Qtum

What is Qtum

Qtum (sym. QTUM) is a fully decentralised peer to peer microtransaction-able cryptocurrency which utilises the stability and blockchain technology of Bitcoin and the modern features of Ethereum, including EVM (Ethereum Virtual Machine) and Smart Contracts.

History of Qtum

Qtum was developed by a Singapore based company called Quantum Technology in 2013 and it has received $1 million investment from some big angel investors like Fenbushi partner Bo Shen, BitFund founder Xiaolai Li, Ethereum co-founder Anthony Di Iorio and more.
In February 2017, a Twitter account alleged that the lead developer of Qtum, Patrick Dai, is actually Steven Dai, the main mastermind behind the Bitbay scandal of 2014.

How Qtum Works

Qtum makes use of the Bitcoin’s Unspent Transaction Output (UTXO) model and the Ethereum Virtual Machine (EVM) technology from Ethereum to enable businesses and individuals from around the world to create smart contracts easily. Qtum creates a smart layer which enables Ethereum Virtual Machines to interpret the UTXO blockchain data from Bitcoin.
The system uses Proof of Stake (PoS) algorithm to validate transactions. The ‘miners’ will receive the incentive when network consensus is reached and is termed as IPOS (Incentivized Proof of Stake).
A smart contract between two entities in the network, two banks for example, can be terminated only by the two parties involved.

Why Qtum

Qtum follows the footsteps of Neo in offering hybrid technology. It offers several advantages of Bitcoin and Ethereum, in single offering.

• Decentralised Apps: Qtum allows developers to build decentralised apps on top of their network. This will allow greater flexibility, wider usage and futuristic applications on the network.
• Robust Hybrid Model: Qtum utilises the transaction protocols of both Bitcoin and Ethereum which means developers can build or port their applications, based on either protocol, easily to Qtum.
• Stability of Bitcoin: Bitcoin is the most stable, most widely accepted and biggest (in the sense of market capitalisation). As Qtum utilises the transaction model of Bitcoin, the currency is expected to be stable as well.
• Versatility of Ethereum: Using Smart Contracts and EVM technologies from Ethereum, Qtum offers a futuristic and smart solution where entities can self-govern and transact smartly among themselves.