cryptocurrencies

QTUM - A Complete Beginners Guide

Daksh Murkute | | |

QTUM is one of the exciting projects in the crypto world."
 

It is an open-source blockchain platform that uses the UTXO model of bitcoin and smart contracts of Ethereum, and also multiple virtual machines including Ethereum VM and ARM VM in its platform for DApps.

 

It uses the Proof-of-Stake consensus algorithm, instead of Proof-of-Work, it has the capacity to increase its block size without the need of a hard fork.

 

it has many interesting features and In this blog, we will discuss about all the features and uses of Qtum, and its token QTUM.

Contents

What is Qtum (QTUM)?

History of the Qtum (QTUM)

How does this work?

What are its features and benefit?

UseCase of Qtum (QTUM)

Current market cap

Conclusion

 

When we talk about Blockchain technologies, two words suddenly come into our mind; one is Bitcoin, and the second is Ethereum.

 

Bitcoin is the world’s first cryptocurrency, it was created to send and receive money online without the interventions of banks and governments.

 

Ethereum is another Blockchain-based platform that was used to create and share applications in its blockchain network.

 

Both are different and there is no direct access between them.

 

So, what Qtum (QTUM) did, it took the best out of both of them and made something new. 

 

What is Qtum (QTUM)?

 

What is QTUM

 

Life is the result of a series of changes, starting from its birth to death. Be it physical, emotional, career or relationship. Change is inevitable in every aspect.

 

Software is not an exception to that; there are only a few that can truly stand the test of time without getting updated.

 

Blockchain is also a piece of code. Right! So, blockchain developers are constantly thinking about how to make the blockchain easier to use, and from time to time they make certain adjustments in their Blockchain, which makes it more feature-full and easier. QTUM does the same,

 

"Qtum is an open source blockchain platform which uses the UTXO model of bitcoin for security and smart contracts of Ethereum for making decentralized applications, it also enables various virtual machine like Ethereum virtual machine and ARM VM in its platform. "

 

Some facts about QTUM:
 

  1. Qtum (QTUM) is a Singapore-based project, founded to make smart contracts safer and easier that can operate between Bitcoin and Ethereum.
     

  2. Now at the time of writing, it has approximately 1231 global nodes distributed on six continents of the world. USA and South Korea combine have over 500+ nodes.
     

  1. QTUM supports a multi-wallet ecosystem, its wallet supports iOS, Android, Windows, Mac, Linux, Hardware wallet, web, and other clients.
     

  2. QTUM also runs various video series including educational, interview, and tutorial videos where you can learn about QTUM and its blockchain.

 

QTUM's cryptocurrency is QTUM,
 

  1. It is used for governance purposes,
     

  2. It is used to pay fees to the network operator,
     

  3. It provides voting rights to the holder and
     

  4. Using this you can also make decisions in the software development process.

 

 

 

History of the Qtum (QTUM).

 

explaining the QTUM

 

Qtum (QTUM) was founded in 2017 by Patrick Dai, Neil Mahi, and Jordan Earls.

All of them came from very reputed organizations,

 

  1. Patrick was a member of the Alibaba group.
     

  2. Neil Mahi has 20+ years of experience in software development.

    Most of the members of Qtum (QTUM) come from Asia and they all have extensive experience in their relative fields.

 

“ Qtum (QTUM) is also called the Ethereum of the China.”

 

How does this work?

 

How does the QTUM works

 

Qtum (QTUM) uses Bitcoin’s core to make the base of its network, which is the UTXO model, and it uses Ethereum’s EVM (Ethereum Virtual Machine) and ARM VM along with various others to run smart contracts.

 

It connects both of them and, to do so, Qtum (QTUM) uses a layer called “Account Abstraction Layer”, it is the sauce between two pieces of bread, one is Bitcoin and the other is Ethereum.

 

With this simple method, Qtum (QTUM) can provide smart contracts which can be seen and accessed between both Bitcoin and Ethereum.

 

Qtum (QTUM) uses the Proof-Of-Stake consensus algorithm,

Proof-of-Stake (PoS) means the more coins you have the more mining power you have. Mining is the process of creating coins in the blockchain network. So Proof-of-Stake states that a person can mine or validate transactions according to the coins they hold. it is relatively less costly to maintain as compared to proof-of-work.

 

What are its features and benefit?
 

  1. Qtum (QTUM) is fast.
     

  2. The consensus algorithm Qtum (QTUM) uses is Proof-of-Stake instead of Proof-of-Work (PoW) which was used by Bitcoin and Ethereum.
     

  3. QTUM Neutron middleware and ARM VM support RUST programming language in making the smart contracts.
     

  4. QTUM has its own full-fledged wallet which can work according to the needs of different users.
     

  5. Qtum (QTUM) is trying to solve the problem of accessibility of mobile in the blockchain network and to do that it uses the “Light Client” app.


    Light client means as the name suggests is the lite version of Blockchain, by which we can connect with the nodes, without downloading the entire blockchain to our phone. 

     

  6. Qtum (QTUM) directly integrates Ethereum and Bitcoin, by which users can execute Ethereum based smart contracts on the bitcoin-based platform.
     

  7. Qtum (QTUM) also introduced DGP (Decentralized Governance Protocol), by this protocol, developers can modify the blockchain parameter seamlessly. It also gives power to its users.

 

UseCase of Qtum (QTUM).


Use Case of Qtum


 

  1. INK- Ink is defined as a Ledger where artists register works, ledger means database.
     

  2. ENERGO- Energo integrates blockchain into the energy sector, it connects energy consumers of diverse needs. It also offers a solution to energy demand.
     

  3. QBAO- Qbao is a Qtum (QTUM) based decentralized social network, which has its currency wallet, DApp store, and so on.
     

  4. VEVUE- Vevue is a decentralized video-based website that is developed to protect and monetize the value of video.
     

  5. Medibloc- MediBloc is a personal healthcare record platform based on blockchain.
     

These are some of the use cases of Qtum (QTUM).
 

Current market cap

 

Current market cap

 

Qtum's (QTUM) price is $5.18 at the time of writing. The total market cap of Qtum (QTUM) is $510M. There is a total supply of 103M Qtum (QTUM) coins in the market. The peak price so far for QTUM (QTUM) was $94.67. The initial coin (ICO) offering raised $15M, which is a pretty good amount.
 

Qtum (QTUM) is traded on a wide variety of cryptocurrency exchange markets worldwide.
 

Conclusion
 

No doubt, Qtum (QTUM) is one of the exciting projects in the market. It combines the favorable aspects of the two best cryptocurrencies like Bitcoin’s UTXO and Ethereum’s EVM and provides interoperability between them.

Qtum (QTUM) provides a platform that is secure, unique in its sense, and scalable. Because of the EVM, the wide community of Ethereum can have the option to port their applications into Qtum (QTUM).  It checks all the marks of the crypto and has all the tendency to grow more in the future.

 

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