What is Qtum Coin | A Non-technical Beginner's Guide

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QTUM Coin Price

What is Qtum Summary

Qtum combines a modified Bitcoin core structure with a version of the Ethereum virtual machine.

This allows QTUM to produce working decentralized applications which are executable on mobile devices, and compatible with many major existing blockchain ecosystems.

The History Of Quantum Cryptocurrency

Qtum began as a crowdsale ICO launch in March 2017.

They sold 51 million tokens and had a very successful launch.

This started after one of the co-founders discovered Bitcoin and began to work on a model for creating Dapps in a more sustainable way.

The tokens began as a placeholder token, followed closely by their ERC-20 launch before the mainnet elicited tokens which could be used on the QTUM mainnet.

The token ICO price was $.3, and QTUM now sits at:

Leading to a strong profit for investors.

The QTUM Team

QTUM has a large team being headed by a former Alibaba employee, experienced blockchain developers, and well-known Cryptocurrency evangelists.

Their backers also comprise some lofty names...

Roger Ver to be one of those, was an early backer of the project and the mission that they are aiming to achieve.

As most people know Roger Ver is one of the main advocates of Bitcoin Cash and the ability to upgrade/fulfill a peer-to-peer digital currency that works fast for mass adoption.

What is The Purpose of Quantum

The QTUM team wanted to solve one primary purpose.

Get rid of the archaic speeds of Bitcoin, and use this pre-existing model inside of Ethereum’s new platform for Dapps.

Essentially their mission was to create a middle ground between the two.

Something that would operate and work better than both apart.

Granted the platform resembles and functions more like Ethereum than like Bitcoin, allowing for the hosting and creation of Dapps all on a mobile phone.

Where QTUM differs from Ethereum’s Dapp platform is that QTUM is built off of Bitcoin UTXO model.

What that means is that Bitcoin uses a model of UTXO (unspent transaction output) to monitor and update the blockchain. This helps to show who has what coins based on what has not been spent in the network.

Now, QTUM uses this model paired with a proof-of-stake consensus mechanism.

With this combination, they plan on scaling and building to become one of the premier platforms for Dapp and blockchain infrastructure.

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What Are The Special Features of Qtum Coin

Trusted Dapp Development

By combining UTXOs, Proof-of-Stake and a decentralized model of Dapp creation, they aim to create trusted applications.

What is a UTXO?

While most people think of holding Bitcoin’s that isn’t how Bitcoin works.

A UTXO is an unspent transaction output or an unspent coin.

What this means is that inside of Bitcoin’s infrastructure you don’t theoretically own the token, but instead own the output, which verifies that you have the token.

As the information gets passed around the blockchain, it doesn’t end up showing everyone’s balance.

John may own 30 Bitcoins and send 3 to Tim, but instead of showing the reduction, there is a saving of the transaction and output in the system.

Which settles the difference, giving Tim 3 Bitcoins and showing that John only has 27 Bitcoins.

This allows QTUM apps to be compatible with major blockchains ecosystems.

On top of that, this will allow for native mobile support and IOT appliance integration.

A Unique Smart Contract Model

QTUM allows businesses to create their tokens, automate supply chain management, and engage in self-executing agreements.

This happens through two built-in mechanisms.

Smart Contract Lifecycle Management

Qtum is working on developing tools and methods to standardize smart contract creation.

Creating a verifiable translation of human agreements to machine smart contracts will be one of the first steps.

This then creates a lifecycle of the contract.

It also creates an error-resilient specification ability to the terms, elements, and conditions of an agreement.

Smart Contract Hub with Industry Standards

By creating a smart contract hub, they will help build in industry standards.

This means that creating and offering secure and thoroughly tested contract templates will be the first thing they tackle.

After that, they can create smart contracts that fit many different industries and purposes to be used an infrastructure for new smart contracts and companies based on them.

Mobile Ready From The Start

The QTUM code based has built in simple payment verification.

This is why building with the UTXO model of Bitcoin was important to the QTUM coin team making it possible to execute smart contracts on lite wallets.

In other words, the downloading of a mobile app allows for QTUM mobile usage.

And with many lite wallets and applications available, QTUM can already be used and executed on mobile devices.

Account Abstraction Layer

Using Bitcoin's “Script” language, QTUM can transport code to its version of Ethereum EVM.

By enabling this pre-existing and well-tested Bitcoin infrastructure on this network, it means that QTUM can run Dapps in any environment.

What happens then is that the EVM can operate in a UTXO environment based on code added to the script language.

This makes it so instead of “owning” tokens, people own the outputs which add up and verify the number of tokens.

This allows security and scalability that is hard for EVM and Bitcoin on their own.

Even in environments previously out of reach for Turing-complete blockchains, both simply and securely.

Cross-Platform and Backward Compatibility

Existing Ethereum contacts are compatible with QTUM as well as Bitcoin gateways.

And as the system is updated they will maintain and continue to be backward-compatible with these platforms.

What Does GCA Think of QTUM?

QTUM aims to make the best of both worlds.

They combine the security and infrastructure of both Bitcoin and Ethereum.

Although, this may lead to them becoming stretched thin as it is a big task to continue to mesh two programs together.

On the other hand, piecing together these two technologies makes an interesting mobile ready Cryptocurrency.

They are one to watch in the creation of Dapps and development of the smart economy.

We’ve seen QTUM make leaps in price and market capitalization recently and we are currently watching it see what will happen.

If you liked this review and want to help support the academy donate some Qtum below!

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February 23rd 2018, 14:06