What is the Qtum? – Definition, Types, 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.

What Types 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.