Decentralisation was first introduced to the world by Bitcoin in 2009. Though there was a lot of backlash that the market and the community got during its infancy, the market has evolved over the last ten years into something that is unignorable. The return on investment that the investors get is practically unheard off and the blockchain delivers on all accounts.
The second biggest innovation that brought about another drastic change in the industry was Ethereum. The Ethereum Network’s native token is also the second largest cryptocurrency in the market as well. The Ethereum Network blew the blockchain industry’s startup space right open and introduced the market and the community to smart contracts.
Combine these two massive advances in technology and you get a hybrid blockchain platform which offers the strengths of both and the weakness of none. That is exactly what Qtum is.
Qtum
Qtum is an open source blockchain project. The project is to build a hybrid platform that combines the strengths of the two most drastic advances in the blockchain technology; the Bitcoin and the Ethereum Network. It is an open-source, value transfer system.
It combines the Bitcoin’s blockchain and the Ethereum Network’s smart contract system and provides a blockchain that is tried, tested and trustworthy. The reason that Qtum uses the Bitcoin blockchain is that it is one of the first blockchain networks and is also the one that has been tried and tested. The world of decentralisation runs anonymously and making sure someone gives you what they promised is a task, to make that an easier one, Qtum employs smart contracts.
Qtum provides an executable blockchain stack for DApp development like Ethereum but with the Bitcoin’s UTXO transaction model. The Qtum platform essentially combines the Bitcoin core for transaction mechanism with the Ethereum Virtual Machine to build DApps that can be used on mobiles as well. The platform also leverages the Bitcoin’s proof-of-stake consensus mechanism, which has proven to be more advantageous for business purposes.
The platform aims to be a public blockchain for businesses in the industry, which will essentially let companies and industries to move onto the blockchain without having to spend too much money and technical skill on it. The fact that they are building an open blockchain also helps them break into newer industries and bring them onboard the blockchain.
By combining these two revolutionary technology developments, the company aims to provide the cryptocurrency market, the blockchain industry and the global cryptocurrency community:
- More Stability
- More Modularity
- More Interoperability
- Platform Compatibility
- Smart Contract Capabilities
The end aim of the Qtum platform is to bridge the gap between the business world and the blockchain industry. They want to make it affordable and cheap for businesses to enter the blockchain world. Qtum is a Singaporean startup and is an open-source blockchain project.
Partnerships
The cryptocurrency market and the blockchain industry is a very community intensive industry. Reputations matter, communication matter, and social media presence matters.
The other important thing that all companies must spend time on is the partnerships it strikes in the beginning. These partnerships help lend credibility to each other, especially when partnerships are struck between established companies and ones that are newly entering the market.
The most common partnerships among cryptocurrency companies are when they partner with other cryptocurrency companies and provide united front to the people in the community. This makes it easier for both companies to push their agenda and make sure that their projects and products do equally well.
Qtum is a company that is headquartered in Singapore. Its main home market is the Asian market and this is an approach that has been quite successful for them. In the early stages, Qtum partnered with Qihoo 360, a Chinese cybersecurity firm, which proved very advantageous to the company.
There was a lot of talk about a possible partnership with Starbucks as well. It was rumoured that Starbucks was to take on Qtum’s product and work on better integration. But this, however, was nothing but a rumour.
There are many DApps that are already active on the Qtum mainnet that have a decent download rating and ownership. These DApp owners have also managed to strike quite a few partnerships among themselves, which further increases the amount of trust and credibility Qtum has amassed in the past year.
The QTUM
The native token of the Qtum platform is called QTUM. QTUM is a utility token that will be used to do transactions on the platform. The token is ranked as the 29th on the basis of market capitalisation. The token is listed on fifteen exchanges and is not minable.
The current price of the coin is $3.80 USD. The token’s all-time-high is $103.45 USD.
Also, Read Why you should buy loom
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