Many have wondered, can the blockchain technology really change the world? Well, all this depends on who is asking the question, some individuals like Bill Briggs, the technology chief at Deloitte Consulting views this new technological advancement in a positive light. Even the longtime skeptic of Bitcoin Jamie Dimon has recently backpedaled from his prior bearish comments, acknowledging that blockchain is real.
However, there are those individuals who are not yet impressed with where the blockchain technology has reached to date. One of the very well respected publishers at a very well-known crypto news platform writes that is has been ten years since the blockchain technology and yet we still don’t have a significant use for blockchain. He continues to say that ten years later and there is no one sector that this ledger has taken over and the competition seem to be obsolete, he agrees the idea is excellent the problem is the game-changing technology is still very slow.
But the lack of development stems from the risk that is associated with blockchain technology. As more countries are cracking down on the nascent industry, then the companies are continually finding new ways they could progress despite the shifting regulatory environment. As we know the regulation that is set can inhibit growth and also stifle creativity, all this is just in the name of protection.
Additionally, with today’s blockchain, it doesn’t actually run as smoothly or even as efficient as one would think. As these systems are prone to security breaches, smart contract weaknesses that can plague even the best platform that is available.
Could Qtum Platform Provide Answers And Advancements?
One of the novelist solutions on the Qtum platform is the Decentralized Governance Protocol (DGP). The DGP has been designed so that an individual parameter on the blockchain is easily updated through some of the best specially designed smart contracts. The update can be done without having any disruptions on the current ecosystem.
So what this means, the network, through the smart contracts is able to govern and also correct itself on the fly. Thus, this will be able to decrease if not eliminate the network forks, plus it will be able to make on chain maintenance and the implementation to be extremely efficient. The applications that are in the DGP self-correcting smart contracts are limitless, for example, you could use the applications to update block size according to the needs of your network.
But this is not all; Qtum is not just offering the DGP it is also the most flexible system you can find in the market, it is because the platform has been designed as an Ethereum and Bitcoin hybrid. A system that has combined the best elements that both networks can offer. The platform is a combination of the Ethereum Virtual Machine and the Bitcoin Core, where they use the proof of stake consensus model.
With the modified Bitcoin Core, it can provide users with top quality protection, while the virtual machine will allow companies to develop better smart contracts for their business. This is not all as this hybrid system will be able to maintain compatibility with the existing processes that are in the Ethereum and Bitcoin networks, so as a business you can still incorporate the preexisting models in the Qtum ecosystem.
Qtum Self-Correcting Smart Contracts Conclusion
With all these features put in place, it will not only allow the various business to run dApps and process transactions more efficiently across the networks but also have the ability to protect their users efficiently. The current status of the blockchain technology might not be where we hoped it to be but this does not mean that the future is not bright. If there are more platforms like Qtum that are entering the scene, then there is a real chance that the blockchain technology will indeed hit the mainstream