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.
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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
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ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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