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What is Qtum?
- Qtum is a Chinese company that is both a blockchain technology and a cryptocurrency. Qtum was specifically designed to generate the ability of other main cryptocurrencies like Bitcoin and Ethereum. Qtum also aims at making contracts that are smart, easy to handle, safer, and secure. Qtum focuses on coming up with services that can close the gap between blockchain networks and businesses.
- Qtum cryptocurrency also aims at letting businesses the power to create applications that are decentralized and creating solutions that can be easily implemented using mobile devices. Qtum has redesigned Bitcoin core infrastructure together with a changed version of Ethereum Virtual Machine. This has resulted in businesses getting the reliability of blockchain from Bitcoin, smart technology and other features offered by Ethereum. This enhances stability and standardization.
- Qtum was started By Patrick Dai, Neil Mahi and Joran Earls in Singapore. It was created after they saw that it was not possible to bring different currencies together because all currencies have different purposes. This is one of the reasons why it has been so difficult to operate the currencies together. For example, Bitcoin was specifically created to store wealth, while Zcash mainly focuses on providing privacy and security. Ethereum, on the other hand, aims at executing commands. Therefore, Qtum was invented to get rid of this issue through interoperability.
The decentralized applications (DApps) are well matched with the ecosystems of the blockchain. They support mobile devices and also the internet of things devices. This is one of the smart approaches it offers. With the increase of the use of mobile and the internet of things devices, the application of blockchain solutions in these organizations will be hardly avoided. The dApps such as Beechat, Matchpool, Pundi X, and Energo are used by various industries.
Dapps also enhance some of the known games such as CryptoKitties. The ecosystem is created to adopt lightweight and business applications that can reconcile with other blockchains. This appears to be difficult because of the different tasks of each cryptocurrency.
Qtum is currently having a market cap of $4.4B. Qtum has 3-4x room to expand. This is because it has two of the best of Bitcoin and Ethereum technologies. They include;
- The mobile-focused development.
- Scalable consensus algorithm.
Qtum has rapidly grown in the past years. One of the reasons Qtum has grown is because of the subsequent growth of Bitcoin and Ethereum. Many investors are crowded in the market through one of the most known cryptocurrency brokerage known as Coinbase. Coinbase adds around 110,000 users every day. Many buyers have gained information about these two markets. Therefore, more users will want to look for altcoins that have more gains.
Another reason for the growth in Qtum is that the company has strong teams on the technical side despite the legal strains and the government actions. We have seen the impact that the recent legal action had against Plexcoin and Munchee ICO. This is why most investors have put their trust in Qtum. They have no doubts that their money is safe. The coin is expected to grow and increase in value, in the coming years because of the increase in popularity. The developers also believe that Qtum will positively impact the building of future contracts of the coming generation. Roger Ver, one of the first investors in Bitcoin startups claims that Qtum is with no doubts a project that everybody should keep their eye on.
What is the QTUM token?
Fees are paid using Qtum tokens. The token also gives holders the right to vote in the Qtum organization. 51% of the tokens are given to ICO participants. 20% is given to the founding team and investors who invested early. 29 % is allocated to funding research and developments in the company. The tokens are minable and the holders of the tokens receive the rewards from mining. This they do by building a mining node and also taking part in consensus (PoS).
Qtum Similarity to Ethereum
Qtum coin has been exploding in the market recently. The Singapore-based open source blockchain has received around $32 million of crowdfunding and backed up by well-known investors like Anthony Di Ioro.
In simplest terms, Qtum is the hybrid of Bitcoin and Etherium. It’s basically using Bitcoin’s stability and blockchain technology as well as Ethereum’s smart contracts and other virtual machines.
Qtum’s Proof of Stage 3.0
One of the key features of the smart contract solution of Qtum is the implementation of PoS or Proof of Stake in place of PoW or Proof of work, which is currently being used by the Ethereum and Bitcoin blockchains.
- Implementing this makes Qtum crypto the only blockchain to date where PoS influences smart contracts.
- PoS is important for smart contracts, and this should not be taken too lightly. Blockchains may offer its users plenty of effective upgrades, but these upgrades are challenged when considering how inefficient mining’s PoW most of the time.
The main concerns of the development team of Qtum crypto in terms of PoW are security and efficiency, so they met with stakeholders in manufacturing, logistics, and finance in order to have a look at the differences between PoS and PoW with regards to practical applications. And in an institutional perspective, staking makes more sense.
Oracles and Outside Data Feeds
In addition to merging the best of Ethereum and Bitcoin, Qtum coin also supports the outside data feeds integration, which their team call oracles. Basically, these are some sort of APIs that lets external devices obtain and supply information from the operating smart contracts within the Qtum platform.
- Oracles are the network’s trusted parties that can execute off-network calculations, help in computations and supply data.
- Outside trusted parties can provide necessary off-network computing power for machines not to become overused.
Qtum’s Account Abstract Layer
Qtum crypto has an Account Abstraction Layer, where PoS consensus, EVM (Ethereum Virtual Machine), BTC Core and other virtual machines are combined.
- You can run decentralized apps in a simple and secure method in environments you could not do so in the past.
- Since Qtum crypto uses the UTXO technology that allows SPV (Simple Payment Verification), you can manage your smart contract from your smartphone or new computer quickly without the need to run a full node.
- With a few simple taps on your smartphone, you will be able to execute smart contracts, conveying the blockchain technology to mobile apps.
Before, other crypto players have tried to create a smart contract system that utilized the BTC blockchain. Nevertheless, all of them encountered a number of issues or were unsuccessful to reach the mainstream, because Ethereum and Bitcoin use diverse models such as account-based model and linking digital coins with an address. Qtum’s AAL succeeds in connecting this dissimilar model, thus resulting in continuous functionality.
The x86 Virtual Machine
Qtum just recently announced its partnership with Baofeng for the up and coming x86 VMin order to add more programming language support for smart contracts. This is a massive news for the cryptocurrency as it will go even further past the Ethereum Virtual Machine.
The great thing about the x86 Virtual Machine is that its architecture and bytecode support is already in existence on most compilers out there. So basically, a programming language or compiler will be required to only do a handful of tweaks to be able to run on the Qtum Crypto OS-like environment. However, the overall objectives of the platform are bigger and also includes the following:
- Standard library.
- Superb oracles.
- Explicit dependency trees.
- Blockchain analysis.
- Data storage alternative.
- New options for smart contracts.
- Enhanced gas model.
- Unlock the full potential of AAL.
- First, you need a Qtum wallet– Qtum website offers wallets, whether you are using a desktop, mobile or web. You will find a headline written as ‘Quickstart.’ Just below the headline, there are links you can use to download the wallets. Getting the best wallets, depends on the type of device you are using. For example, if you are using a 64bit Windows computer, a qtum-0.14.7-win64.zip is the best for you. Never leave your Qtum coin on an exchange as a wallet, exchanges have no enough security measures. This is why you should move your newly acquired Qtum coins to your wallet to keep them safe.
- After the download process is over, you should unzip the folder and put it on your desktop.
- In the folder, you will find another folder known as ‘Bin’. The wallets must be allowed to use the internet. Once the wallet has been opened, the Qtum blockchain starts downloading.
- Enter a passphrase you can easily remember because if you forget, you can’t access your wallet. Press, ‘yes’ after confirming. Then restart the wallet.
- Give the file a name, then save it somewhere that is safe, for example, on a USB Stick.
- Inside the wallet, press ‘receive’ then press ‘request statement’ after which, you will receive an address. Copy the wallet elsewhere for future use.
- Choose the exchange you want to exchange below then click it. You will receive another guide which you are supposed to follow.
Your phone or computer could be hacked. There are also websites which use illegal codes to steal passwords. Other people use links which give them access to the information on your device after you click the link. The safest way to avoid all this is by the use of a hardware wallet. The hardware wallets that support the storage and also the sending of Qtum are those made by ledger. You can get a ledger Nano S from Ledger’s official website or from Amazon. The Nano S helps you manage your coins because it is discreet and offline. This is made possible through an LCD screen. It is safe to use this method because it encrypts private keys to your wallets that nobody can know of, including you. Only someone who has access to your Qtum wallet physically and one who knows the password can get access to your coins.
Huobi is a digital exchange asset based in Beijing. This exchange allows millions of users in more than 120 countries. Huobi has more than 1 billion assets in total. However, only well-informed crypto investors can use Huobi.
- Huobi has used the infrastructure operations for more than 4 years and the digital assets are stored in cold wallets that are multi-signature.
- The fees for both the maker and taker range around 0.2% of all the currencies. The maker fees are paid only after you add liquidity to the order book. Taker fees are paid after you remove the liquidity from the order book. This you do by placing an order that is administered against the order of the order book. The fees for sales are charged in bitcoins while the fees for purchases are charged according to the digital asset.
- Huobi requires verification because you are asked for details such as your address and your nationality.
Binance aims at giving the user and the cryptocurrency industry services that are professional, reliable and safe. The company’s mission is to offer one-stop services. You can withdraw or make deposits any time you want whichever place you are in.
- Customers can access Binance any time of the day. The users registered are from more than 210 countries in the world.
- The team verifies your account by asking for your details such as passport ID, a picture with your passport and nationality.
- The fees are 0.1% on every trade. Binance has the lowest rates. If using their token (BNB) you get a 50% discount. This brings it down to 0.05%.
Okex is under OKCoin. The company is based in China. Fees range from 0.00%-0.03% for all crypto to crypto trades. Okex also requires verification since when opening an account; you have to provide your personal details first such as names, number, email address, the postal address, your ID, and passport too.
- It offers support to the customers since they can reach them by sending an email. The team does not take long to reply.
LBank is a digital asset exchange that focuses on the Asian markets. This site does not only offer crypto to crypto trading but also collaborates with fiat.
- The fees are as low as 0.1% for all trades. The deposits at Lbank don’t charge any fee but the withdrawal fees are 0.1% for Qtum and 0.01% for Ethereum.
- It is not so safe to trade with Lbank since it is not licensed and their verification process is not so strict. LBank is also not regulated by any authority.
Using both Ethereum and Bitcoin infrastructures, Qtum offers organizations and businesses methods of making use of blockchain to build decentralized applications. Qtum has a bright future and it has the potential of growing fast because it gives tools that are helpful for companies in different industries. Qtum will also grow fast because it has great features such as using a proof of stake model and aims at providing mobile support. Qtum is definitely something we can’t wait to see unfold.
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