Qtum Coin is the crypto currency created by the startup QTUM to finance a platform that develops a blockchain that wants to reconcile several existing blockchains. Qtum Coin has a market capital of 817 million US dollars. 72 million US dollars are traded in the coin every day. Qtum sold 51,000,000 Qtum coins in a crowdsale within five days.
The company generated 11,156,766 bitcoins and 77,081,031 ethers. The developers of Qtum want to use the sum for the development of the blockchain. Because the Qtum blockchain has not yet been completed. At the moment the Qtum network can be viewed in a beta version. Read more about Qtum below.
Qtum - Goal and technical facts
In the startup white paper, the developers describe the Qtum blockchain as a blockchain for the business world. The platform will be used in telecommunications, counterfeit protection, manufacturing, industrial logistics and finance. Qtum sees itself as a hybrid blockchain application platform. The company tries to combine the bitcoin blockchain and the ether blockchain. For this it uses an "Account Abstraction Layer" system. Abstraction layer systems hide account details to prevent incompatibility.
Basically, Qtum makes the respective transaction systems readable for each other so that they become compatible. In this way, the Qtum blockchain acts as a bridge between Bitcoin's "Ethereum Virtual Machine" (EVM), with the Proof-of-Stake algorithm (PoS), and "Unspent Transaction Output" (UTOX). The Qtum blockchain is compatible with existing Ethereum contracts and Bitcoin gateways. Qtum maintains this compatibility even if its own system updates itself. In addition, there are so-called "master contracts", i.e. smart contracts that enable interaction between the Qtum blockchain and data outside the blockchain. Qtum also develops the blockchain for smartphones. This speaks in favour of lean software.
What is possible with Qtum?
Qtum describes a number of developments from which companies can benefit. For example, companies can develop their own apps that can be decentralized on the basis of the specially developed PoS protocol. The apps are compatible with other blockchain ecosystems through their connection to the Qtum platform. Qtum supports apps for mobile phones as well as IoT devices. Another possibility of use is a Smart Contract node. Via the Smart Contracts, transactions can be concluded in the area of social networks or logistics industries, for example. This excludes human error sources when concluding contracts. These are just a few examples that describe the potential of Qtum.
Upshot
Qtum is not only an interface between blockchains, but also an interface between the digital and the real world. Qtum's investors include the founder of KuaiDi, Weixing Chen, the CEO of OKCoin, Xu Star, the founder of Ethereum, Anthony di Iorio and Roger Ver, one of Bitcoin's first major investors. Qtum also works with companies such as NASDAQ and Alibaba. It remains to be seen to what extent Qtum will be successful. The approach sounds quite interesting.