Qtum is a open source Blockchain project, based on Bitcoin Core v0.13 and Proof-of-Stake 3.0 (POS), that allows Decentralized Applications and Smart Contracts to execute as part of a UTXO transaction. 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 aims to be the bridge between the two so that users can have autonomous applications and businesses can have their blockchain applications without having to create their own technology from scratch.
“Bitcoin is primarily a value transferring network while Ethereum is predominantly a smart contracts platform. Qtum utilizes the core technology from both of these platforms; it merges the value transfer technology of Bitcoin with smart contract execution technology of Ethereum,” – John Scianna, PR manager at Qtum
Making a long story short, Qtum plans to deliver a business friendly platform that can push forward Blockchain technology. In this panorama, one project that will be released as a working beta is SpringEmail, which uses a modified Simple Mail Transfer Protocol (SMTP) to allow users to send and receive Qtum as part of an e-mail.
Technical features of Qtum include:
- Ethereum Virtual Machine running on the Bitcoin UTXO model;
- Compatibility layer for Ethereum Blockchain model for easy porting of existing Ethereum and Solidity contracts;
- Blackcoin’s Proof Of Stake 3.0, which ensures efficiency and security;
- Ability to manage contracts from mobile wallets without running a full node;
- Most existing tools built for Bitcoin and some BIPs will continue to be compatible with Qtum blockchain;
- Oracles and datafeeds built on top of the Ethereum Virtual Machine.
The Qtum Project and The Quantum Foundation:
The Qtum Project began in March of 2016 as a proof-of-concept, led by Patrick Dai, a PhD candidate in Computer Science. Dai previously worked at Alibaba and began his research of blockchain technology in the year 2013. More details about Patrick Dai and the Qtum team behind the project can be found on the official website.
Core development is done by the Quantum Foundation, a Singapore registered organization. Last week the foundation announced that more than 1 million USD was raised as angel funding from top blockchain evangelists, academics, venture capitalists, and technology enthusiasts. According to CoinDesk, investors in the company include some key names in the crypto industry, like ethereum founder Anthony Di Iorio, OKCoin CEO Star Xu, BitFund founder Xiaolai Li and Fenbushi partner Bo Shen.
Current roadmap includes a crowdsale to cover the development costs of the project on March 1, 2017, through their website and exchanges.
The English version of the whitepaper is being edited, and will be released in January 2017.