Qtum, the optimized version of Bitcoin and Ethereum
Qtum is a cryptocurrency that stands out from the competition by the protocol used. Initially, it was to be used as an alternative currency to outperform Bitcoin and Ethereum. Today, it is a real blockchain that works for the benefit of companies by offering them smart contracts adapted to their needs. Virtual currency has everything to please; find out why!
Presentation of cryptocurrency
Qtum is pronounced quantum. It is a Singapore based cryptocurrency. Here is its history and its specificities.
What is Qtum?
Qtum is a hybrid blockchain application that uses technology incorporating a fork of Bitcoin Core and an improved version of the Ethereum process. The QTUM startup uses blockchain technology to establish smart Ethereum and Bitcoin contracts. It is an open source protocol based on the PoS consensus (Proof-of-Stake) or proof of delegated stake.
The QTUM Foundation aims to be a public blockchain intended for companies and industries in the sector of mobile communication, finance, industrial logistics and protections against counterfeiting. The platform wants to develop smart contract tools to facilitate the creation and execution of smart contracts by companies.
The history of cryptocurrency
Its creation was influenced by giants like Ethereum and Bitcoin. In March 2015, a fundraising campaign was launched to finance its development. The sale of the available tokens lasted more or less 30 days and turned out to be a real success. It took just 90 minutes to sell $ 10 million worth of Qtum.
It took just a few days for the team to reach 11,156 BYC and 77,081 ETH. These sums correspond to 51 million Qtum. After the fundraiser, the 51% of the coins were given to the public during a sales campaign. The remaining 49% went to the community and the developer teams. The Qtum price is of 1.37 €.
The particularity of Qtum
Qtum remains the first decentralized smart contract platform to use the proof of stake protocol. The latter has significant advantages compared to the proof of work protocol. It is used by Bitcoin and Ethereum.
Recall that the proof of work protocol generates an overconsumption of energy, because its operation requires the intervention of ultra powerful equipment. The transaction costs are even higher. The proof of stake protocol only requires a simple machine and is affordable.
How does cryptocurrency work?
Qtum’s goal is to bring together the best features of Ethereum and Bitcoin in a single blockchain. Also, companies can optimize their work tool. Here is how it works.
In order to better adapt to the needs of businesses and to create perfectly decentralized applications, the Qtum protocol creates smart contracts. The consensus used PoS has the advantage of being faster and less energy-consuming, which is very favorable for the environment.
The platform combines the reliability of the powerful blockchain and the multiple functionalities of Bitcoin smart contracts with the intercompatibility of Ethereum’s virtual machine. Based on blockchain technology, it develops an automatic program used to execute predefined tasks (smart contracts).
Qtum and the business world
In the business world, Qtum plays a key role. It offers the opportunity to use the blockchain more easily. Thanks to the platform, it is now possible to create tokens and make the supply chain management processes automatic. Companies can even create automatic contracts on the blockchain.
The instruments and methods used to carry out these operations are now developed within Qtum. These instruments are used to determine the conditions and to eliminate possible errors in the system. These tools make it easier for anyone to understand smart contracts.
The pros and cons of this cryptocurrency
The system used is complex, but very beneficial for businesses.
The main advantage of using its system is the ease of use of smart contracts. Cryptocurrency looks like an optimized version of Bitcoin and Ethereum because it takes its strengths. Thanks to its system, it is now possible to use blockchain on mobile or computer.
Businesses have everything to gain because smart contracts adapt to their needs. The platform allows companies to easily create decentralized applications. Qtum applications advocate transparency. The platform promotes respect for the environment by reducing the energy consumption of the protocol. An investment can be profitable because the Qtum course getting better every day.
The platform is the subject of a bad press, because one of its founders is concerned with stories of scams. This bad publicity damaged his reputation and that of his team. Smart contracts have some compatibility flaws.
As a hybrid currency from the Ethereum and Bitcoin platforms, Qtum has the same shortcomings, namely a very low transaction speed, high volatility, a risk of centralization, risks in the anonymity of spending. Added to these flaws is the instability in the trading world, because Qtum tokens are not trading currencies.
How to buy this cryptocurrency?
The Qtum price has stabilized in recent times. The Qtum course is progressing, too, now is the time to invest in this virtual currency. Here are the procedures.
To earn Qtum, you have to buy it. To multiply your QTUMs, you can participate in the development of its blockchain. You will get a share calculated on the millions of new tokens created compared to the amount you brought to the blockchain. To earn more QTUM, trade!
To buy QTUM, go through the Kraken platform. Make a transfer with your euros to get directly from Qtum. Another method is to exchange BTC tokens for QTUM. To do this, buy BTCs on Coinbase and transfer them to Binance. Finish by exchanging your BTC for Qtum.
How to store Qtum?
The most secure way to store your Qtum is to use a hardware wallet. The latter is an electronic wallet that takes the form of a USB key. Among the many wallet hardwares on the market, the Ledger Nano S and the Trezor remain the most reliable and best known to date.
You can store your Qtum on other wallets. The desktop wallet has a high level of security. The Web wallet is also secure. If you choose the mobile wallet, use Qtum Wallet. This money is available on Google Play and Apple Store.