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Qtum is a promising cryptocurrency, which is promoted by the Singapore organization Qtum Foundation. The currency itself has been trading on international cryptocurrency exchanges since may 2017. For the first time the project became known in early 2016. Preparation of the whole project took more than a year. Through crowdfunding, the platform managed to attract more than 5,000 bitcoins in 10 minutes.
The whole idea of the new platform was to create a unique blockchain and offer an alternative to developers who are not satisfied with some moments in Bitcoin and Ethereum. Key features of the platform is that it combines the technology of Ethereum and Bitcoin protocols. This project is open source. It integrates the EVM with the UTXO table and enables smart contracts to work for companies in different parts of the world.
Qtum is a blockchain platform that has a public code and a Protocol called Proof-of-Stake (POS). In its work, the platform combines the principles of Ethereum and bitcoin. With bitcoin technology was used by the kernel, and the option of adding of stages of abstraction in the accounts. This makes it possible to carry out cooperation of virtual machines in the system. This approach allows smart contracts and decentralized applications to function in a secure environment. Qtum uses several abstraction steps that perform a bridging function between the input of unused financial transactions and EVM.
Taking the proven bitcoin blockchain as a basis, Qtum added its own unique stage of abstraction to it. This resulted in a smooth interaction kernel bitcoin the virtual machine Ethereum. This solution allows you to run smart contracts with decentralized applications in an unusual environment for Ethereum, and combine the stable operation of the bitcoin ecosystem with the huge functionality of smart contracts.
In addition, the platform has options Oracles and DataFeed. They enable developers to form smart contracts that are based on reliable sources of information. The goal of the platform Qtum is the creation of a public blockchain system, which will be equally acceptable for business and individuals. In the sphere of interest of the project is the transition to mobile telecommunication markets, financial industry, manufacturing and logistics industry, and so on.
Specifically for business, Qtum has developed and improved methods and devices for standardizing work with smart contracts. These include the conversion of all official documents and agreements into smart contracts, as well as a clear interpretation of all the points of the original contract. Qtum project plans include the creation of a collective center of smart contracts, which will carry out the formation of protected contract templates.
Today, almost half of all traffic on the network is carried out through smartphones. Qtum could not ignore this fact. Therefore, the Protocol of simple payment verification was adapted to the code base of the platform. The Protocol is based on the UTXO model, so its integration has all chances of success.
This solution will allow users to work with smart contracts directly from their mobile devices through the lite-wallet. Thanks to such decentralization of applications, the blockchain will be available on smartphones or tablets, and users will be able to be mobile and not limited to binding to their computer.
Qtum tokens are used to interact with smart contracts and decentralized applications. They are a kind of currency of the blockchain system and provide the execution of computing operations.
A total of 100,000,000 tokens have been issued. The amount of annual pre-inflation is 1%. 51% of all tokens (51,000,000) were sold to investors through crowdfunding. 20.000.000 tokens were distributed among developers, co-founders and investors who invested in the promotion and promotion of the project. Another 29% of tokens (29.000.000) were allocated to support other projects related to the development of Qtum.