Since Qtum was launched, it has been considered as one of the major breakthroughs in the world of cryptocurrencies. This is because Qtum has added a whole new level of efficiency to the existing cryptos like the Bitcoin. Qtum is without doubt a high quality cryptocurrency. It comes with an innovative technological setup besides having unique features.
This article therefore is aimed at discussing what Qtum really is, background, history and founders as well as market performance. The purpose of this breakdown of information will be to give you a better understanding of this crypto as well as how to use it to make transactions.
History of Qtum & Founders
Qtum was initiated in the year 2016 but then it was fully introduced in the crypto world in the year 2017 right after the initial coin offering. The Gurus behind the whole technology of Qtum are a panel of blockchain professionals who are well known in the Asian region. The team members are as follows;
- Patrick Dai who was the founder of the entire project. He has years of experience in the blockchain industry owing to his experience of employment at Alibaba.
- Jordan Earls who was the leader as well as the cofounder of the project. He is a well-known man in the crypto world. Being a talented software developer, Jordan is a prominent figure in the crypto world.
- Nei Mahi who was the head of the department in the development of the blockchain.
Besides the founding team, there is a list of investors who are behind the success of Qtum in general. The likes of Anthony Di Iorio who is the co-founder of Ethereum, Star Xu who is the general director of OKCoin and Roger Ver who is the founder of Bitcoin Com. With this team in place, Qtum has made to wherever it is currently. This is because the investors have accumulated at least $1 million to project.
Despite Qtum being a new project in the crypto world, it has managed a few partnership deals as well launch several projects which look more than flourishing. During the initial coin offering, Qtum was able to raise about $15.6 million in less than 117 hours. This was unmatched therefore it secured a place with the big leagues of the most funded crypto. In the beginning, Qtum made it to selling $10 million of its total tokens in just 90 minutes.
The crowd sale of the Qtum was planned to last for 30 days up until all tokens were sold. The project ended with it having made 11,156.766 bitcoins (BTC) and 77,081.031 Ethereum (ETH) which was traded for the 51 million Qtum tokens that were in distribution in the market.
Understanding Qtum & Its Smart Contracts
Qtum is a blockchain open source project which was developed by a Singapore based foundation. The core of Qtum technology is a combination of the Bitcoin’s core fork and the abstraction account layer which supports multiple virtual machines like the Ethereum Virtual Machine. In addition, there is the consensus of Proof of Stake which is aimed at taking care of the use cases in the industry.
This allows for smart contracts and decentralized applications which run on a decentralized application that supports a familiar foundation. This provides the perfect environment for the developers. The whole technology set up behind the Qtum uses what we call the Account Abstract Layer which acts as the link between the Ethereum Virtual Machine and the Transaction output of the Bitcoin Core which has not yet been spent. More to that, there are Oracles and Data-feed functionality which allow the developers to successfully create smart contracts built around certain information sources which are fully trusted.
Qtum uses Bitcoin’s core blockchain; UTXO for storing transactions. It means that all coins of each individual are traceable to their owners. In this case, the Qtum converts the UTXO data into something readable by the Ethereum virtual machine. This is the gateway to the interactions between the Bitcoin based and Ethereum based applications.
Strengths of Qtum
Qtum was the first ever in the crypto world to have a protocol which was based on both the transaction models of Bitcoin and Ethereum. This means that the participating parties or rather variants can always switch applications with so much ease. The Bitcoin protocols and the virtual machine of the Ethereum are aimed at providing ultimate stability to all its users.
The Qtum blockchain incorporates the most experienced and impressive team of both founders and a community of supporters. The business adoption of the Qtum is what dictates its success in the crypto world.
Challenges for Success of Qtum
Qtum is not the only developer of blockchain that is fighting for a mainstream slot in the business. This makes it even harder for most providers to get a chance to enter the business. The fact that it has been introduced just the other day, it means that it has to work twice as hard in order to outshine other competing developers.
On the other hand, it is quite a task to manage the appropriate computer programmers who are supposed to customize the available oracles whose main purpose is to allow the perfect use of smart contracts.
Qtum has a rather low quality profile in the website. The poor grammar not forgetting the outrageous spelling mistakes, inappropriate word structure gives the readers quite a hard time reading through. Considering that in the world of business people assume that perception is actually reality, this could be interpreted as a case of incompetence.
Qtum is still a very young baby in this world of crypto giants. The intelligent problem solving strategy is a great one and appeals to the targeted user base. All in all, the future is untold in this blockchain technology. This is because we never know what might happen tomorrow. Who knows if another developer will come in with a better and reliable criterion of achieving the goals set by the Qtum? This calls for more effort from the team set in place to run it. This volatile market of cryptos calls for one to be more strategic plans just to keep your technology among the top leagues.