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Qtum – A Hybrid Model for Real World Blockchain Solutions

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QTUM
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Qtum aims to create a simple decentralized application framework that can work on multiple blockchains. While most crypto projects are independent ecosystems that run parallel without any possibility of integration, Qtum provides a sort of meeting ground that can be executed on any computing or mobile device.

A Composite Crypto Model

In order to achieve this, the project has combined remarkable aspects from top blockchain ecosystems such as bitcoin and the Ethereum Virtual Machine (EVM). It applies the robust security system that has kept the bitcoin blockchain free from malicious attacks since inception offering a reliable and consistent basis. Adding this reliability to the Smart Contract feature from ethereum makes the system hard to beat.

Its consensus protocol is yet another hybrid aspect of Qtum’s design. It applies a first-of-its-kind Proof-of-Stake algorithm that allows for compatibility and interoperability with other blockchain platforms. This protocol also offers a flexible support system for mobile devices as well as the Internet of Things (IoT) applications.

UTXO-Based Master Smart Contract System

The platform makes use of a novel smart contract system that borrows the UTXO concept from bitcoin. This is a simplified payment verification protocol that makes it possible to execute the smart contract functionality on lite wallets. That capability, in turn, makes the platform viable for mobile device use without presenting any limitations. This is a welcome revolution considering that more than half of all internet traffic can be traced back to mobile devices.

The bitcon script is the choice language for Qtum as it offers yet another possibility. It creates a primary track over which code is transported through the Qtum version of the EVM. This simply means that platform users can effectively create and deploy advanced smart contracts that can connect real-world logic with the benefits of the blockchain.

Existing smart contract functions are unable to interact effectively with data outside of the blockchain ecosphere. This has greatly limited their implementation in many industries. But the Qtum approach bridges that gap and opens up the world to smart contract functionality as it is applicable both on and off-chain.

Qtum has the long-term objective of setting up the ideal infrastructure for established industries and big enterprises to deploy custom interfaces using the blockchain technology. This will allow the platform’s users to create their own tokens, execute contracts and automate processes. All this will take place in a secure environment that offers the utmost stability.

Synergetic Development

Qtum is collaborating with various global partners in order to take advantage of shared resources to facilitate synergetic development. It will also reference investment banking concepts to carry out industry analyses and choose the ideal sectors in which Qtum technology can be implemented. Moreover, the enterprises using the platform will create additional applications and contribute to its development sustainability.

What makes the system outstanding is that it employs the benefits of bitcoin and ethereum while also addressing their inherent flaws. This approach is set to benefit multiple industries, creating practical business implementation opportunities and a new blockchain economy mode.

We will be updating our subscribers as soon as we know more. For the latest updates on QTUM, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Christian Kanzian via Flickr

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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