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QTum – What Is Quantum Cryptocurrency

QTum (pronounced as Quantum) is an open source blockchain network that is developed by the Singapore – based QTum Foundation. It is a decentralized hybrid blockchain application platform which focuses on mobile decentralized apps or dapps.

QTum is considered to be a bridge between Bitcoin and Ethereum functionalities: in one hand where Bitcoin was designed to be a value transfer program and Ethereum is a Smart Contract platform, whereas QTum is an offspring of the two named; which is a value transfer protocol which can also support dapps and smart contracts (Decentralized applications (dApps) are applications that run on a P2P network of computers rather than a single computer).

Symbol Initial Release Date Algorithm Type Max. Supply
QTUM March 2016 SHA – 256 100 million QTUM

History of QTum

QTum was launched in 2016; however its initial coin offering (ICO) was successfully completed in March 2017.

A group of blockchain experts, who are well – known in the Asian region, got its back, some of them are:

  • Patrick Dai (founder of the project) – Patrick had an association with Alibaba. And he is considered to be an expert in the field of blockchain
  • Jordan Earls (lead developer and co – founder) – Jordan, a software engineer is one of the leading figure in the crypto community for years
  • Neil Mahi (head of the department of blockchain development) – Neil Mahi is a professional poker player, who has a specialization in computer science and holds a master’s degree in Business Administration

Some of the other project investors are:

  • Anthony the Iorio (co – founder of Ethereum)
  • Star Xu (general director of OKCoin)
  • Roger Ver (the founder of Bitcoin Com)

Associations of QTum

QTum is a new bee, however, it has managed to sign a few partnership deals and launch several promising projects

On January 9, 2018, QTum has declared that it would associate with 360 Blockchain Research Center, a subsidiary of Chinese cyber Security Company Oihoo 360, and New Bitcoin Foundation (BTN) to create the first blcokchain technology lab in China. The laboratory is to monitor QTum’s smart contracts in various sectors such as security, virtual machines, storage, and computing.

How is QTum different From Bitcoin

QTum is building a platform which is capable of running decentralized applications and smart contracts; on the other hand Bitcoin is content with remaining a standard cryptocurrency, which gives users very little functionality beyond sending cryptocoins securely to each other.

  • Decentralized Applications (DApps)

At the time, when business develops a new application, a website or software, it is required to store the database on a server. And that’s called a centralised system. A hacking attack can change the data sets, no matter whether that database is stored on one server or multiple server and also there is no way to check what has been changed.

With QTum businesses can develop decentralized apps. In order to store transactions on every user’s system, all transactions need to be verified, and once verified there is no way to change them without alerting every user on the blockchain.

  • Smart Contracts

Smart contracts are helpful at the time of exchanging money, property, shares, or anything of value in a transparent, conflict – free way while avoiding the services of a middleman.

It is also considered to be the contracts of the future. They are also similar to the way a bank’s standing order (SO) would work. It uses a scripting language that allows users to easily create such contracts. Smart contracts exist on the blockchhain and are more triggered automatically if the requirements coded into the contract are fulfilled.

Where to Use QTum

There are very less merchants who accept QTum tokens as payment, as QTum is still in early days and is yet to gain popularity. However, you can still pay other users who also use QTum tokens, but until wider adoption you will have a hard time using your cryptocoins.

Sending and Receiving QTum

QTum uses the bitcoin simple – transaction model to transfer QTum between users. If you wish to use QTum, you are required to install a QTum – specific wallet:

  1. Install a QTum Wallet You need a QTum wallet which is required to be able to connect with the QTum blockchain and as of September 2017, that requires the official QTum wallet. You can install it either on your computer or your smart phone.
  2. Get the recipient’s wallet address – QTum’s wallet address should be able to generate a wallet address , either as a series of numbers and letters or, if using a smart phone wallet, as a QR code that can be scanned
  3. Enter the value of QTum to send – and send it – Once you have ensured the funds on your wallet, enter the amount of QTum you would require to send to the recipient and press “send”. You will receive the cryptcoins almost immediately, but might take a minute or two to be verified and made available for use.

Note: [However, it is important to note that QTum is still young, number of merchants are still less. Many have been keeping an eye on the platform, but remain out of the race to see whether the cryptocurrency’s success is a result of trust in the platform or simply a by product of bitcoin’s success.]

Who are the Competitors of QTum

QTum has two main competitors such as Ethereum and NEO and both have left a mark in the world of cryptocurrency. In addition to that, both of these coins are backed by an experienced development team and a strong community of followers supporting their growth.

To the competition, QTum co – founder Jordan Earls said

We believe that we have some of the best technology in the industry given that more than 10 DApps plan to build on QTum and we just launched the main network, ignition, last month. Right now we are the first proof – of – stake smart contracts platform, which is a huge achievement given this seems to be where the trend is going
.