The purpose of Qtum is that of building a decentralized application that works in a simple way. It's an executable app for mobile devices, and is compatible with larger existing blockchain environments. The community wrapped around blockchains and business, have been running alongside each other, and Qtum is specifically designed to be the place where they meet. They operate out of China and other parts of Asia, and are said to have one of the best teams online.
Qtum combines Bitcoin Core infrastructure with a new intercombatible type of Ethereum's Virtual Machine [EVM]. It also merges with the safety and reliability of Bitcoin's consistently powerful and reliable blockchain. There are endless possibilities when you combine the Bitcoin reliably with Smart Contracts.
The system is designed to work in a 100% sustainable way, and it runs with modularity as well. On top of that, it is created with an interoperability in mind, so Qtum is a project that everyone needs to keep an eye on, because you'll be able to build decentralized apps that you can trust. It is also meant to be one of the most innovative toolkits ever designed for creating trustworthiness, and is well suited for all real-world, and business oriented cases.
The hybrid nature is the first of its kind in combination with PoS consensus protocol. It will give the Qtum applications the ability to be compatible with the larger blockchain environments, while att the same time giving natural support for mobile devices and IoT apps.
Qtum has a goal of making it easier for established sectors and major institutions to setup quality interfaces that use the blockchain technology. Users can create their own tokens, participate in agreements that are self-executing, as well as automate supply. Not only that, but it will function in a completely standardized environment that has been verified and tested for ultimate stability.
As a smart contract lifecycle management, Qtum is deeply involved on levels of cooperation with various academic studios, as they work with them to develop tools and methods to help standardize the flow of work, while improving business smart contract development.
Development includes formally verifiable forms of translation of readable agreements, and they are said to be machine smart contacts, complete with error-resilient specs for all the elements contained within, including their terms and conditions.
Setting by Industry Standards
By cooperating through a series of partnerships, as well as third party agreements, Qtum has a goal of establishing a type of smart contract hub. It offers specialized secure and thoroughly tested templates that can be used for contracts. They are each tailored to work across a multitude of different industries, and they use different cases like those for supply chain management, IoT, social networking, telecommunications and more.
The platform is built on the UTXO model of Bitcoin, therefore it's a simple payment verification protocol, and is also supported by the Qtum code base. The result is that it is possible to execute smart contracts through Lite Wallets that can easily be installed on any type of mobile device owned by the user. This is what paves the road for decentralized applications. Finally, the new blockchain is prepared to disrupt the real-world, with half of all internet traffic coming its way from all smart phones and tablets.
Account Abstraction Layer:
The Qtum platform uses Bitcoin Sript or language, and helps it to function at another level by using it as a primary track to transport code through the Qtum platform, which is their version of the Ethereum Virtual Machine. This means it is now realistic for users to make smart contracts and run applications on a decentralized network.
They will be able to do it in the simplest and most secure way. Everything is said to operated in an ecosystem that was out of reach before in the past that weren't able to go through complete blockchains. They will combine the endless possibilities that smart contracts provide, with the mature nature of Bitcoin and its stable ecosystem.
The Cross Platform is Backward compatible with existing smart contracts by Ethereum and even Bitcoin's gateways, while maintaining a backward-compatible system by continuing to update it.
Since Qtum is the hybrid of Bitcoin and Ethereum which are based on proof of stake consensus. What Qtum developers did was to take Ethereum smart contracts and put them on Unspent Transaction Output model from Bitcoin (as opposed to the account model in Ethereum). It can be said that Qtum resembles Ethereum much more, because Ethereum Virtual Machine uses smart contracts that are compatible with Ethereum blockchain, which is the same concept as that of Gas, but with transactions written differently to the blockchain.
A brief look at its track record will see a Crowdsale of Qtum that took place in March 2017, where it sold 51 million Qtum tokens through six exchanges, five of which are Asian and one is Canadian. Logically therefore, the majority of crowdsale investors must have been from Asia.
Roughly 14,000 bitcoins were earned in total at the average price of 3700 Qtums per 1 Bitcoin, which is now valued at around 250 per Bitcoin. Since then the crowd sale price has gone up ten-fold bitcoin-wise, and by 30 times real money currencies. And this in just the first six months.
At first there were so called IOU tokens, and then by July, Qtum foundation issued ERC20 Qtum tokens in the Ethereum network. These tokens are transferable, and sellable on Exchanges, and so on. 51% were sold to the community, 20% retained by its founders, investors and developers, and 29% is reserved for operational costs of the Quantum foundation for the next 4 years.
In conclusion, Qtum is one of the next big startups. It's likely they could become a leading developer and innovator when it comes to smart contract development and reliability. If you're familiar with Ethereum, looking to get in on something new, or wish to use Smart Contracts, then Qtum could be the right platform for you to look into.