What is Qtum? Everything you need to know about QTUM (2024)

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What is Qtum?

Qtum is an open-source blockchain platform focused on smart contracts and decentralized applications (dApps). The platform combines elements from both the Bitcoin and Ethereum blockchains and utilizes a hybrid consensus mechanism called Mutualized Proof of Stake (MPoS). Qtum aims to merge the advantages of both Proof of Work and Proof of Stake to provide a more scalable, stable, and secure blockchain platform.

Qtum was launched in 2016 and has since undergone various upgrades and updates to enhance its functionality and performance.

How does Qtum work?

Qtum is a blockchain platform with a hybrid architecture that combines the benefits of Bitcoin's UTXO model and Ethereum's smart contracts. The platform is designed to increase compatibility with existing blockchain systems and enable developers to easily create and deploy smart contracts. Qtum employs a variation of the Proof of Stake consensus mechanism, where validators, rather than miners, validate transactions and add new blocks to the blockchain. Validators are chosen based on the amount of QTUM tokens they stake.

The platform supports multiple programming languages to simplify smart contract development and promote adoption. Additionally, it utilizes a Decentralized Governance Protocol (DGP), allowing the protocol to automatically adjust to changing conditions.

With its features, Qtum offers a flexible and user-friendly blockchain platform for both developers and businesses seeking decentralized solutions involving smart contracts and dApps.

The Qtum token

The QTUM token combines elements of both Bitcoin and Ethereum. The token is used for transactions, executing smart contracts, and paying transaction fees.

QTUM is based on the Unspent Transaction Output (UTXO) model, just like Bitcoin. This means that each QTUM token has a specific value, and transactions are verified by ensuring that the input and output of a transaction match.

Users are rewarded with new QTUM tokens for validating transactions and maintaining network security. They also pay QTUM to execute transactions and smart contracts, with these transaction fees being distributed to the validators securing the network.

In addition to QTUM, the Qtum network has a second currency: the QRC20 token. This token is compatible with Ethereum's ERC-20 protocol and can be used to build decentralized applications (dApps) on the Qtum network.

The Technology Behind Qtum

The technology behind QTUM combines elements of Bitcoin and Ethereum to provide a secure and efficient blockchain suitable for various applications.

The platform uses a custom version of the Bitcoin Core codebase as the foundational layer of the blockchain. It combines the ability to execute smart contracts via the Ethereum Virtual Machine (EVM), a core Ethereum protocol.

Qtum's technology comprises several components:

• Account Abstract Layer: Manages accounts and transactions, based on Bitcoin's UTXO model.
• Smart Contract Execution Layer: Responsible for executing smart contracts using the Ethereum Virtual Machine (EVM).
• Consensus Layer: Ensures consensus among network nodes, utilizing a Proof of Stake consensus mechanism.
• Application Interface Layer: Allows developers to build dApps on the Qtum blockchain using a range of development tools and APIs.
• Decentralized Governance Protocol: Mechanism for Qtum token holders to participate in decisions regarding the network's future development.

The Qtum ecosystem

The Qtum ecosystem is a decentralized platform for smart contracts and dApps that combines the advantages of both the Bitcoin and Ethereum blockchains. The network offers users a secure and scalable infrastructure for building and deploying dApps in various industries, including finance, identity, supply chain management, and more. What elements make up the Qtum ecosystem?

• Qtum Blockchain: The core of the Qtum ecosystem, a hybrid blockchain using Bitcoin's UTXO transaction architecture and Ethereum's smart contract functionality.
• Proof of Stake Consensus Mechanism: Used to generate new blocks and validate transactions, making the network faster and more efficient than Proof of Work blockchains.
• Qtum Innovation: The Qtum team has introduced various enhancements to existing Bitcoin and Ethereum technologies, including the implementation of the Account Abstraction Layer (AAL) and the Decentralized Governance Protocol (DGP).
• Qtum Core Wallet: The official wallet for storing and managing QTUM tokens.
• Smart Contracts and dApps: The Qtum ecosystem supports the development and deployment of smart contracts and dApps through the Qtum Virtual Machine (QVM) and Solidity, Ethereum's programming language.
• dApps: The Qtum ecosystem includes several native dApps, including Qbao, a multi-chain wallet, and InkChain, a platform for intellectual property and supply chain management.

Benefits of Qtum

Every blockchain platform has its own pros and cons. What are the advantages of Qtum?

• The platform combines the best elements of Bitcoin and Ethereum.
• Advanced and innovative technologies.
• Prominent partnerships.
• A highly experienced development team.
• A high level of security.

Drawbacks of Qtum

What disadvantages should you consider when investing in QTUM?

• Relatively low adoption.
• Dependence on the Bitcoin and Ethereum blockchains.
• High competition.

Who is the founder of Qtum?

The founders of Qtum are Patrick Dai, Neil Mahi, and Jordan Earls. Before founding Qtum, Patrick Dai was a member of the Alibaba team, while Neil Mahi had over 20 years of experience in software development. Both founders had several years of experience with crypto assets before joining forces with Earls to create Qtum.

Price forecasts

In 2026 experts expect a minimal price of €6.62 and a minimal price of €22.00 in 2031.

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Market information

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