What is Qtum?
Qtum has the purpose of building a decentralized application that works simply. It’s an executable app for mobile devices, is compatible with larger existing blockchain environments.
The community wrapped around blockchains and business, have been running along side each other. Qtum is designed to be the place where they meet. They are said to have one of the best teams online, and are based out of China and other parts of Asia. It’s a project that everyone needs to keep an eye on.
You’ll be able to build decentralized apps that you can trust.
How Does Qtum Work?
They are combining Bitcoin Core infrastructure with a new intercombatible type of Ethereum’s Virtual Machine [EVM]. Qtum also merges the safety and reliability of Bitcoin’s consistently powerful and reliable blockchain. There are endless possibilities when you combine the Bitcoin reliability with Smart Contracts.
The system is designed to work in a 100% sustainable way. Also, it will run with modularity as well. And on top of that, there will be an interoperability in mind, Qtum is said to be one of the most innovative tookits ever designed for creating trustworthy, decentralized applications. They are said to be suited for all real-world, business oriented cases.
The hybrid nature is first of its kind combination PoS consensus protocol. It will give the Qtum applications the ability to be compatible with the larger blockchain environments. At the same time, it will give natural support for mobile devices and IoT apps.
Qtum has a goal of making it easier for established sectors and major institutions to setup quality interfaces that use the blockchain technology. Users can create their own tokens, participate in agreements that are self-executing as well as automate supply. Not only that, but it will all function in a completely standardized environment that has been verified and tested for ultimate stability.
Smart Contract Lifecycle Management:
Qtum is in deep levels of cooperation with various academic studios. They are working with them to develop tools and methods to help standardize the flow of work and improve business smart contract development.
Development includes formally verifiable forms of translation of human-readable agreements. They are said to be machine smart contacts, complete with error-resilient specs for all contained elements as well as their terms and conditions.
Setting Industry Standards:
By cooperating through a series of partner as well as third parties, Qtum has a goal of establishing a type of smart contract hub. It will offer specialized secure and thoroughly tested templates that can be used for contracts. They will each be tailored to work across a multitude of different industries. They will use different cases like those for supply chain management, IoT, social networking, telecommunications and more.
The platform builds on the UTXO model of Bitcoin, it’s a simple payment verification protocol. And it is also supported by the Qtum code based. The result is, it’s possible to execute smart contracts through Lite Wallets. They can be easily installed on any type of mobile device the user owns. It will pave the road for decentralized applications.
Finally, the new blockchain is prepared to disrupt the real-world, one where half of all internet traffic is coming from all smart phones and tablets.
Account Abstraction Layer:
The Qtum platform takes the Bitcoin Sript or language, it helps it function at another level. And uses it as a primary track to transport code through the Qtum platform which is their version of the Ethereum Virtual Machine. This means it is now realistic for users to make smart contracts and run applications on a decentralized network.
They will be able to do it in the simplest and secure. Everything is said to operated in an ecosystem that has been out of reach in the past. They haven’t been able go through complete blockchains. They will combine the endless possibilities that smart contracts provide, with the mature nature of Bitcoin and its stable ecosystem.
Cross Platform and Backward Compatibilty:
The platform is compatible with existing smart contracts by Ethereum and even Bitcoin’s gateways. They will maintain a backward-compatible system and continue to update it.
In conclusion, Qtum is one of the next big startups. It’s likely they could become a leading developer and innovator in when it comes to smart contract development and reliability. If you’re familiar with Ethereum, looking to get in one something new or use Smart Contracts, then Qtum could be the right platform for you to look in to.