QTUM announced the first successful hard fork of its proof of stake (PoS) blockchain on Thursday.
According to the official post on Medium, the development team discovered a number of imperfections on its consensus algorithms which led to the fork occurring. The Qtum 2.0 blockchain incorporates new smart contract opcode additions proposed by the community to enhance smart contract functionality.
QTUM 2.0 hard fork upgrade occurred on block 466,600 (Image: Medium)
QTUM 2.0 Hard Fork Occurs on Block 466,600
The cryptocurrency community voted on the hard fork happening once the 466,600th block was mined. According to the QTUM blockchain explorer, the block was mined on October 17th bring a wave of developments on the blockchain that solve the scalability and smart contract challenges on consensus algorithms.
The fork has activated a wide array of possibilities on Qtum blockchain including an Ethereum Virtual Machine (EVM) upgrade and smoother block difficulty adjustments. The official QTUM page tweeted,
QTUM responds on some of the qualities of QTUM 2.0 (Source: Twitter)
The New Upgraded QIP Protocols
The new upgraded blockchain includes for major improvements and additions on the platform. The QIP 5, QIP6, QIP7, and QIP9 will all be updated on to the platform for better consensus algorithms.
The QIP 5 upgrade “adds signature verification to the output script of the contract transaction”. Furthermore, the QIP 5 (and QIP 7) upgrades will allow exotic and complex smart contract execution and room for future upgrades.
“The QIP 6 consensus protocol upgrade “adds btc_ecrecover precompiled contract to the Qtum EVM; QIP-7: Upgrade the Qtum EVM to the latest Ethereum EVM Constantinople; and QIP-9: Modify the difficulty adjustment algorithm to make the block time more stable.”
The network upgrade has activated! pic.twitter.com/XyNAHsXgOE
— QtumOfficial (@QtumOfficial) October 17, 2019