Qtum Features and Reviews

What is Qtum?

Qtum, pronounced Quantum, is a scalable, fast, green, stable, decentralised, proof-of-stake blockchain platform that allows developers to use the features of Bitcoin and Ethereum. It’s more decentralised than most blockchains, which makes it more resistant to censorship. Qtum aspires to disrupt the online transaction sector and become a vital part of the banking and social networking industries. Qtum builds its network on Bitcoin core for security and stability. Qtum employs a UTXO model. The project integrated Ethereum's virtual machines (EVM) so that the chain could run full code required to support smart contracts and decentralised applications (dApps). Qtum's stack contains a middleware layer and an account abstraction layer (AAL), which ensures that the UTXO set is compatible with smart contract execution layers. QTUM, Qtum's native token, allowing users to pay transaction fees and participate in network security. Users can also vote on protocol upgrades.

Qtum characteristics

Decentralized governance - Qtum is unique in its capacity to change parameters in a distributed manner. The community has access to a number of smart contracts that allow them to change characteristics such as gas prices, block sizes, and other critical aspects.

Speed - By combining several layer-1 and layer-2 technologies, Qtum could hypothetically do "millions to billions" of transactions per second. Qtum's current layer1 network has a capacity of roughly 1100 tps.

Proof of stake- To secure its network, Qtum employs the energy-efficient and scalable proof-of-stake mechanism. To stake, players can utilise low-powered devices or do it offline to save energy.

Upstream support- As a standalone blockchain, Qtum combines the finest of Ethereum and Bitcoin. It can receive game-changing updates from both the Ethereum and Bitcoin ecosystems.

Token standards- Qtum makes it simple to access industry standards like as NFT functionality and ERC20 tokens. You do not have to pay large gas prices to transfer and receive various tokens, both fungible and non-fungible.

Janas is a web3 adapter that may be used to interface with Qtum as a proxy adaptor and web3 provider. It makes it simple for developers to port solidity-based applications to Qtum.

History

Qtum was founded in 2016 by Patrick Dai, Neil Mahi, and Jordan Earls, and its initial coin offering (ICO) took place in March 2017. Qtum aims to combine the finest aspects of the Ethereum and Bitcoin blockchains to build an intelligent contracting platform. For security and stability, the protocol is built on the Bitcoin core code. Qtum merged Ethereum's virtual engine into Bitcoin, allowing the network to execute decentralised apps (dApps). It intends to introduce more virtual machines to the network, including the X86 VM, to accommodate smart contract programming languages other than Solidity.

Combining Ethereum and Bitcoin features may result in compatibility difficulties. The UTXO system is used by Bitcoin to track coin ownership. Ethereum, like most protocols that utilise virtual machines, employs an account-based paradigm. The account abstraction layer (AAL) in Qtum's tech stack transforms Bitcoin code to the EVM. This enables virtual machine compatibility with UTXO.

Qtum chose a modified proof-of-stake (PoS) paradigm from Blackcoin as its consensus method. According to the Qtum team, proof-of-work blockchain technologies suffer from categorial scaling restrictions that PoS could ease. Qtum has an on-chain governance framework (also known as the Decentralized Governance Protocol or DGP) that allows token holders to take control of decision-making. Block size and base gas prices are two network factors to consider. The Qtum Foundation is a crucial actor in the development and promotion of the Qtum blockchain.