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Understanding The Core Concepts Behind QTUM

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QTUM

The launch of cryptocurrency is considered one of the major breakthroughs of our time but the breakthrough is not in the cryptocurrency such as Bitcoin but in the underlying technology known as Blockchain and now there is a new breakthrough technology adding to the effectiveness of cryptocurrency and it is known as QTUM.

What is QTUM?

To understand the concept of QTUM and the reasons why it was created, it is important to first understand the technology and drive behind Blockchain and cryptocurrencies. One of the reasons why cryptocurrencies did not come sooner is the problem of double spending which arises due to the fact that any code can be copied and thus currency would have been easily copied. The technology has accountability and trust built into the system and technology led to the creation of many other cryptocurrencies. However, the major ones were created for special use.

The second thing that is necessary to grasp in order to understand the need for a platform such as QTUM is that each of the major currencies is designed to tackle a specific need. For example, Bitcoin was built as a store of wealth, Monero and Zcash focus on privacy while Ethereum focuses on executable commands.

The problem of having cryptocurrencies with different points of focus is that their platforms have to be different, thus meaning they cannot be operated together.  However, QTUM was created as a solution aimed at eliminating this problem through interoperability. It is a blockchain technology that originated from Singapore and it is designed to not only facilitate the interoperability of major cryptocurrencies such as Ethereum and Bitcoin but also to make smart contracts more secure and easier to handle. To put it into a simpler perspective, QTUM combines the best qualities of different cryptocurrencies in a hybrid platform.

QTUM is also optimized for blockchain on mobile platforms. It takes into account that most people access the internet using mobile devices. However, most cryptocurrency platforms are still desktop-oriented. QTUM thus aims to bridge the gap to provide easier access through mobile platforms.

The fact that it also combines the advantages of smart contracts with the stability of Bitcoin’s blockchain means it will reach a wider demography. Developers believe that this new technology will most likely enable the creation of the next generation of future contracts.

QTUM is a vital addition to blockchain technology for numerous reasons. The major one is that it is a key component or vital infrastructure for the development of the future cryptocurrencies. The technology is also not limited to cryptocurrencies. Blockchain technology has a lot of utilities for example for institutional and business purposes. It can thus be used to implement tools and smart contract options that will make it easier for institutions.

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

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Luke Descryptive via Flickr

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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.

NFTs are already being actively traded in markets globally. For…

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