Qtum Coin – Redefining the Blockchain Economy
Cryptocurrency is one of the hottest marketplaces in the digital world. With ever-increasing enthusiasts and the advent of a new wave of innovation, investors are eagerly participating in a bull run to add new coins to their crypto portfolios.
Bitcoin’s model has been replaced by innumerable modifications and updates, which can catch an eye of various companies. They are looking to capitalize the Blockchain and eliminate various limitations on scalability and privacy.
Amongst all of this enthusiasm, one coin that has captured the eye of businesses is Qtum (QTUM), pronounced Quantum. Qtum is a business-facing platform enabling the creation of dApps (decentralized apps) and smart contracting using the best of both Ethereum and Bitcoin technologies.
Before getting further into how, why and when, let us try to understand what is a Qtum coin. This will help us in analyzing the potential of the coin in a much better way.
What is Qtum Coin?
Qtum is a Singapore-based open-source technology and cryptocurrency aimed at eliminating the scalability issue of Ethereum and non-programmability of smart contracts directly on bitcoins. In layman terms, Qtum uses Bitcoin’s Blockchain on the Ethereum system. The goal is to increase automation and decrease cost by using Blockchain-based solutions for any transaction.
A smart contact aims to digitally verify the performance or negotiations of a contract. It completely removes the role of third parties and is already contributing to the fields of insurance, digital media and Internet of Things (IoT) by accelerating the verification process.
Qtum coins are based on bridging Ethereum smart contracts on top of Bitcoin’s stable Blockchain while using proof of stake for verification. This increases the ease and security of smart contracts while offering compatibility with a leading cryptocurrency.
This feature serves many business and institutional purposes. To add user-friendliness and value to their product, Qtum also provides tools, templates, and other plug-and-play smart contract options, thus enabling businesses to build and execute smart contracts.
What Makes Qtum Coins so Business-Friendly?
Let’s dig a bit deeper to understand the key attributes of Qtum coins and what makes them the “business friendly” face of Blockchain:
Best of Both Worlds
Keeping Bitcoin’s Blockchain as a foundation, Qtum coins allow Ethereum Virtual Machines for smart contracts to run on top of Bitcoin by adding account abstraction layers. Thus, QTUM benefits from new developments in both Bitcoin and Ethereum. The Lightning Network and Raiden take the best of both to benefit the Qtum Blockchain.
PoS Instead of PoW
Qtum crypto uses proof of stake (PoS) instead of proof of work (PoW), which is an added value proposition for businesses. PoW is standard for both Bitcoin and Ethereum. But efficiency, security, and the costs associated with PoW are significant drawbacks that made Qtum coin developers prefer PoS consensus over the traditional.
PoS consensus randomizes the creator of each block by taking the wealth/user’s stake into account with the help of a deterministic algorithm. This prevents the transaction fees from increasing beyond the limit and minimizes the mining operations associated to make the system viable.
Data Feeds and Oracles
Qtum coin has a practical workflow that liaises with trusted third-party data feeds and oracles. These are basically APIs that allow an external device to supply and acquire information from the smart contracts and aid in computations by off-network calculations.
The acceptance of third-party data and its help in off-network computation is essential for many potential applications of smart contracts from the business point of view. It helps in reducing mining associated costs and contributes significantly in terms of efficiency as well.
Simple Payment Verification on Mobile
Recent developments by Qtum have made it possible for smart contract-based dApps to be managed by light clients on mobile devices. With the aid of UTXO technology of Bitcoins, Qtum has made it possible for light clients to verify transactions, as well as verify and execute a transaction via a mobile device.
The Blockchain is finally equipped to capitalize on the convenience of mobile devices in a world where half of all of the traffic is via smartphones and tablets. This is heralding an era of mobile decentralized applications.
To get a better understanding of the Qtum coins, we recommend this self-explanatory video on YouTube:
Qtum Coin Price Performance
Although Qtum crypto emerged as the best of two major players in the world of cryptocurrency in 2017, it has been at an all-time low recently and has steadily depreciated despite gaining ideological traction.
Like other altcoins, Qtum coins has had its ups and downs in the past 10 months. After debuting at an initial listing price of $11.96 on August 18, 2017, it reached its peak on January 7, 2018 with an all-time high of $100.22.
Nine months later, Qtum coin price hit an all-time low of $3.15 on September 18, 2018. At the time of this writing, Qtum coin was priced at $4.03 (= Ƀ 0.0006265) according to Cryptocompare.
Qtum coins have experienced a noticeable fall in daily transactions even after having only a few nodes less than Bitcoin (5073 at the time of writing) as well as decreasing performance. Most of the trading took place as crypto-to-crypto with Bitcoin, Ethereum and Tether, which accounts for 90% of market volume. Korean Won (KRW) and USD have been the most popular flat-to-crypto pairs. USD/QTUM trading took place mostly via Bitfinex, and Bithumb has been most popular in KRW/QTUM trading.
Where to Buy?
With Qtum’s popularity and with it being among the top 20 cryptocurrencies on CoinMarketCap, it is not that difficult to buy Qtum. You can buy Qtum via flat currency (bank transfers/cards) and also in exchange for other cryptocurrencies such as Ethereum and Bitcoin.
Qtum can be bought through Bitfinex, Livecoin, and Changelly via flat currency. It can also be exchanged for other cryptocurrencies on various exchange platforms like KuCoin, Binance, and Livecoin, although you need to pay a small trading fee for the exchange.
Qtum wallet enables easy storage of coins for transactions. Their official wallet exists for both web and mobile phones.
Qtum coins also can be stored in other wallets such as Jaxx, Ledger Wallet, and many others. Here is a step-by-step guide on How to buy Qtum?.
Growth So Far and the Future Roadmap
Qtum coins have a market cap of approximately $350 million with the block time of 120 seconds and block size of 2MB. Currently, in terms of market cap, it is ranked #32 by Coingecko.
It has a total supply of 100 million coins, out of which 81 million have already been mined. It uses proof-of-Stake (PoS) as a hashing algorithm. It has an algorithmic score of 4.4/5 and is ranked at #11 according to CoinCheckup.
Qtum already has been in demand to work on building smart contracts with other projects like Agrello. Their smart contracts are backed by artificial intelligence, and Qtum provides a plug-and-play experience.
Bodhi was the first dApp to run on Qtum mainnet. Bodhi and Qtum both believe in the concept of open source.
Based on this belief, Bodhi has announced three more projects in partnership with Qtum. All these projects empower the Qtum ecosystem. These three projects are Qx (decentralized transaction protocol), QDex (decentralized token exchange) and Qrypto (browser wallet management plugin like MetaMask).
Qtum is also working on Bitcoin’s Lightning Network, which is going to be the sector that benefits the most. Apart from that, they are working on creating web portals to allow third-party dApps to run on their servers.
Qtum crypto is also in a partnership agreement with Starbucks and is looking to appeal to many other companies by acting as a central hub for the development of Blockchain. It has also built a solid relationship with China’s 360 Finance to set up a Blockchain research lab to improve the underlying technology of the system. Last week, it was also in talks with Amazon for a partnership.
The Final Take
After going through the features and underlying technology, it is not wrong to say that the Qtum coin brings out the best in both Bitcoin and Ethereum. It has benefited from developments in both, with Bitcoin’s Lightning Network being a recent boost.
It enables businesses to have decentralized mobile apps (dApps), which gives the project a noticeable edge over its competition. It is also the world’s first proof-of-stake smart contract platform. Qtum coins have all of the elements required to be successful and have already laid down the foundation for many big upcoming projects and products.
Qtum has emerged as a new superhero in the world of cryptocurrency. It serves as a payment system for businesses, quantum computing for developers and the masses, and an AI-backed watertight smart contract system, to name a few.
It is a bit too soon to say, but many experts predict the Qtum coin will be highly popular as it offers businesses a safer and more effective way to make their transactions. Qtum is definitely a coin worth following closely.