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.
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