Qtum – Mix between Bitcoin and Ethereum =

In China, the trend is to create new business models based on blockchain technology. China has a central authority and thanks to the blockchain it is possible to make transactions without the intervention of a third party. The Chinese government has recently welcomed the development and even plans to stimulate this development considerably in the coming years. China is also the first country to release and test a national cryptocurrency. Qtum (Quantum) is one of the cryptocurrencies developed for China and is seen as one with enormous potential.

What is Qtum?

With the arrival of Qtum, a platform has been created on which companies can build their business. The Shanghai-based blockchain company has released its own cryptocurrency under the same name in addition to the platform. Smart contracts can be executed on the blockchain with a proof-of-stake ( PoS ) consensus mechanism. It is therefore called a PoS smart contract platform. The advantage of Qtum is that it uses the core technology of both Bitcoin and Ethereum. The combination of Bitcoin UTXO with Ethereum smart contracts and a Proof-of-Stake protocol makes it a platform with great potential and endless possibilities. The UTXO ensures good reliability and the smart contracts provide many different possibilities.

It is not the case that Qtum works on the Bitcoin or Ethereum blockchain. They have merged the best of both worlds and created their own blockchain, the Quantum blockchain. This blockchain works according to the security of Bitcoin and the PoS of Ethereum. By using combinations of existing technologies, Qtum is sometimes referred to as a hybrid blockchain.

What can we do with it?

Qtum’s design represents stability, modularity and interoperability, laying the right foundation for building trusted decentralized applications ( DAPP ), suitable for business-related use. Qtum’s hybrid nature coupled with a Proof of Stake (PoS) consensus protocol allows applications to be compatible with other major blockchain ecosystems, in addition to being of course compatible with mobile and IoT devices.
At the moment, six decentralized applications have already been built for the Qtum blockchain. One is a peer-to-peer mobile streaming platform. These applications can be found in the new store that Qtum has developed on its blockchain. Just like with the Apple store, games and other applications can be downloaded here. Eventually it will also be possible to develop applications yourself and put them in the store. An example of two applications that work well together are the mobile wallet and Imessage. It is a way to easily make a payment. A person can be selected from the contact list on the phone. In the chat with this person, the Qtum extension can be opened and a message can be sent to transfer an x amount. The recipient can accept this message in the chat and will receive the amount in his or her wallet.
This video shows how this can be done in under a minute:

At the moment, the applications are focused on the Chinese market and it will eventually become accessible to the global audience as well.

What is the purpose of Qtum?

The initiators aim to release the first Value Transfer Protocol (VTP). This protocol will streamline day-to-day business and enable blockchain to be adopted more quickly in day-to-day operations. They want companies to use the blockchain intensively so that business operations can become many times more efficient. In particular, standardized tasks must be taken off the hands of people by technology. Not for the reason to make people unemployed, but to make better use of human capital by spending less time on tasks that can be automated.

How do they handle this?

Qtum connects Bitcoin and Ethereum as well as the blockchain world and the real world. To be able to do this, there must be a lot of knowledge of the four different groups.
The Quantum team includes people from the Bitcoin community and the Ethereum community. In addition, they speak extensively with large companies such as Alibaba and Nasdaq to map out the needs of the business community. In the coming period we will see that there are companies that will build their ideas on the Quantum Blockchain. The first is already a fact and is called Energo. They have already launched their ICO on the blockchain.

Why does Qtum use Proof-of-Stake?

Jordan Earls , one of Qtum’s developers, has developed a new proof-of-work algorithm himself. When designing Qtum, the team discussed whether or not to use this algorithm. They have spoken to many different companies to find out what they think is important. This showed that the prevailing opinion is that blockchain technology must work efficiently and that Proof-of-Work is therefore not an option. The fact is that users from the industry do not want to invest a lot of time and money in learning how to mine. After many conversations with companies from different industries, it became clear that the proof-of-stake consensus model would be the best option. With a proof-of-stake, the chances of a good adoption of Qtum are higher as people will not only keep the coins on exchanges, but will also actively use them to get more coins. In addition, much less energy costs have to be incurred.
Qtum thus uses the PoS consensus algorithm because it is efficient and the chance of adoption is greater.

How do I buy Qtum?

Buying Qtum on Bitvavo is a piece of cake. Within minutes and for less than a euro you can be the proud owner of QTUM.

  1. Register here for free at Bitvavo
  2. Verify yourself by clicking on your name in the top right corner and then go to ” Verification “.
  3. Transfer money via iDeal. You do this by clicking on ” Deposit Euros “.
  4. Then enter the amount and choose iDeal as payment option so that the money is in your Bitvavo account within a minute. Then click on “Pay”.
  5. If you click on ” Overview ” afterwards, you will see the money.
  6. Find QTUM, click on it and then press “Buy”.
  7. Invest the amount you have in mind in QTUM.
  8. Congratulations! You have purchased QTUM!
    Don’t forget to save your username and password

 

Meet Quantum!

  • Website
  • Twitter
  • Slack  
  • Github

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