What Is Quantum? (Qtum)
Commonly pronounced as Quantum, Qtum is an open source yet decentralized value transfer protocol and Blockchain platform.
The platform can proceed smart contracts on several digital machines and operate environments using PoS; Proof of Stake consensus.
Qtum is actually a hybrid of both Ethereum and Bitcoin as it mixes Ethereum’s smart contracts with the stability of bitcoin’s blockchain. Qtum was built from the core code of Bitcoin and refurbished to operate with EVM; Ethereum virtual machine. Qtum has taken the best aspects of both Ethereum & Bitcoin to create something unique.
At the same time, it displaces PoW; Proof of Work with PoS; Proof of Stake as its consensus mechanism.
Meanwhile, Qtum is the official virtual coin of Qtum Blockchain platform. It functions as the fuel that makes transactions on Qtum system. An overall total of a hundred million tokens was distributed during its ICO; initial coin offering.
Additionally, Qtum was created by a non-profit organization known as Qtum Blockchain foundation. The foundation was built in November 2016. At its ICO carried out in March 2017, Qtum was able to raise about $15.6 million in less than five days.
It was in exchange for 51 million Qtum tokens. This, in turn, makes it the fourth biggest ICO of all time.
What Problem Is Qtum Solving?
Qtum is devoted to bringing Blockchain innovation to real world sectors such as DNS, IoT; Internet of Things, finance, gaming and a host of others through building a universal open source ecosystem with the cooperation of some other Blockchain spheres.
It is basically bridging the genuine world to that of the Blockchain world via data feeds and Oracle. With decentralization as its core feature, Qtum will be facilitating dApps advancement by creating a diversified module for diverse users and systems.
Using the Mobile Go plan, Qtum focuses on bringing Blockchain technology to the regular web users through creating lite dApps. It has developed a huge way of accepting Blockchain technology without the difficulties linked to Ethereum and Bitcoin.
Qtum currently is a host to 20+ dApps, below are some of the dApps they have available:
It backs a host of industries that consists of but not limited to social media, computerized assets, logistics, finance and healthcare, etc. Due to the launch of projects such as Qloha and Spring email, Qtum focuses on using email addresses as computerized wallets.
With financial technology banking solution, known as Zeux, partnering with Qtum digital currency, the gap between new age virtual currencies and legacy monetary payments have been shortened.
With this, every Qtum holder can now use their digital currency at any available apple pay or Samsung pay point of sales terminals. This essentially decreases the friction of utilizing digital currencies for real-life payments.
Furthermore, Zeux is a FinTech company based in London and regulated strictly by FCA. It offers an app that provides lots of backing tools to be used in paying for services and products with either digital or fiat currencies.
Frank Zhou Founder and CEO of Zeux mentioned: “We’re excited to add QTUM to our list of cryptocurrency chains. We believe Qtum is leading the way in mass adoption of smart contracts by providing simplicity, security and flexibility. Zeux will now provide Qtum holders extra utility by providing them a way to pay at any point-of-sale terminal with Apple Pay or Samsung Pay’’
Additionally, Qtum has gone on to partner with Starbucks. Starbucks is rated among the globe’s biggest coffee house chain. Qtum will be working with the Korea division of Starbucks to apply Blockchain innovation.
The reason for this partnership could have to do with Starbucks facing problems with surging prices and decreased coffee beans quality. And, this problem can be resolved through investing in Blockchain technology in its supply chain.
Since Qtum has been structured with interoperability and balance in mind, it only makes much sense for any business such as Starbucks to take on and apply this new technology.
Qtum was initially seen as a competitor to some cryptocurrency projects such as NEO. Qtum simply focuses on generating blockchain solutions for businesses. As of 2018 June, Qtum was the virtual currency rated at the twentieth position universally.
The future looks bright for Qtum, since it has a Bitcoin code base it will be able to adopt Bitcoin’s improvements such as lightning, Segwit. It also carries part of Ethereum’s code base which means it will have the capability of hosting any Ethereum based Dapp or smart contracts.
Due to the number of apps that are being built on Qtum, this will enable them to scale quite quickly. It’s also important to note that they are also capable of deploying smart contracts through mobile interfaces as well.
However, the biggest challenge that quantum faces is that they are directly competing against Ethereum which have a very strong user base. I look forward to seeing how quantum continues to develop & evolve over the years. There is definitely room for more than one blockchain platform for smart contracts and Dapps, the question is can Qtum rise to the task?
Qtum, much like many other cryptocurrencies has had a rough 2018. We were able to see some gains (50%-60%) between February & March but nothing has stuck. Since those gains were made we have broken our most recent bottom and there’s no telling where it could stop with any certainty. The only information I have to go off of right now is a capitulation candle (-74%) that we saw at the beginning of April and another one close to the end of April. We seem to have found some kind of support there twice now for some odd reason, we’ll have to see if we can hold that position once we get there. For now we’re basically free falling, best thing to do right now is to sit back and see how this plays out.
If you enjoyed reading this post consider following the blog for more updates on the market!
My Latest Post:
My Latest YouTube Video: