When we think about cryptocurrency, Bitcoin is always the first thing that came into our minds. However, there are now tons of altcoins available on the market right now that provides different functions and specialise in different aspects. This short article is dedicated to provide an introduction on a very popular altcoin, Qtum before diving into the Whitepaper of the coin. Qtum (Pronounced as Quantum) is a blockchain project built and developed in Singapore. Qtum can be described as an open source value transfer platform that connects Ethereum’s smart contracts on top of Bitcoin’s stable blockchain and it is done by using proof of stake consensus as a verification method and aimed to tackle industry use cases. The foundation established by Qtum offers a solid and robust environment for developers to run Smart contracts and Decentralized apps (Dapps).
The core idea that backed up Qtum is to make smart contracts to improve in the sense of usability and security while featuring interoperability between with other industry leading cryptocurrencies for instance Bitcoin and Ethereum. To vastly simplify this, Qtum is meant to be the bridge that connects and complement Bitcoin and Ethereum. Bitcoin primarily works as a value transfer program and Ethereum on the other hand was designed to be a smart contract platform. Qtum, being the hybrid, combines the best of both world and making it a value transfer protocol which provides friendly environment towards smart contract and dapps.
The core technology of Qtum is a combination between a fork of bitcoin core and a Proof-of-stake consensus. The fork of Bitcoin core, an Account Abstraction layer allows different types of Virtual machine including EVM (Ethereum Virtual Machine). The proof-of-stake consensus on the other hand was designed primarily to tackle industry use case. In short, it allows EVM for smart contracts to run on the basis of Bitcoin. The most significant advantage of this is that new developments and technologies in the Bitcoin and Ethereum network will be easily accessible by Qtum and smart contracts drafted and built on the Ethereum network can be ported to Qtum with no friction.
Check out the PDF of Qtum Whitepaper for more information on Qtum.
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