QTUM is a decentralized Blockchain platform. It is an open-source blockchain which means its publicly available and is developed by the QTUM foundation. With Proof-of-Stake consensus available, it is capable of running smart contracts on multiple virtual machines.
QTUM blockchain is a sort of hybrid of Bitcoin and Ethereum blockchains and can deploy smart contracts similar to Ethereum without having a single point of failure. However, Qtum promises more scalability and security in the near future by leveraging on its differences with Ethereum.
How Does It Work?
QTUM takes the best parts of both the Bitcoin and Ethereum blockchains and combines it in the real world to give us the best of both.
In laymen terms, QTUM combined Bitcoin core’s code by changing its consensus mechanism from POW to POS. QTUM then integrated the Ethereum Virtual Machine (EVM) into its blockchain.
UTXO accounting model which is slated to help QTUM integrate all the important Bitcoin Improvement Proposals is the reason why QTUM developers retained Bitcoin’s code intact. They also kept EVM intact with a proof-of-stake consensus given that businesses world wide prefer a POS model over a POW.
Combining the best of Bitcoin and Ethereum gives QTUM the reliability of Bitcoin’s blockchain and the capacity of Ethereum blockchain to run any code on the QTUM blockchain.