QTUM

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QTUM is an open-source blockchain-based distributed computing platform which combines time-proven Unspent Transaction Outputs model of Bitcoin with novice virtual machines, including EVM and x86. Thanks to the EVM, QTUM can run Ethereum smart contracts without any changes in their source code, which simplifies the migration of software to the new blockchain.[1]

History

QTUM was initiated in the year 2016 but then it was fully introduced in the crypto world in the year 2017 right after the initial coin offering. The Gurus behind the whole technology of Qtum are a panel of blockchain professionals who are well known in the Asian region. The team members are Patrick Dai, Jordan Earls and Nei Mahi.[2]

Technology

QTUM utilizes the extensive Decentralized Governance Protocol, allowing putting changes into the whole platform’s operation without a need for a hard fork. Another novelty in QTUM is the Account Abstraction Layer, which allows native account-based usage of smart contracts instead of the current approach based on wallet addresses, which allows saving all previous user interaction with a smart contract even if a wallet is compromised or changed.[3]

QTUM is a proof-of-stake blockchain, which requires staking nodes to verify transactions, run the virtual machines for smart contracts and propagate new blocks. The wallets that take part in the process are selected by their stake size, and the number of transactions they are allowed to verify and get profits from depends on the stake.

This mechanism increases the transaction propagation speed and increases the decentralization, as it would be required to put up a Staking Node with 51% of all the stakes in the whole network to compromise the network.

References