Qtum Aims for 50,000 Transactions Per Second and Launches 0.16 Update during First Anniversary
Qtum Launches 0.16 Update during First Anniversary celebration
To commemorate a year since its inception, Qtum launched the game-changing 0.16 platform upgrade, which is expected to increase the network’s scalability such that it can handle up to 50,000 transactions per second.
Qtum is a blend of the functionalities of the Ethereum Virtual Machine (EVM) and the UTXO security measures of the Bitcoin Network. Typically, Qtum fronts itself as a dependable and trustworthy platform for the deployment of commercial smart contracts.
However, its first anniversary celebrations, the Singapore-based company announced the introduction of several new services.
I just published “Qtum’s One-Year Anniversary — Looking Back and Ahead” https://t.co/8V20sstn25
— QtumOfficial (@QtumOfficial) September 13, 2018
Improved Scalability and Network Performance
After deploying SegWit by default, Qtum has introduced an update that will purportedly perform up to 50,000 transactions per second by leveraging lightning networks. Besides, this new version will also have faster synchronization of nodes and notable improvements in the operation of the SHA256 hashing mechanism.
Additionally, Qtum intends to inaugurate its pioneering public Testnet for X86 smart contracts in Q2 next year. The Testnet will support multiple scripting languages such as Rust, C, C++, and python, a move that is aimed at allowing as many developers as possible. This conforms to the ultimate goal of the Qtum project, which is to facilitate the mass adoption of blockchain technology.
According to the Qtum development team, the introduction of the X86 Testnet is the breakthrough needed to spur the masses to embrace blockchain technology. In this regard, the company stated that the features of the upgraded platform are similar to the functionalities added to the internet in the early 2000’s.
The mainstream adoption of the World Wide Web is largely attributed to these advancements. Essentially, the X86VM facilitates the seamless integration of blockchain technology to contemporary livelihoods.
Alongside the features mentioned above, Qtum also announced the impending launch of the Qtum-X in the Q1 2019. This product is primarily meant for institutional investors, and will, therefore, have more stability, higher levels of security and a proof-of-authority consensus mechanism. More importantly, Qtum-X has a user-friendly interface that makes it the ideal solution for enterprise management.
In addition to the aforementioned technological developments, Qtum will also focus on the onboarding of the academic community. To this end, the company has funded research and development projects in several institutions of higher learning such as the Xidian University in China, University of California Berkeley and the University of Sheffield in the UK.