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What is the Qtum? – Definition, Work, Makes, and More
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What is the Qtum? – Definition, Work, Makes, and More

Definition of Qtum

Qtum is the open-source blockchain platform that takes some of the best parts of Bitcoin and Ethereum and wraps them into a developer-friendly platform. It capable of supporting highly secure decentralized applications (DApps).

And specifically, Qtum takes Bitcoin’s UTXO transaction model and combines it with an adaption layer interface to the Ethereum Virtual Machine.

Also it produce the first UTXO-based intelligent contract platform. And unlike Bitcoin and Ethereum (for now), Qtum is secure by proof-of-stake (PoS) — more on this later.

Also, the platform features the theoretical amount of up to 70 transactions per second (TPS) — making it around 16 times faster than Bitcoin and seven times faster than Ethereum.

It also topographies low inflation and fairly distributes block rewards, ensuring stakeholders and sufficiently compensate for securing the network.

And Qtum found in 2016 and launched its main net in September 2017. Like many 2016-2017 era platforms, Qtum was initially funded through an initial coin offering (ICO).

And it’s raising a total of dollar15.6 million in Bitcoin (BTC) and Ether (ETH). At the time, this is the fourth highest-grossing ICO always.

How Does the Qtum Work?

Qtum shapes Bitcoin’s UTXO transaction model by layering on extra scripting capabilities. And it is letting developers build powerful decentralized applications on top of the platform.

And developers leveraged these capabilities to build out Qtum’s rapidly growing DApp ecosystem. it including decentralizing the games, search engines, payment toolkits, social networks, and extra.

One of Qtum’s defining features is its account abstraction layer (AAL). It essentially bridges the code gap between Qtum’s UTXO.

It bases on the blockchain with the account model used by its virtual machine. And enabling more powerful intelligent contract capabilities.

It’s secure by the custom variant of proof-of-stake (PoS) and recently added the “offline staking” capability. And it allowing non-custodial address delegation to an online “super.”

And also PoS uses the Qtum Core full node wallet to earn network rewards for staking QTUM and publishing blocks.

Also, its token is the native gas token for transactions and innovative contract transactions on Qtum and is also the reward token for node operators.

And in April 2021, Qtum underwent a hard fork (known as FastLane). Which saw the average block time reduced from 128 to 32 seconds. And also it increasing block production four-fold.

Its upgrade is expected to better prepare Qtum for growing Defi activity. And through improving confirmation times for standard transactions.

Also Read: What is the Helium? – Definition, Uses, and More

What Makes the Qtum Unique?

Its design provides a secure, reliable, and highly efficient platform for private, public, and enterprise use cases. Some of its main distinguishing features include:

On-Chain Decentralized Governance

Its uses the custom-built decentralized governance protocol (DGP).  And it allow different stakeholders to take their say over how the Qtum platform functions.

Also its allows specific blockchain parameters to change via smart contracts.

Large Node Network

And its one of the largest node networks of any blockchain platform operating today. As of May 2021, there are 1200 it nodes distributed throughout 60 countries.

And it’s making it one of the most open and decentralized blockchains. Bitcoin and Ethereum count as the only blockchains with a higher active node count.

Also Read: What is DigiByte (DGB)? – Definition, Work, DigiByte Blockchain

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