What is a Qtum Coin?
Qtum Coin is an open source cryptocurrency programmed by the Qtum Foundation based in Singapore. Qtum Coin is also a platform for a variety of blockchain applications.
Qtum Coin’s core technology combines a diversion from the Bitcoin core, an Account Abstraction Layer that enables multiple virtual machines, including the Ethereum Virtual Machine (EVM), and the proof-of-stake consensus to address industrial applications.
The company states that Smart Contracts and distributed applications run on a familiar foundation while providing a robust environment for developers.
The technology behind Qtum
The underlying technology uses an Account Abstraction Layer, which acts as a bridge between Bitcoin Core’s EVM and the Unspent Transaction Output model. There are oracle and data feed capabilities that developers can use to build smart contracts based on trusted information sources.
The Qtum Foundation plans to be the public blockchain for businesses. Development efforts should enable the project to market this platform to various industries, such as mobile telecommunications, anti-counterfeiting, finance, industrial logistics (shipping, warranty, etc.), and manufacturing.
Qtum Coin provides a complete blockchain stack capable of executing intelligent contracts and distributed applications, similar to the Ethereum Blockchain. However, unlike Ethereum, Qtum relies on Bitcoin’s established UTXO transaction model and uses a proof-of-stake consensus mechanism that is more practical for enterprise acquisition.
These augmentations have far-reaching effects on the Qtum Blockchain. In addition, Qtum aims to set up a set of services designed to bridge the remaining gap between blockchains and the business world.
These include tools and methods to standardize the workflow of developing business model contracts and a hub for tested and verified smart contract templates covering a variety of specialized use cases.
The platform of Qtum
By combining a novel infrastructure of the Bitcoin core with an interoperable version of the Ethereum Virtual Machine (EVM), the project combines the stability of Bitcoin’s error-free blockchain with the limitless options of intelligent contracts.
Designed for stability, modularity, and interoperability, Qtum is the premier toolkit for installing secure distributed applications suitable for real, business-oriented uses. Its hybrid nature combined with a novel PoS consensus protocol allows Qtum applications to interoperate with key blockchain ecosystems and provides native support for mobile devices and IoT appliances.
Qtum makes it easier than ever for established businesses and institutions to interact with blockchain technologies. The platform allows you to create your own tokens, automate supply chain management, and execute self-executing contracts in a standardized ecosystem that has been tested for stability and tested.
Qtum designs tools and approaches in collaboration with its academic partners to standardize the workflow of setting up business smart contracts. These include the translation of understandable agreements that are formally verifiable to create intelligent contracts and to ensure the flawless specification of their components and criteria.
Working with a number of partners and third parties, Qtum plans to build a Smart Contract Hub that provides reliable and well-documented contract templates tailored to a variety of workspaces and use cases, such as supply chain management, telecommunications, IoT, social networks and more.
Based on Bitcoin’s UTXO model, the Simple Payment Verification (SPV) protocol is supported by the Qtum codebase by default. This makes it possible to run Smart Contracts from Lite Wallets, which can easily be installed on any mobile device, ushering in an era of mobile distributive apps.
The blockchain is now ready to generate market share in a world where more than 50 percent of the cumulative traffic from tablets and smartphones is generated.
Account Abstraction Layer
Qtum extends Bitcoin’s ‘script’ language so it serves as a vehicle to transport the code to the Qtum version of the EVM. It’s now possible to run intelligent contracts and distributed apps more easily and reliably in unprecedented complete blockchain environments that combine the infinite possibilities of intelligent contracts with the reliability of Bitcoin in an ecosystem.
What is Qtum Mining?
The Qtum project brings many benefits to the Smart Contract developer community. This project was developed to turn the best parts of Bitcoin and Ethereum projects into a business-friendly blockchain.
By implementing the Bitcoin Improvement Protocol and using the Ethereum Virtual Machine, digital currency enthusiasts can finally agree on a platform that provides stability and alignment.
The account model is similar to a bank account. Each party has a balance and can deduct part of their balance in order to raise the balance of another party, so as to send money. This model is conceptually very easy to understand.
However, to make this work in a blockchain environment, many logic chips must be added to avoid “duplicate outputs” and not to issue the same resources twice. This logic makes the account model harder and adds a number of limitations.
You cannot mine Qtum, but instead, earn the tokens through trading.
Qtum (pronounced “Quantum”) is a blockchain technology and cryptocurrency designed to facilitate the interoperability of key cryptocurrencies such as Bitcoin and Ethereum and to make smart contracts safer and easier to handle. The project is being developed by the Singapore-based Qtum Foundation. The CEO is Patrick Dai.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.