What is QTUM?
A main goal of Qtum is to build the first unspent transaction output (UTXO) smart contract system that uses Proof of Stake (PoS) for its consensus model. The developers of Qtum claim that it is compatible with the ecosystems of both Bitcoin and Ethereum. The focus of QTUM is producing a spin-off of Bitcoin that has Ethereum Virtual Machine (EVM) compatibility. It’s important to note that separate from Ethereum, the Qtum EVM is constantly backwards compatible. QTUM wanted to pursue a pragmatic design approach by employing industry use cases with a strategy for mobile devices. The strategy to allow QTUM to be compatible with mobile devices allows Qtum to promote the blockchain to a diverse set of Internet users. This would, in turn, decentralize PoS transaction validation for the QTUM blockchain.
Although Qtum currently uses the EVM due to a lack of a more suitable alternative, the EVM has several drawbacks. This includes experiencing attacks against mishandled exceptions and against dependencies for transaction-ordering, timestamps, etc.
Qtum must work reliably out of the box with systems that support primary business functions, including planning, logistics, production, etc. Security for QTUM refers to setting systems in place to resist denial of service attacks on the network, while at the same time providing services to trusted users with good reputation. There are several strategies that QTUM uses to address security, trust and reputation problems. An authentication service checks collaborating parties, and also monitors, inspects and logs network events. The internals of a system could be encrypted. Highly automated collaboration requires that systems cover the entire lifecycle of smart-contract development. QTUM enables developers with a high degree of meaningful design and development work, while at the same time automating the the tedious processes and repetitive work. The hope is that this, in turn, leads to people focusing being creative with their development. Qtum enables a variety of collaboration scenarios for development teams that uses wide-range of technologies.
- August 29, 2017: QTUM surpasses $1 billion market cap
- September 8, 2017: Main Network for QTUM is completed