary internet users to engage with blockchain technology. With the release of projects like Spring Email and Qloha, Qtum aims to use email address as digital wallets.
The Qtum-framework recognizes that smart contracts are sociotechnical artifacts that must also take into account essential quality requirements for achieving widespread user adoption. Ongoing real-life industry projects with Qtum applications result in continuous empirical requirements harvesting. The mobile strategy in support of highly distributed proof-of-stake transaction processing aims at a significant advancement in the state of the art. Still, Qtum also recognizes that smart-contract lifecycle management requires applicationlayer development with sophisticated front-end user experience that current solutions do not pay attention to sufficiently.