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What is QTUM and what problem does it solve?
QTUM ($QTUM) is a blockchain project aimed at addressing the challenges faced by the blockchain industry, as mentioned in the previous passage. It is a public blockchain platform that combines the strengths of Bitcoin’s UTXO model and Ethereum’s Virtual Machine, offering compatibility and enabling seamless value and asset transfers. Added Offline Staking to the article as well.
Key features of QTUM and how they solve the mentioned challenges:
AAL (Account Abstraction Layer): The AAL acts as an intermediary layer, bridging the UTXO model with Ethereum’s Virtual Machine (EVM), which empowers the Qtum platform to execute smart contracts. This setup provides developers the robustness and security of the UTXO model, coupled with the vast resources and capabilities of Ethereum’s smart contract environment. Through the AAL, UTXO-based transactions are converted to be congruent with the EVM, ensuring smooth interactions between both frameworks.
Proof-of-Stake (PoS) Consensus: QTUM employs PoS consensus algorithm, offering a more flexible and energy-efficient alternative to the traditional Proof-of-Work (PoW) consensus. PoS encourages staking and participation in securing the network, reducing the risk of centralization in mining computing power. The PoS consensus algorithm relies on distributed PoS nodes spread worldwide. This approach ensures effective collaboration within the global PoS peer-to-peer network, contributing to the blockchain’s security and decentralization.
Taproot and EVM1: Combining piivotal upgrades from both Bitcoin and Ethereum frameworks. The integration of the Taproot upgrade enhances the privacy and efficiency of transactions and paves the way for more efficient smart contract execution on Bitcoin’s blockchain, signifying an impending era for Bitcoin DeFi. Simultaneously, with the EVM1 upgrade, Qtum transitioned to the EVM1 Fast Ethereum Virtual Machine, harnessing an optimized EVM1 codebase for accelerated and efficient EVM smart contract performance. By amalgamating these enhancements, Qtum has established a formidable platform, drawing strengths from both domains.
Qtum Offline Staking Protocol: Qtum’s Offline Staking aims to expand staking accessibility, enabling users to entrust their staking authority to a Qtum Super Staker node. This feature is especially advantageous for individuals reluctant to keep their wallets persistently online. The Super Staker operates a node that’s consistently online, performing staking tasks for those who delegate to them. A nominal service fee is settled between the Super Staker and the delegator at the onset of the delegation. This innovation underscores Qtum’s commitment to enhancing user experience and expanding participation in network security.
Decentralized Governance Protocol (DGP): Decentralized Governance Protocol (DGP) consists of smart contracts that enable dynamic scalability and the ability to manage gas fees. QTUM developed the first DGP system for on-chain governance, allowing stakeholders to participate in decision-making processes. This system helps maintain the stable operation of the entire QTUM blockchain. Users can propose votes to vary gas costs depending on network usage. Additionally, they have the option to modify the block size for quicker transaction processing. All these adjustments can be made in a decentralized manner without necessitating a hard fork.
Qtum Fast-Lane: Qtum’s Fast Lane initiative decreased the average block time from 128 seconds down to 32 seconds. This was achieved by the Qtum Foundation through reducing block spacing, adjusting the difficulty algorithm, altering the block rewards, and enhancing staker mining proficiency to match the rapid block generation. This indispensable hardfork ensures that as the Crypto landscape advances, Qtum remains agile, catering effectively to DeFi, NFT, gaming, and other emergent sectors.
In summary, QTUM is a blockchain project that combines the best of Bitcoin and Ethereum while solving the challenges of compatibility, governance, consensus, and real-world smart contract applications. With its innovative approach and technology, QTUM aims to create a sustainable public blockchain platform that fosters wide adoption and integration across various industries.
Token Overview
- Token name: Qtum
- Token symbol: $QTUM
- Total supply: 107,822,406
- Total circulation Supply: 104,716,804.5
Coinstore Listing
- Trading pair: Qtum/USDT
- Trade time: 27 July 2023, 15:00（UTC+8）
- Withdrawal time: 27 July 2023, 16:00 (UTC+8）
Utilities of QTUM:
The QTUM coin ($QTUM) has multiple roles within the QTUM ecosystem. It’s utilized for handling transaction fees on the platform, and it’s pivotal in the Proof-of-Stake (PoS) consensus process, where tokens are staked to fortify the network and verify transactions. Moreover, $QTUM allows users to engage with decentralized applications (DApps) established on the QTUM blockchain.
Multiple Versions of the Qtum Blockchain: To meet the diverse needs of different users and ensure true open-source accessibility, QTUM provides different versions of the Qtum system, including desktop, mobile, web based, and hardware compatible platforms. Additionally, it encourages third-party developers through commercial path modules, fostering a strong global open-source community ecosystem.
Qtum Janus and Remix: Janus provides developers an Ethereum-like developing environment on Qtum, streamlining transaction signing and promoting efficient smart contract development for applications like DeFi and NFTs. In tandem, QTUM Remix, a derivation of the Ethereum Remix IDE, is an in-browser platform for crafting and deploying solidity-based smart contracts on Qtum. Together, Janus and QTUM Remix offer developers a concise toolkit for precise and efficient project realization.
Integration of Blockchain in Different Industries: The ultimate goal of QTUM is to integrate the blockchain into various industries, such as finance, social networking, gaming, and the Internet of Things (IoT). By doing so, it aims to improve industry efficiency and promote the efficient and coordinated development of the blockchain economy.
The QTUM project ecosystem combines the strengths of Bitcoin and Ethereum while addressing the inherent shortcomings of existing blockchain systems. Through continuous development, iteration of various product developments, and commercialization projects, QTUM seeks to establish a robust blockchain economy and drive the widespread adoption of its innovative solutions.
QTUM Official Media
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