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Author Topic: [ANN] (QTUM) - A Scalable Smart Contract Platform w/ Proof of Stake  (Read 525241 times)
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December 19, 2016, 05:08:51 AM
Last edit: November 27, 2023, 06:41:35 AM by Qtum
Merited by template (5), klintay (1), Eddyc (1)
 #1



The Blockchain Made Ready for Business


Build Decentralized Applications that Simply Work
Executable on mobile devices, compatible with major existing blockchain ecosystems



ABOUT

The Qtum Foundation is a Singapore based entity that promotes adoption of the Qtum Blockchain. Project inception began in March 2016, leading up to a successful crowdsale a year later. Over 10,000 BTC and 72,000 ETH were raised in less than 5 days, making Qtum one of the largest crowdfunded projects in history, at $15.6 million dollars.

Qtum is an open source Proof of Stake (PoS) blockchain application platform. Qtum’s core technology combines a fork of Bitcoin Core, an Account Abstraction Layer allowing for multiple Virtual Machines including the Ethereum Virtual Machine (EVM) and Proof-of-Stake consensus aimed at tackling industry use cases.

We believe this will allow Smart Contracts and Decentralized Applications (DApps) to run on a familiar foundation, while offering a robust environment for developers. The underlying technology uses an “Account Abstraction Layer”, which acts as a bridge between the EVM and the Unspent Transaction Output model of Bitcoin Core. Building on Bitcoin’s reliable and proven-to-deliver blockchain, Qtum stacks its Account Abstraction Layer, allowing the Bitcoin Core 0.13 blockchain to seamlessly interact with the Ethereum Virtual Machine (EVM). With this innovation it is now possible to execute smart contracts and run DApps, simply and securely, in environments that were previously out of reach for Ethereum, combining the endless possibilities provided by smart contracts with the stability and maturity of the bitcoin ecosystem. There will also be Oracles and Datafeed functionality, allowing developers to create Smart Contracts built around trusted sources of information.

The Qtum Foundation plans to be the public blockchain for business. Development efforts will allow us to market this platform to various industries, such as: Mobile Telecommunications, Counterfeit Protection, Finance, Industrial Logistics (shipping, warranty, etc), and Manufacturing.




Build decentralized applications you can trust

Combining a modified Bitcoin Core infrastructure with an intercompatible version of the Ethereum Virtual Machine (EVM), Qtum merges the reliability of Bitcoin’s unfailing blockchain with the endless possibilities provided by smart contracts.

Designed with stability, modularity and interoperability in mind, Qtum is the foremost toolkit for building trusted decentralized applications, suited for real-world, business oriented use cases. Its hybrid nature, in combination with a first-of-its-kind PoS consensus protocol, allow Qtum applications to be compatible with major blockchain ecosystems, while providing native support for mobile devices and IoT appliances.





Smart Contracts that Mean Business

Qtum makes it easier than ever for established sectors and legacy institutions to interface with blockchain technology. Create your own tokens, automate supply chain management and engage in self-executing agreements in a standardized environment, verified and tested for stability.

Smart Contract Lifecycle Managment

Qtum, in cooperation with its academic partners, develops tools and methods to standardize the workflow for business smart contract development. This includes the formally verifiable translation of human-readable agreements to machine smart contracts, and the error-resilient specification of their elements, terms and conditions.

Setting Industry Standards

Cooperating with a series of partners and third parties, Qtum aims to establish a smart contract hub, offering secure and thoroughly tested contract templates, tailor fitted for a multitude of industries and use cases, such as supply chain management, telecommunications, IoT, social networking, and many more.

Go Mobile

Building on Bitcoin’s UTXO model, the simple payment verification (SPV) protocol is supported by the Qtum codebase by default. As a result, it is now possible to execute smart contracts from lite wallets, which can be easily installed on any given mobile device, heralding an age of mobile decentralized applications.

With this, the blockchain is finally ready to take up disruption in a world in which half of all internet traffic is being generated by smartphones and tablets.


Account Abstraction Layer

Qtum extends Bitcoins 'Script' language so that it functions as a vehicle to transport code to Qtum’s version of the EVM. With this, it is now possible to execute smart contracts and run decentralized applications, simply and securely, in environments that were previously out of reach for turing-complete blockchains, combining the endless possibilities provided by smart contracts with the stability and maturity of the bitcoin ecosystem. Learn more.

Cross Platform and Backward Compatibility

Qtum is compatible with existing Ethereum contracts as well as Bitcoin gateways, and will maintain backward-compatibility even if the system is updated.

Specification

Total QTUM Supply: 100,000,000
Block Target: 128 seconds
Stake Return: ~4 QTUM
Algorithm: SHA256

Whitepaper




The Token

QTUMs are cryptographic software tokens used to engage with distributed applications (DApps) and smart contracts on the Qtum platform. QTUMs will serve as the staking currency of the Qtum blockchain and fuel computational operations performed by the Qtum network.

QTUM supply and Initial Distribution

With the setting of Qtum’s Genesis Block, one hundred million (100,000,000) QTUMs were created as Qtum’s initial token supply, on top of which ~1% annual Proof of Stake (PoS) inflation will be added.

The QTUM token supply were allocated as follows:


  • 51% of Qtum tokens (51,000,000) were distributed through the crowdsale
  • 20% of Qtum tokens (20,000,000 QTUM) were distributed among founders, early backers and the development team
  • 29% of Qtum tokens (29,000,000 QTUM) were allocated to community initiatives concerning business development, as well as academic research, education, and market expansion

QTUM is offered on many exchanges



The Qtum Foundation: Governance Structure

The development and maintenance of the Qtum Blockchain, as well as all services provided by Qtum, are directed and supervised by the Qtum Foundation - a non-profit organization, representing Qtum’s stake and token holders as elaborated below.

In order to avoid the inefficient conduct, open source and blockchain projects often suffer from, and to ensure a coherent and standardized implementation of the Qtum blockchain, the Qtum Foundation was established under the guidance and support of PwC. The Foundation will oversee the development of the Qtum Blockchain, advocate governance transparency, and promote the safety and harmony of the open source ecosystem.    

The design of the Foundation’s governance structure mainly considers sustainability, management effectiveness, and fund-raising security in the open source community. The Foundation consists of various committees, such as Executive Judgment, Code Review, Finance & HR, as well as Marketing & PR. The different committees work in cooperation to manage Qtum’s daily operations and special occasions with detailed operational procedures and rules.

Decentralized Governance Protocol

The Decentralized Governance Protocol (DGP) is designed so that individual blockchain parameters can be modified through a specially designed smart contract on the blockchain. Most importantly, this technology allows these blockchain parameters to be changed without any disruption to the ecosystem. After a setting change, no new software must be downloaded by users, and no intervention is needed from stakers and node operators.

The way the DGP works is relatively straightforward. First, a governing party for the DGP makes a proposal to change a parameter. Afterward, all the governing parties for the DGP can vote on the proposal, and if it receives enough approval votes, then the parameter change proposal becomes active. The proposal data is then placed in a standardized format and a particular storage space so that the blockchain software can easily access it without needing to execute the DGP contract directly.



The Foundation will also seek complementary services to aid our efforts in transparency and professionalism with a professional auditing firm, legal team and a professional digital asset management solution. We hope this will help promote the healthy development of the Qtum Project and serve as a model for other projects.

The content that will be made public to the community on the Qtum website:

  • The Qtum Foundation obtained digital and traditional assets, which include: bitcoin, ether, and other digital assets such as Qtum tokens, as well as, legal tender in the form of USD and RMB
  • Qtum will release monthly spending reports, including employee compensation, operating costs, marketing costs and other expenses



TEAM

Qtum is a global project that aims to be the bridge between the Bitcoin and Ethereum communities, the real world and blockchain world. Therefore it only makes sense that the Qtum team comes from both the Bitcoin and Ethereum communities as well traditional companies like Baidu, Alibaba, Tencent, NASDAQ and more.

The Qtum Project is proud to be backed by some of the most notable blockchain players, traditional Venture Capitalists, and executives from some of China’s largest technology companies.

See the full team at: https://qtum.org/en/team

We are looking for developers to build the next generation DApps on top of Qtum and invite you all to give our testnet a try. We are always on the lookout to enrich our very talented team, the next team member can be you!




Qtum Telegram Channel: https://t.me/qtumofficial
Qtum Twitter: https://twitter.com/Qtum
Qtum Facebook: https://www.facebook.com/QtumOfficial
Qtum Reddit: https://www.reddit.com/r/Qtum




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December 19, 2016, 05:14:00 AM
 #2







Qtum (Quantum) is an open source, decentralized project that aims to capitalize on the success of Bitcoin, while competing for the Decentralized Application (DAPP) and Smart Contract market.  Our goal is to work with industry partners, and launch the first Value Transfer Protocol (VTP).  This will streamline [Suspicious link removed]patibility into daily business routines, and allow for easier adoption. Qtum aims to become the first platform with Smart Contracts that execute as part of an Unspent Transaction Output (UTXO).

Instead of reinventing the wheel with a completely new codebase, Qtum is based on Bitcoin Core  v0.13 and Proof-of-Stake 3.0 (POS).  Qtum’s method allows Smart Contracts to be operated without the need for accounts, and existing Ethereum applications can be ported to the Qtum Blockchain.  Qtum Core development will be directed by the Qtum Foundation, which will be overseen by an established auditing firm.

This project aims not to be another medium for exchange, there are enough Blockchain projects to fill this demand.  Instead, focus will be directed at various sectors where technology could streamline operations.  All of this will fall into the framework of Decentralized Applications, based on a modified version of the Ethereum Virtual Machine.  

There is a need for a stable codebase, consumers and businesses want confidence that their monetary value is not at risk of sudden incidents.  This is why we are basing Quantum on Bitcoin Core for stability, and Blackcoin POS3.0 for consensus.




Technical Summary




In this section we will discuss the Qtum Blockchain, a new Cryptocurrency created for consumers and businesses. Qtum is designed to be secure, stable, and fast. Quantum has expanded the scripting language of Bitcoin Core, so that it will now be possible to run Smart Contracts based on the Unspent Transaction Output model (UTXO).  This means Qtum will not require the use of accounts to execute contracts between interested parties. Existing Ethereum Smart Contracts can be ported to Qtum with minimal changes. Other virtual machines and programming languages will be supported as the project matures. There will be functionality for third party data feeds and oracles, along with ‘off chain’ data processing. Qtum’s consensus model will utilize Sunny King’s classic Proof-of-Stake, which will secure the Blockchain, while rewarding coin holders.

Qtum aims to bring a new ‘Value Transfer Protocol’ to the industry. Bitcoin has done a tremendous service to the commerce and finance industry by providing a means of value transfer, and we would like to expand on this momentum. We plan to support the Qtum Blockchain with Smart Contracts that allow users to control coins by taking advantage of various Internet Protocols.
One project that will be released as a working beta is SpringEmail, which uses a modified Simple Mail Transfer Protocol (SMTP).  This allows users to send and receive Qtum as part of an e-mail.  We call this hybrid protocol “BiSMTP”.  This should lessen the learning curve for users interested in Qtum but do not have a wallet.


For more information, please see:
http://www.8btc.com/qtum-springemail-bismtp


One of Qtum’s growth strategies is the mobile telecommunications market.  There is a vast amount of consumers that may not be aware of digital currencies, but could be introduced to Qtum by means of a viral marketing campaign.  This does not mean that the average user isn’t accustomed to paying with their mobile devices.  In China, Wechat leverages their userbase of over half a billion people, to make payments for everyday goods and services.  Just like Apple Pay, they make a quick scan with their device at the point of sale, and the money is deducted from their account.  We plan to build Quantum applications that integrate into the popular messaging platforms like: Wechat, WhatsApp, Viber, and so forth.  We call this the Qtum “Go Mobile” strategy.  


The English version of the whitepaper is being edited, and will be released in January 2017.

To summarize, the technical features of Qtum include:

1. Ethereum Virtual Machine running on the Bitcoin UTXO model
2. Compatibility layer for Ethereum Blockchain model, which allows for easy porting of existing Ethereum and Solidity contracts
3. Blackcoin's Proof Of Stake 3.0, which ensures efficiency and security
4. Ability to manage contracts from mobile wallets without running a full node
5. Most existing tools built for Bitcoin and some BIPs will continue to be compatible with Qtum blockchain
6. Oracles and datafeeds built on top of the Ethereum Virtual Machine



OPPORTUNITY



Qtum plans to deliver a business friendly platform that can push forward Blockchain technology.  This means it’s not just a retail coin, in which a merchant can create invoices for products or services.  The opportunity for industry and business to make use of a public ledger is enormous.  For an entity to be able to sell a product or service, provide the customer proof of purchase, and then maintain that item throughout its lifespan is invaluable.  

There is big interest in Blockchain technology, especially in the finance industry.  Currently, banks are applying for many Blockchain patents.  This may be because they are fact finding, or plan to adopt technology into their core products and services.  A lot of large corporations find themselves becoming too big, stale, and uncompetitive.  Blockchain (and other disruptive technology) may threaten their business model in the years to come.

Through the Qtum Foundation, our goal is to facilitate these large organizations to adopt digital currency and blockchain technology into their mainstream operations.  We will do this simply by introducing the power of Blockchain technology, and see whether there’s a place for it in their business model.

Qtum is currently talking with a few corporations in China about strategic partnerships, but it is still too early to make announcements.  At this point, the main focus is the social network, telecommunications, finance, and supply chain industries.  Third party development will play a large role in the adoption of Qtum (and Blockchain as a whole).  At this stage, most industries we have spoken with are curious about Blockchain, and whether it can improve or threaten their business.



Meet Our Team:

Qtum core team comprises of several members, spanning the globe.  

Patrick Dai (China/Singapore) - Project Co-Founder
Neil Sakr (Morocco/China) - Chief Blockchain Architect / Co-Founder
Jordan Earls (USA) - Lead Developer / Co-Founder
Caspal (China) - Qtum Developer
Qiyu (China) - Qtum Web developer
DJaen (Sweden) - Qtum Test developer
Time Markov (Macedonia)- Qtum Developer
Toni Markov (Macedonia)-Qtum Developer
Alex (Belarus)- Qtum Developer
Mike Palencia (China / Colombia) - Project Manager
Brett (Canada) - PR / Community
John Scianna (USA / China) -  PR / Press
Ibai Basabe(USA/China)-PhD Product Manager/Researcher
Emiliano (Argentina) - PhD Document Writer / Researcher
Carry Shen (China) - PricewaterhouseCoopers (PWC) process control


Community

Website: Launching soon

Source code: https://git.qtum.org/qtum/  Source will be available soon

Twitter: https://twitter.com/QtumOfficial

QQ group: 518192421

Slack channel:  https://qtumslack.herokuapp.com/

Wechat group:

Bounties are available, and will be listed soon.  Please post what you can offer in the thread.


Press:

Quantum has generated some press, due to our attendance at conferences and Blockchain events.  Some press sites have picked up on our development before officially launching, please visit these links below:





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December 19, 2016, 05:15:38 AM
 #3

Reserved.

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●▬●▬●▬● First UTXO Based PoS Smart Contract and DAPP Platform ●▬●▬●▬●
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December 19, 2016, 05:22:01 AM
 #4

how much total suply Qtum coin
and type coin POW/POS or use ethereum token
open plan ico selling, if want ico selling plan use escrow or not
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December 20, 2016, 06:10:32 AM
 #5

any bounties, when is the launch

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December 20, 2016, 09:11:17 AM
 #6

Portuguese translation reserved...
pm me if interested...
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December 20, 2016, 09:38:44 AM
 #7

finally qtum announced the ICO.

ppl should pay close attention to it. this one is backed by a serious development team and well known advisors in blockchain industry.

very revolutionary concept!

good luck.
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December 20, 2016, 09:43:35 AM
 #8

Will wait for english whitepaper release before making any statement, thanks.
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December 20, 2016, 10:04:24 AM
 #9

put a brief summary on my site:

http://btc12.com/thread-425.htm
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December 20, 2016, 10:29:32 AM
 #10

I reserve the Hindi translation spot Smiley I wish this project best of luck
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December 20, 2016, 10:14:12 PM
 #11

Hi everyone, I just wanted to confirm that I am indeed a part of this team and am very excited about Qtum. We have a great diverse team and a solid product being developed.

Check out my full list of Coin Reviews
Currently working on the Qtum Project
My Skype account earlzdotnet has been compromised. Please report to me any usage seen from it, or from the email earlz@earlz.biz.tm
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December 20, 2016, 10:17:42 PM
 #12

will watch for now... not sure about it yet ;-)

█ Districts █ 3D Blockchain Platform  █ ICOBounty
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December 20, 2016, 10:28:11 PM
 #13

What a pity, looks like POS only, nothing for the miners here  Sad

suprnova pools - reliable mining pools - #suprnova on freenet
https://www.suprnova.cc - FOLLOW us @ Twitter ! twitter.com/SuprnovaPools
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December 20, 2016, 10:29:16 PM
 #14

What a pity, looks like POS only, nothing for the miners here  Sad

sometimes its quite opposite so I guess some variety is a good thing...

█ Districts █ 3D Blockchain Platform  █ ICOBounty
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December 21, 2016, 12:31:18 AM
 #15

I'm very impress after reading some of their articles. Waiting for more news. Good luck
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December 21, 2016, 12:46:01 AM
 #16

Translators are welcome to claim bounties, and will be paid in Bitcoin.

Our team can do the translations for:

Chinese
English
Swedish
Arabic
French
Spanish
Russian
Belarusian
Macedonian

We will approve each bounty, and we ask that the translators post a link to their work and the transaction ID in this thread.

There will be bounties for other types of work posted later.


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●▬●▬●▬● First UTXO Based PoS Smart Contract and DAPP Platform ●▬●▬●▬●
▃▃▃▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▃▃▃
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December 21, 2016, 01:16:17 AM
 #17

When will the social media links be provided for the team members and why on earth does a start up need so many team members?


I need crypto in my life and garbage out of it.
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December 21, 2016, 05:04:54 AM
Last edit: December 21, 2016, 06:15:41 AM by manasd
 #18

Translators are welcome to claim bounties, and will be paid in Bitcoin.

Our team can do the translations for:

Chinese
English
Swedish
Arabic
French
Spanish
Russian
Belarusian
Macedonian

We will approve each bounty, and we ask that the translators post a link to their work and the transaction ID in this thread.

There will be bounties for other types of work posted later.


good luck
the project has good future

R
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December 21, 2016, 05:16:05 AM
 #19

Hi everyone, I just wanted to confirm that I am indeed a part of this team and am very excited about Qtum. We have a great diverse team and a solid product being developed.

This is not meant to oppose your projects where you are part of it,but we all know if you have been watching this sections,that a newbie launched project are looked down as a potential scam project,you should be the one posting the announcement to get started in the right foot.

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December 21, 2016, 06:13:30 AM
 #20

Hi everyone, I just wanted to confirm that I am indeed a part of this team and am very excited about Qtum. We have a great diverse team and a solid product being developed.

This is not meant to oppose your projects where you are part of it,but we all know if you have been watching this sections,that a newbie launched project are looked down as a potential scam project,you should be the one posting the announcement to get started in the right foot.

New project comes along with newbie account.

I put this ICO on my waiting list http://icocoins.com/?ico-waiting.htm

good luck.
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