Qtum

in #qtum6 years ago

This platform combines Ethereum's Virtual Machine and Bitcoin's core codes to ensure that certain industry problems are solved. This platform has been described as a decentralized project that seeks to bridge the smart contracts of Ethereum on Bitcoin's blockchain with the assistance of the proof of stake verification tool. The main reason for the development of this platform is to ensure that smart contracts are not just faster but also secure. Although the platform was built on Bitcoin's code, certain advancements were made, that is certainly added layers were put in place to ensure that the platform supports the use of the Ethereum Virtual Machine. Qtum makes use of the Bitcoin and Ethereum networks to ensure that it offers its own user's faster and more secure smart contracts.

qtum.jpg
Image Source : https://qtum.org/

Developed and launched by Paul Dai, the platform benefits from these two platforms as it makes use of their various tools to ensure that its platform becomes useful. Most people have argued that the platform benefits from the Bitcoin network more because they make use of the network's blockchain which has been considered a quite stable blockchain.

Features of Qtum

  1. Proof of stake; unlike most cryptocurrency platforms, Qtum makes use of the proof of stake algorithm and this makes it the first crypto platform to run smart contracts on the proof of stake algorithm. On the Qtum network, this algorithm not only verifies transactions, it is used to choose users based on the total number of tokens they possess.
  2. Multiple-signature; to ensure security, this platform adopts the multiple-signature mechanism. The use of this mechanism will ensure that each user on the Qtum network will have to provide a list of the various individuals that would sign their transactions for them.
  3. The use of Ethereum's Virtual Machine; the Qtum platform combines this machine and Bitcoin's code to ensure that users get access to more secure and faster smart contracts.
  4. Built on Bitcoin's code; like many other cryptocurrencies, the Qtum network was built on Bitcoin's code. To ensure that it runs smart contracts, the network adds several. additional layers to the code.

Difference Between Qtum and Other Cryptocurrencies
One difference between Qtum and any other cryptocurrency is the fact that the platform combines two protocols and machine to ensure that it offers its users smart contracts. This happens to be one of the main difference and Qtum is the only platform to combine Ethereum's Virtual Machine and the Bitcoin code.

Another difference is the fact that Qtum makes use of the Proof of Stake algorithm. While most cryptocurrency platforms make use of the proof of work, this platform proved to be the only platform to run smart contracts on the proof of stake algorithm. This makes it one of the most unique crypto platforms around.

Pros :

  • Multiple-language for programming
  • Runs smart contracts
  • Innovative development team.
  • Offers users with tokens the opportunity to create platforms

Cons :

  • The developer has a dark past
  • Developments made by Ethereum will slightly affect the network.
Sort:  

I feel Qtum provides a Turing-complete blockchain stack, which is able to execute smart contracts and decentralized applications, comparable to the Ethereum blockchain.

This comment has received a 0.59 % upvote from @booster thanks to: @mike11.

Coins mentioned in post:

CoinPrice (USD)📈 24h📉 7d
BTCBitcoin8744.060$3.11%-8.21%
DAIDai0.999$-0.62%-0.71%
ETHEthereum737.423$8.19%-5.29%
QTUMQtum17.870$10.02%-19.59%

I'm newbie. Can you tell me what problem does Qtum solves?

Coin Marketplace

STEEM 0.37
TRX 0.12
JST 0.040
BTC 70162.45
ETH 3540.43
USDT 1.00
SBD 4.79