Qtum is a hybrid open source cryptocurrency that works on the platform of decentralization. Qtum is the first smart contract system based on UTXO. Qtum is based on UTXO which is also the core code of Bitcoin. Qtum also uses the PoS consensus mechanism and rewards node operators for validating transactions which also helps in the security of the smart contract system and also helps to mine Qtum more easily. The PoS mechanism used by Qtum also helps to reduce the consumption of power to generate new blocks. The Qtum hybrid nature combines the Bitcoin UTXO principles with Ethereum EVM and also combines the PoS 3.0 consensus mechanism.
Ever since its inception in September 2017, Qtum has been considered one of the most interesting and exciting cryptocurrencies, offering Qtum coin holders the best of Bitcoin and Ethereum combined in one cryptocurrency. The aim of creating Qtum is to make smart contracts more secured while also making it compatible with popular cryptocurrencies such as Ehtereum and Bitcoin. Qtum has been designed based on the similar blockchain approach of Bitcoin at the same time added layers so that the Ethereum EVM can also be operated on top of the Bitcoin. Any new updates on Bitcoin or Ethereum can be benefitted by Qtum and all smart contracts based on Ethereum can also be moved to Qtum.
1. DApps: Qtum allows development of decentralized apps (DApps) based on the blockchain system of Bitcoin to store all fund transactions on each user’s system. All transactions on Qtum are verified, and after being verified, it is not possible to hack the entire users’ systems on the blockchain.
2. Smart Contracts: Smart contracts works on similar line as that of a bank. Smart contracts transfer funds from one user to another after the predetermined requirements are met. Only when the required codes are entered, Qtum smart contract will be triggered. Qtum also offers scripting language so that users can create such contracts with ease.
Advantages and disadvantages of Qtum
1. Proof of Stake 3.0:
Bitcoin introduced the Proof-of-Work when it was first introduced. PoW proves to be a secured mechanism; however, it has its drawbacks. PoW consumes too much power which harms the environment. It also benefits the big players more than the, and it offers no incentives to use or keep the coins. Proof-of-Stake 3.0 was introduced to solve the issues of PoW. PoS is based on maintaining your nodes online and the longer you stake your coins online, the more rewards you will get.
2. Best of Bitcoin and Ethereum: The Qtum blockchain has been developed based on the principles of Bitcoin and Ethereum. Bitcoin and Ethereum are the most trusted cryptocurrencies available today and basing Qtum on these two coins also draws all the benefits that the two popular coins enjoy. These aspects of Qtum make it very adaptable to Bitcoin and Ethereum blockchains. Qtum is also compatible with Segwit which allows storing of more transactions.
3. Offers more security: Qtum is based on the UTXO code similar to Bitcoin. In UTXO, the records of all transaction can be traced and also allows multiple transactions. Qtum applies the smart contracts based on this UTXO to provide privacy to the users.
4. Account Abstract Layer: As Qtum is built using the codes of Bitcoin and Ethereum, and to separate the two, Qtum uses Account Abstract Layer (AAL) in between them. Using AAL not only allows Qtum to use EVM on top of the Bitcoin blockchain, but it also enables Qtum to change to any other smart contracts other than Ethereum in the future.
5. Decentralized Governance Protocol: Using the Decentralized Governance Protocol, the team of developers of Qtum has also modified the core Bitcoin blockchain for Qtum which allows Qtum to adapt to changes in the network and to heal quickly in case of an attack tot he network.
There are many Exchanges where you can buy or sell Qtum. Binance, Huobi, Kucoin,Gate.io, Bittrex, Bitfinex, and Livecoin. Buying Qtum from these Exchanges follows a similar procedure as any other cryptocoins. You first need to register and create an account on the Exchange and once registered; you can go to the Buy section of the chosen Exchange. You can buy using your online banking accounts or any other payment medium as required by the Exchange. To buy Qtum with cash, you can also meet with a dealer physically and buy Qtum coins. If you are looking to sell your Qtum coins, you only need to go to the Sell section on the Exchange and sell your Qtum. It may take time to sell off your coins through the Exchange.
Before buying Qtum, you also need to set up your Qtum wallet. Although most of the Exchanges that deals in Qtum coins will allow you to store your coins with them, however, there are several other wallets you can choose to store your Qtum coins. They are Qtum Core and Bitpie which are mobile wallets and can be accessed via mobile devices that run on Android or iOS. Qtum wallet is for the Browsers and Web wallets. Qtum Core and Qtum Electrum can be used on your desktop that has Window, Linux or Mac OS. Ledger Nano S and LedgerBlue are hardware wallets.
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