Qtum Coin Review: Beginners guide
Qtum (QTUM): A hybrid decentralised applications platform.
Industry type: Mobile-based decentralised applications.
What is Qtum ? Qtum is a Singapore-based decentralised applications (dApps) platform that is focused on facilitating mobile phone-based dApps. Designed to be a modular, decentralised and mobile blockchain for the Internet of Things, Qtum seeks to bridge business and institutions with blockchain technology by allowing smart contracts and dApps to run on an easy-to-use and secure language-friendly foundation.
What gives it value?
- It uses features derived from Bitcoin and Ethereum to bring together the best of both worlds for a more user-friendly experience that is also designed to scale to future demand and be compatible with the Internet Of Things.
- Whilst most dApp platforms focus on computer-related applications, Qtum focuses on mobile applications since 50% of worldwide internet use is accessed on mobile phones.
- The foundation of Qtum’s blockchain is based on the stability of the Bitcoin code whilst using its own Ethereum-like virtual machine (X86-VM) to make the creation of dApps and smart contracts possible in a secure and simple environment.
- The ‘Account Abstract Layer’ is the software Qtum uses to bridge the Bitcoin and Ethereum-like features. Prior to the Account Abstract Layer, other projects failed to combine these features as Bitcoin and Ethereum use different foundations that don’t communicate well with each other.
- It uses proof of stake protocol (POS) to verify transactions and build the blockchain as well as allowing stakeholders to vote on the direction of Qtum future developments.
- Patrick Dai is the founder of Qtum and was previously employed by Alibaba and is committed to the development blockchain technology.
- Jordan Earl is the co-founder of Qtum and a trusted member of the crypto community who has been developing software since the age of thirteen.
- Stella Kung is the head of public relations and marketing for Qtum. Kung is also an advisor to decentralised social media platform Mithril, and was the senior marketing manager for ZAFED and DACx.
- Energo labs is a dApp based on the Qtum platform that secured a partnership with First Gen, the largest producer of clean energy in the Philippines.
- Social media blockchain project Mithril is building social dApps on the Qtum network.
- Bingo, a blockchain entertainment ecosystem is continuing to build games on the Qtum network after releasing Qtums first game called Qtum Heroes.
Qtum Coin Review: The Good
- It has its own working blockchain network.
- It is building technology that uses, combines, and innovates the best parts of two successful platforms to provide an efficient service that does not yet exist.
- It is focused first and foremost on mobile devices whilst most other platforms are developed for desktop computers.
- It has strong partnership backing and large range of dApps being developed on its network.
- It Can run on IoT devices.
Qtum Coin Review: The Not So Good
- As it is fulfilling a service in-between two already successful and powerful platforms in a very competitive market, its small innovations don’t guarantee its adoption and success.
- The Qtum team is working to incorporate lightning network channels to scale the network to process 20,000 transactions per second.
- 2018 and beyond, Qtum will be working to develop a new Virtual Machine, a new smart contract language, and community projects that will be elected by QTUM stakeholders.
Qtum is a platform that takes the best of two worlds to develop a hybrid that performs better than both. In a world where 50% of internet use is accessed on mobile devices, it seems like a good direction to focus on. With strong support behind it and dApp development taking place on its network, it is in a good position to perform well. However, as its innovations are relatively small compared to its many competitors, the breadth of Qtums success will only be known in the years to come.
The current Qtum price, market cap and charts.
Where to store this crypto:
Hardware wallet: www.bitgear.com.au
Desktop wallet: https://github.com/qtumproject/qtum/releases
Online wallet: https://qtumwallet.org/
Mobile wallet: https://itunes.apple.com/us/app/bitpie-bitcoin-wallet/id1168568820?mt=8
Bitcoin (BTC) – The world’s first decentralised cryptocurrency.
Ethereum (ETH) – The original dApp platform.
EOS (EOS) – 2nd generation dApp platform.
Cardano (ADA) – 2rd generation dApp platform.
NEO (NEO) – Chinese dApp platform.