Qtum is a decentralized blockchain project built on Bitcoin’s UTXO model, with support for Ethereum Virtual Machine based smart contracts, and secured by a proof-of-stake consensus model. It achieves this through the revolutionary Account Abstraction Layer which allows the EVM to communicate with Qtum’s Bitcoin-like UTXO blockchain. Breaking this down, Qtum provides users with the ability to create and manage DAPP’s through smart contracts, in a similar fashion to Ethereum. Unlike Ethereum however, Qtum has the added benefit of using the Bitcoin UTXO model for added security.
2. Project Features
- THE BLOCKCHAIN MADE READY FOR BUSINESS. Separating the settlement and computation layers of blockchain allow for greater flexibility. Qtum’s stacked approach enables multiple virtual machines or runs environments to operate on top of the blockchain.
- EXPANDING THE SMART CONTRACT ECOSYSTEM. QTUM is about to revolutionize the way Smart Contracts are viewed, developed and used. With the x86VM, QTUM will be the first blockchain platform to allow next-gen DAPPS become a reality. Developers will be able to build Smart Contracts for QTUM using mainstream languages.
- MITIGATING & SOLVING SCALABILITY. Qtum employs a decentralized governance protocol allowing for blockchain parameters like the block size, block time, gas schedules, and the minimum gas price for contracts to be modified without requiring a fork. Additionally, the Qtum team is working diligently on lightning networks & payment channels to allow for 20,000+ tps.
- PROOF OF STAKE MINING. Qtum employs a proof of stake consensus protocol that allows anyone with as little as one QTUM to help secure the network. Our current Smart Stake Protocol is based on PoS v3.0 with some mutualized block reward features to increase the security of our smart contracts platform.
- KEEPING THE BLOCKCHAIN DECENTRALIZED. From Qtum’s consensus algorithm to our support of the Simple Payment Verification (SPV) protocol, our goal is to keep the network decentralized and bring smart contracts to everyone, including light clients in low bandwidth environments.
3. Useful Links