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Qtum – A Hybrid Model for Real World Blockchain Solutions
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.
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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
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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