QTUM is a project with the mission of providing blockchain technology to mobile devices. It was founded by the Chinese company, Alibaba Group Holding Ltd., which has been involved in e-commerce since its inception.
The qtum price prediction 2020 is a guide that will help you understand the qtum coin. It includes a list of qtum’s features, as well as how it compares to other cryptocurrencies.
Tom Alford is a British actor. contributed to this article. 22 March 2018
The following is information about this guide: This article will attempt to give you with all of the information you need regarding the QTUM currency and the QTUM project. We’ll go through what QTUM is, what it does, and how it differs from other app development platforms. The initiative was developed by the Quantum Foundation, which you should be aware of. Before investing in any cryptocurrency, we always advise caution and encourage you to do your own research.
What exactly is QTUM?
The Quantum Foundation, based in Singapore, has created one of the most interesting blockchain initiatives, with many benefits for smart contracts and business. The project’s crew is comprised of young and bright individuals. They’ve made ripples in the crypto industry, which is why the initiative is dubbed “The Blockchain Made Ready For Business.” QTUM intends to be a public blockchain for business, with a focus on mobile telephony, counterfeit prevention, banking, industrial logistics, and manufacturing.
Consider a blockchain network that combines Ethereum’s flexibility with Bitcoin’s high security. Developers may utilize the QTUM network to create extremely secure decentralized apps for financial institutions and other businesses. As a result, QTUM has the potential for widespread adoption, particularly among businesses seeking to take use of blockchain technology.
The official introductory video for QTUM.
The QTUM Initial Coin Offering (ICO) and Token Supply
In March 2017, QTUM had a crowd sale that raised over $15 million in only 5 days. In the first 90 minutes, $10 million was raised! This places the initiative among the top ten cryptocurrency crowdsale efforts of all time.
The entire quantity of QTUM tokens will be distributed in three ways.
- To begin, the project’s ICO issued 51 percent of tokens (51 million). The funds generated in this manner will be used to fund QTUM’s activities over the following four years. Business activities such as development, administration, marketing, and financial/legal advice fall under this category.
- Second, community projects will get 29 percent of tokens (29 million). Business development, research, education, and market growth are among them.
- Finally, 20% of the tokens were given to the company’s founders, early supporters, and development staff.
What makes Qtum unique?
The Quantum Foundation’s approach to smart contract development is unusual in that it aims to bridge the gap between the projects of Bitcoin and Ethereum. In a word, the project is a developer platform that integrates Ethereum’s smart contract capabilities with Bitcoin’s network security. QTUM has access to the finest features of both the Bitcoin and Ethereum networks.
A More Technical Description Of The Differences Between QTUM and Other Developer Platforms
Its fundamental technology combines a modified Bitcoin Core infrastructure with an Ethereum Virtual Machine compatible version (EVM). What is the Ethereum Virtual Machine, exactly? Simply stated, this focuses on security and allows untrusted programs to be executed over a worldwide network of computers. In practice, this serves as a defense against denial of service assaults, which may shut down networks by flooding them with false traffic. This kind of assault is extremely frequent in the cryptocurrency world, so having a defense in place is a good idea.
QTUM combines the unfailing security of Bitcoin’s blockchain with the limitless potential of smart contracts. The Quantum Foundation does this by using a layer of account abstraction (AAL). Simply put, this is the technological mechanism that allows the Bitcoin blockchain and the Ethereum Virtual Machine to interact. As a consequence of this innovation, any new advancements on the Ethereum or Bitcoin blockchains will benefit QTUM directly.
Both Ethereum and Bitcoin have developed or are in the midst of implementing technologies to make transactions for consumers quicker and cheaper. All of these initiatives will help QTUM grow. These are some of them:
- The Lightning Network will allow for immediate transactions, increased transaction throughput to billions per second, lower transaction costs, and the ability to transact across several blockchains (e.g. Litecoin blockchain).
- SegWit — Increases the amount of transactions processed on the Bitcoin network per second. Because each block is only 1MB in size, Bitcoin has had scalability problems in the past. This is increased to 4MB with SegWit.
- On the Ethereum network, the Raiden network allows near-instant transactions with extremely cheap costs.
How Does The Ethereum Virtual Machine Help QTUM?
The Ethereum Virtual Machine’s strengths help the project in the following ways:
- It enables adding material to the QTUM network extremely simple for developers.
- Existing decentralized apps (dApps) may simply be migrated to the QTUM network. If current APPs on other blockchains migrate to QTUM, the project’s value will rise.
- Denial-of-service attacks are prevented on the network.
The Account Abstraction Layer is the Quantum Foundation’s major contribution to cryptography.
As you may know, the Account Abstraction Layer is what allows QTUM to benefit from both the Bitcoin and Ethereum networks. We didn’t inform you that because of this architecture, Quantum is no longer restricted to the Ethereum Virtual Machine as a smart contract platform. Any virtual machine that is compatible with AAL will work with QTUM and may take the role of Ethereum’s Virtual Machine.
QTUM will need to develop their own solution in order to realize the full potential of the Account Abstraction Layer. The good news is that the team is now working on this and is developing their own x86 Virtual Machine for the QTUM system.
The following are some of the features of QTUM’s proprietary x86 Virtual Machine solution:
- Unlock new smart contract possibilities.
- Assist with data storage.
- Programming support for popular languages such as C#, C++, and Java will be added.
The final point is much more important than it seems. There are 14 blockchain developer job openings right now for each blockchain developer. A blockchain that allows developers to write in a widely used programming language would eliminate the need for specialized blockchain developers. We’re extremely enthusiastic about the implications of this breakthrough for the crypto industry.
It’s worth noting that QTUM isn’t the only effort attempting to make it easier for developers to write code in popular languages. Other projects, such as LISK, are working on implementing similar feature.
A Fight Between Transaction Systems
This is perhaps the most basic illustration of how the project has combined the finest features of Ethereum and Bitcoin to create their own development platform. We understand it’s a little technical, but bear with us.
The Ethereum Account Ledger System functions similarly to a conventional bank. Every user on the network has a balance, and they may use a part of it to boost the balance of another user. This is how money is sent in a technical sense. However, additional bits of logic must be added to make this system function on the blockchain in order to prevent “double spending,” or spending the same money twice. Internally, this logic complicates the account model and introduces a number of constraints.
The Unspent Transaction Output (UTXO) concept is analogous to a bank check-based ecosystem (without an actual bank account, the check itself is the money). Each check includes an amount and a “pay to” box, which in our case gives instructions on how the money must be spent. You can’t go to the bank and tell them to “cash half the cheque and give me half back.” Your ‘balance’ is just the total amount of checks you have available to spend. All you need to know is that each token may be “spent” or “unspent,” and crypto balances are computed by adding up all spent and unspent transactions. In a blockchain context, this approach is easier and needs less logic to ensure security.
Each model has its own set of advantages and disadvantages. For transactions, QTUM has selected the UTXO mechanism, which has been tested and proved safe by Bitcoin. QTUM, like Ethereum, utilizes the Account Ledger System for smart contracts.
Making the Switch to Mobile
People are increasingly utilizing their mobile phones to access the internet. A interesting fact is that in 2016, mobile use surpassed desktop usage for the first time. With such developments, you’d think bitcoin initiatives would pay attention to mobile. QTUM was the first cryptocurrency initiative to recognize and capitalize on the mobile market’s untapped potential.
Through its easy payment verification mechanism, which is based on Bitcoin’s UTXO mode, QTUM has made its platform smartphone friendly. This allows mobile devices to use light wallets to execute smart contracts. As a consequence, without having to download and sync the whole blockchain, mobile users may engage with the Bitcoin network and verify their own transactions.
The idea was strongly inspired by developments in East Asian nations such as China, where a well-developed mobile payment infrastructure already exists, with WeChat Pay and Alipay dominating the market. From taxis to local street food sellers, you can pay with your phone no matter where you are or what you want to purchase. The aim of the QTUM wallet is to introduce a comparable idea and make it popular with at least 10 million users all over the globe.
We believe that mobile support will become a more essential need for crypto projects in the future. QTUM’s first mover advantage excites us, and we believe this approach will pay off in the future.
The following are the views of the Quantum Foundation regarding mobile support:
“The ability to run smart contracts on smartphones and tablets signals a new era in decentralized computing. With mobile devices accounting for about half of all internet traffic, mobile support would help every real-world use case for decentralized apps – particularly when considering the trends in emerging markets.”
Patrick Dai is a writer and entrepreneur (Founder of Qtum)
dApps for QTUM
A decentralized application (dApp), which is often linked with the Ethereum project, is an application that operates on a peer-to-peer network of computers rather than on a single computer. The main advantage is that users of the network are not reliant on a central computer to transmit and receive data. QTUM presently has a large number of dApps under development on its network. The Account Abstraction Layer has already had a significant effect on developers’ ability to build on QTUM.
These dApps are only a few of the many ways that the Qtum platform may be utilized. You’ll see that the applications are almost limitless, spanning sectors as diverse as worldwide creative, culinary, social, medical, and even space industries.
Only 5% of the earth’s surface is covered by blockchain infrastructure, which implies 3 trillion devices are not connected. The number of prospective blockchain users and cryptocurrency project developers is severely limited as a result of this. There is yet hope. SpaceChain is powered by QTUM and intends to build a network of 72 satellites (each serving as an operating node) to offer blockchain technology a truly global reach.
What is the benefit to the user?
- Data storage service based on space.
- Satellite sharing test platforms for blockchain hardware and software.
- Service for narrow and broad band communication.
MediBloc is another interesting project being developed on the QTUM network. In a nutshell, Medibloc’s goal is to keep track of every contact you have with a medical expert and save it on the blockchain.
- Controlling and owning their healthcare data would empower patients.
- Developers may construct new services for consumers and healthcare professionals using user healthcare data, resulting in a new economy.
- Doctors may get access to full medical data and simplify patient treatment.
- Researchers in the field of medicine can get the knowledge they need to improve the field.
Medibloc, which is driven by QTUM, aims to provide the groundwork for the future of healthcare.
Halal-Chain is a worldwide monitoring system for product safety and accountability that is decentralized. It is primarily concerned with the Halal industry, which includes food, medicine, and cosmetics. Halal has grown into a multibillion-dollar industry, with a worldwide market value of 45.3 billion dollars in 2016 and a forecast of 58.3 billion dollars in 2020. In this sector, blockchain may provide value by lowering the prices of purchasing and selling items and monitoring things using tamper-proof technologies. Everything would be based on QTUM.
Qbao is a decentralized social network built on QTUM that includes a digital currency wallet, exchange, payments, an app store, and a range of application scenarios. The project’s aim is to provide a fantastic user experience for the QTUM community and worldwide blockchain users by building a social network comparable to WeChat.
Bingo, an independent blockchain entertainment platform for developers, publishers, and players, has joined with the Quantum Foundation. The firm created the first cryptocurrency game, dubbed “QTUM Heroes,” using QTUM. These technical advancements in the gaming business are aimed at delivering a pleasant gaming experience while also using blockchain technology. This is a once-in-a-lifetime opportunity to combine blockchain technology with gaming, and it will only benefit the ecosystem.
Proof Of Stake and the Quantum Foundation
Proof-of-Stake (POS) is a consensus mechanism for digital currency that secures a Blockchain by generating blocks using money rather than massive networks of specialized hardware. To produce a block, the Proof-of-Work (PoW) consensus mechanism involves the solution of difficult problems. The difficulty of the issue increases as the amount of computer power used increases.
QTUM users may utilize their own devices to protect the Blockchain using the POS paradigm. This implies that a laptop, or even a home computer, may be used instead of a costly Application Specific Integrated Circuit (ASIC), Field Programmable Graphics Array (FPGA), or Graphics Processor Unit (GPU).
According to recent study, bitcoin transactions may use as much energy as Denmark by 2020. It also makes the network safer since assaults become prohibitively costly; to take control of the platform, a hacker would need to possess 51 percent of the coins.
Should I Put Money Into QTUM?
We are unable to advise you on whether or not to invest in QTUM. However, we are delighted to share the following thoughts with you:
- Project seems to be a good mobile option.
- The top 20 most valued cryptos are dominated by application development platforms like QTUM.
- We believe that several interesting initiatives are being developed on the platform, namely SpaceChain.
- We appreciate how the project is combining the greatest features of both Ethereum and Bitcoin.
- QTUM is an interoperability play thanks to the Account Abstraction Layer. We think that there will be many various kinds of blockchains in the future, therefore effective developer platforms will need to interact with a variety of them. For QTUM, the Account Abstraction Layer makes this feasible.
- QTUM’s ability to build on the platform using standard programming languages like Java and C++ should increase the platform’s popularity among app developers.
- The project does not have the same degree of acceptance as rivals like Ethereum.
- In comparison to rivals, the project has a relatively limited number of decentralized apps developed on its platform.
- Is it possible for QTUM to outperform Ethereum or Neo?
What Is The Best Way To Purchase QTUM Coin?
We’ve put up a step-by-step tutorial on how to purchase QTUM currency.
Finally, QTUM has a plethora of interesting future initiatives, and this is just the top of the iceberg. Because of the Quantum Foundation’s primary emphasis on mobility, security, and connectivity with other blockchains, there are almost limitless possibilities in almost every sector.
With the introduction of various wallets on mobile platforms, a lighting network, and even the launch of their own satellite, they have a lot going on this year. QTUM will also expand its footprint in the West by establishing a presence in Denver (USA).
QTUM has a bright future ahead of it, according to TotalCrypto. We’ll be keeping an eye on this initiative and looking forward to seeing where it goes.
To be completely transparent, we do own QTUM and consider it a long-term investment.
We’ve included a collection of useful QTUM resources below.
? QTUM Wallets that are the safest
Hardware wallets are the safest way to store cryptocurrency. These wallets keep your private keys and do not reveal them to the public, ensuring that your crypto is kept as secure as possible. Perhaps you should handle your cryptocurrency as if it were a million dollars one day?
Do you want to know what other cryptocurrencies you can store on Ledger? Check out our comparison of the Ledger and the Trezor.
What Are the Best Free Wallets?
The official Quantum Foundation wallet is recommended.
? The Best Apps For Keeping Tabs On Your QTUM Investment
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
Tom is a cryptocurrency specialist and investor from Edinburgh, Scotland, who has worked in the industry for over 5 years. He graduated from the University of Nottingham with an MA in diplomacy and a BA in politics, providing him a solid grasp of the social and political ramifications of cryptocurrencies. He is a big supporter of the future use of blockchain technology and believes in long-term initiatives above short-term profits. Tom may be reached at [email protected]
The qtum coin review is a cryptocurrency guide for 2018. It has all the information you need to know about QTUM, including its history and what it can be used for.
- qtum price analysis
- qtum coin upcoming events
- how to buy quantum cryptocurrency
- qtum mainnet
- what happened to qtum