Qtum Cryptocurrency Review

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A Detailed Analysis of QTUM Cryptocurrency – Beginners guide

CoinSutra » Cryptocurrency » A Detailed Analysis of QTUM Cryptocurrency – Beginners guide

Slowly but steadily, the concept of blockchain as a service for usages like smart contracts and DApps for different enterprises is shaping up well. As a result of which, with time, such blockchain platforms are becoming more valuable.

If you look back and compare, this time last year, there were hardly projects with a billion dollar market cap, Bitcoin being an exception.

However, today you will find over 30 projects on the CMC which has a market cap of over 1 billion dollars. Out of these 30, 11 projects are of decentralized blockchain application platforms. Some of them being:

All these platforms are trying to solve the problem of blockchain adoption through various unique implementations. Needless to say, Ethereum leads the way but that doesn’t mean others are far behind.

One such decentralized blockchain application platform that is barely talked about but has the potential to compete with the projects listed above is QTUM.

In this fundamental analysis of QTUM, I will address the following:

  • What Is QTUM?
  • How Does It Work?
  • QTUM Team
  • QTUM ICO: Total QTUM Supply
  • How To Buy QTUM cryptocurrency
  • QTUM Wallets & QTUM Staking
  • QTUM’s future and Roadmap

What Is QTUM?

QTUM is an open-source blockchain and cryptocurrency developed/maintained by the QTUM foundation. It is a decentralized Blockchain application platform, capable of running smart contracts on multiple virtual machines, with Proof-of-Stake consensus.

In a way, the QTUM blockchain is a hybrid of Bitcoin and Ethereum blockchains and can be used like Ethereum to deploy smart contracts and DApps that do not have a single point of failure.

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  • But when we can do the same thing with Ethereum, why do we need QTUM?

Well, it is because Qtum’s infrastructure is rather different compared to Ethereum and promises more scalability and security in the future. To know how, read on…

How Does It Work?

QTUM is the hybrid of Bitcoin and Ethereum. It takes the best parts of both the blockchains and combines it in the real world to give us the best of both Bitcoin and Ethereum.

Watch this short video for a better understanding:

In its simplistic form, QTUM developers took Bitcoin core’s code and changed its consensus mechanism from POW to POS and then implemented Ethereum’s EVM (aka Ethereum Virtual Machine) over the modified Bitcoin code base.

They have decided to retain Bitcoin’s code because of its UTXO accounting model which, in the future, will help QTUM incorporate all the important Bitcoin Improvement Proposals. They have also stuck with the Ethereum virtual machine with a proof-of-stake consensus because businesses around the world prefer to use a POS model for their enterprises.

Under the hood, creating such a hybrid is no child’s play. For this, QTUM uses something called AAL (Account Abstraction Layer) in between EVM and Bitcoin’s code so that they can both communicate.

The blending of Bitcoin and Ethereum gives QTUM the reliability of Bitcoin’s blockchain and the capacity of Ethereum blockchain to run any code or DApp on its blockchain without any single point of failure.

QTUM Team

As the QTUM project is a hybrid of Bitcoin and Ethereum, its team comprises of members from both Bitcoin and Ethereum community. They also have team members who formerly worked with Tencent, Alibaba, Nasdaq etc.

Apart from that, they are backed by some notable VCs and prominent people from the Blockchain community.

  • Patrick Dai (Project Co-Founder)
  • Neil Mahi (Chief Blockchain Architect/Co-Founder)
  • Jordan Earls (Lead Developer/Co-Founder)

QTUM ICO: Total QTUM Supply

If you compare the QTUM ICO with the recent ICOs, it may appear modest but during their ICO conclusion last year, it raised a whopping $15.6 million – the fourth highest in the cryptocurrency sphere at that time.

A total of 51 million QTUM tokens were distributed in the QTUM ICO from a total of 100 million created QTUM supply at the time of Genesis, plus

1% annual Proof of Stake (PoS) inflation.

Here is what the final breakup looks like:

Total token supply: 100 million (100,000,000) QTUM + 1 % PoS inflation

  • 51% of QTUM tokens (51,000,000) distributed through the crowd sale
  • 20% of QTUM tokens (20,000,000 QTUM) distributed among founders, early backers, and the development team
  • 29% of QTUM tokens (29,000,000 QTUM) allocated to community initiatives concerning business development, as well as academic research, education, and market expansion

QTUM MarketCap

According to CoinMarketCap, the total circulating supply of QTUM is 88,933,692 QTUM, and the current price of each unit is $3.71 That values it at approximately $330 billion (at the time of writing this article).

How To Buy QTUM cryptocurrency

For good projects like QTUM, there are enough exchanges that provide decent liquidity while buying and selling it, some which are listed below.

  • Binance: Supported pairs are QTUM/BTC, QTUM/ETH
  • Huobi: Supported pairs are QTUM/BTC, QTUM/ETH, QTUM/USDT
  • KuCoin: Supported pairs are QTUM/BTC, QTUM/NEO
  • Gate.io: Supported pairs are QTUM/BTC, QTUM/ETH, QTUM/USTD
  • Bittrex: Supported pairs are QTUM/BTC, QTUM/ETH
  • Bitfinex: Supported pairs are QTUM/BTC, QTUM/ETH, QTUM/USD
  • Livecoin: Supported pairs are QTUM/BTC, QTUM/ETH, QTUM/USD

QTUM Wallets & QTUM Staking

QTUM has sufficient wallet infrastructure across all mediums in just one year of existence, which shows the dedication of the team.

  • Mobile Wallets: QTUM Core (Android, iOS), Bitpie (Android, iOS)
  • Browser/Web Wallets:QTUM Wallet
  • Desktop Wallets:QTUM Core (Mac, Windows, Linux), QTUM Electrum (Mac, Windows)
  • Hardware Wallet: Ledger Nano S, Ledger Blue,

Of these wallets, QTUM can be staked on desktop wallets for earning passively in the form of staking dividends. For ‘X’ amount of QTUM holdings, you can expect approximately 8% annual returns. You can check the same here, their staking calculator.

Also, note that staking cannot be done in mobile wallets. It is currently not possible in hardware wallets either, but will soon be possible on Ledger devices.

QTUM’s future and Roadmap

Conceptually, if you ask me, QTUM’s future looks very bright because with a Bitcoin code base it will be able to incorporate Bitcoin’s improvements like Sewgit, Lightning etc and with EVM it will be able to host any Ethereum-based DApp or smart contract.

It may not seem very significant right now, but in the future, with the multitude of apps being built on QTUM, this innovation will help QTUM scale quickly.

Also, QTUM is a mobile-friendly infrastructure where you can deploy smart contracts from mobile-like lightweight interfaces too.

Currently, Qtum hosts more than 20 DApps, the ICOs of which were executed on the QTUM blockchain itself. You can see some of the DApps in the image below.

The only worrisome aspect is the fact that projects like Ethereum have a strong user base and alliance. It will be interesting to see how QTUM goes further considering it doesn’t have as strong a user base. However, working on the alliance and user base is part of QTUM’s roadmap.

I feel this space is not a zero-sum game and that more than one blockchain platform for smart contracts and DApps can definitely exist.

That is all from my side in this introductory article on the QTUM project. I will soon be back with some new blockchain product round-up.

Until then, stay tuned and keep enjoying the blockchain revolution.

Official QTUM resources

Some official links that will keep you updated on QTUM:

Here are a few hand-picked articles for you to read next:

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After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.

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Qtum Cryptocurrency Review

Cryptocurrency developers from around the world are working hard to launch unique and beneficial cryptocurrencies and among such emerging tokens, Qtum has been recognized as a blend of Bitcoin and Etherium. These are the top 2 cryptocurrencies trending nowadays and Qtum derives its base and unique features from both of these platforms. With the market capitalization of $871,719,100, this cryptocurrency has begun the battle of competing with the most powerful and well established cryptocurrencies of the digital market.

What is Qtum?

Qtum, also known as quantum is an open source platform which is developed to enhance the use of decentralized apps and smart contracts while conquering the market capitalization of bitcoin. It has an effective and experienced team of developers which is well versed with cryptocurrencies and digital market. This is a Singapore based Asian technology and ensures to improve interoperability of smart contracts among diverse businesses.

Specifications of Qtum:

Block time – 120 seconds

Block size – 2MB

Total supply – 100Million

Inflation – 1%POS

How it works?

The Qtum platform allows the developers to create and develop smart contracts. The aim behind developing this cryptocurrency is to bring smart contacts and decentralized applications in the strongest marketplaces and in different businesses. Qtum blockchain allows storing the database in an efficient manner. The information of the transactions made using Qtum is stored in a single server which prevents it from theft and attacks.

Using the smart contracts, developers are allowed to share and use their digital assets between 2 or more accounts with ease. Developers can build the contracts without being charged while the developers won’t have to learn new languages for development. The transactions are made without involving any third party.

Special features of Qtum:

Smart contracts and Decentralised apps

Just like etherium, Qtum promotes the development and use of smart contracts. These smart contracts are developed to bring applications to different businesses. The businesses will be able to develop unique applications on the blockchain using these smart contracts. This project will allow business growth and also simplify the transaction processing.

The strong team of developers behind Qtum

The team behind Qtum is highly knowledgeable and experienced in the field of cryptocurrency. Qtum has effectively marketed its team which includes members from companies like NASADAQ and Alibaba. The investors are selected from China’s largest companies and venture capitalist firms. From programming to developing cryptocurrencies, the team members have pretty impressive and reliable backgrounds! This team has a powerful impact and is also the strongest point of Qtum.

Increase in price and value

The change and rise in the value of Qtum is considerable. With the end of 2020, the value of Qtum started increasing gradually. From January 2020 to December 2020, the price of Qtum jumped up to over $15 (at the time of writing). From the market capital of less than $1billion, it straight way jumped to over $5billion which is certainly an impressive increase.

Proof of Stake 3.0

This amazing altcoin uses the only smart contract platform which uses Proof of Stake. PoS is used to bring in more practical implementations of the smart contracts. On this platform, the transactions done using Qtum become more secure and reliable.

Other significant points about Qtum:

  • Qtum allows integration of datafeeds and different APIs to allow the external devices to supply information from the Qtum platform. These are the trusted parties which can be sued for sharing information, performing calculations and for complex computations.
  • The marketing strategies of Qtum team has made it famous among the Asian markets. The team is highly efficient and consists of young developers filled with experience and knowledge about cryptocurrency market.
  • This cryptocurrency faced an immense increase in its value in 2020 and is expected to grow significantly during 2020.
  • It is a very ambitious and quality project which is compatible with etherium smart contracts and uses PoS instead of mining.

Why should you choose Qtum?

  • Qtum has existing partnership with Alibaba, Baidu and some billionaire investors from China which makes the project strong and interesting.
  • The team behind Qtum is highly reliable and experienced in cryptocurrencies.
  • The community, developer engagement and customer service of Qtum is highly commendable which makes it a profitable scope for investment.
  • This is a hybrid of 2 technologies and aimed to take smart contracts towards business applications. The success of this project will bring a lot of important business opportunities.

On a long term basis, this cryptocurrency can become a huge currency along with a strong platform for various business applications. The currency has also faced good price increase within the past few months which has helped investors and miners earn a lot of profit. They have a great reputation and hold over the Asian markets and are poised with the smart contract developments. This is the currency which promises better business applications and smart use of digital currency. It is still in the emerging phase and upcoming few months will decide the capability of this currency.

Qtum (QTUM)

The QTUM cryptocurrency runs on the namesake platform which was designed to bring out the best of both Bitcoin’s and Ethereum’s technologies, combining them to make them more accessible to the corporate world.

Market Cap Volume 24h Circulating Supply Maximum Supply
$ 121,271,668
96,506,644 QTUM
$ 280,687,184
223,367,737 QTUM
96,506,676 QTUM 102,256,696 QTUM

The QTUM (pronounced “quantum”) project was launched in Singapore in 2020 based on a vision to unite the best segments of Bitcoin and Ethereum technologies on a unified hybrid platform. Members of the Qtum Foundation (Patrick Dai, Neil Mahi, Jordan Earls and others) running this project included individuals who were active in both of these crypto communities. By making it possible to run the Ethereum Virtual Machine (EVM), the runtime environment for smart contracts in Ethereum, on QTUM’s own blockchain which was based on Bitcoin, the founders hoped to enable fast programming of smart contracts combined with the innate stability of this blockchain for the best results.

As QTUM primarily targeted businesses and institutions, this system aims to eventually improve the automation of entire smart contract technology and bring down the costs associated with its use. To make these contracts faster to build as well as execute, QTUM platform comes together with a range of smart contract templates, pre-built contracts and tools for streamlined development of new decentralized apps (dapps).

These will allow companies to create their own coins for the products and services they offer, as well as automate management of their supply chains. The QTUM founders considered Ethereum platform as having unresolved stability issues, prompting them to combine its smart contract functionality with a more stable Bitcoin blockchain. To make these two work together, QTUM implemented the Account Abstraction Layer technology which allows for the conversion of its blockchain data into the account system used by Ethereum.

Instead of Bitcoin’s proof of work mechanism, QTUM uses its proof of stake consensus model paired with Bitcoin’s UTXO (unspent transaction outputs) system for verifying transactions. This allows it to process transactions simultaneously without being dependent on their sequence. Another benefit of the UTXO system for the QTUM is that it enabled it to run light client nodes on its network, which keep records of only the most recent or the most important blocks for the transaction verification. This made it possible to manage one’s smart contracts from mobile phones which often have to deal with slower connections or lower storage capacity.

With its focus on making smart contracts “smarter” and more readily available, QTUM will arguably compete with the likes of Ethereum or NEO. Back in early 2020, its market value went over USD 7 billion, less than a year after its introduction. In November 2020, QTUM had a market cap value of USD 351 million. The total amount of coins in circulation at the time of writing is 89,015,652.

QTUM coins are available for trading for other cryptocurrencies on crypto exchanges such as Binance or Bittrex.

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