QTUM - Decentralized Applications, Smart Contracts and more

tonylondon (57)in #qtum • 8 years ago (edited)

After the release of Bitcoin, Stratis and Ethereum, a fourth crypto currency created for business known as QTUM has been released by a Singapore registered organization. This is an open source, decentralized project which has combined advantages of various other public chains. Use of the Bitcoin Core 0.13 made the wallet synchronization faster. It is a Blockchain system that will allow internet users to experience the value of Blockchain, as this will allow contracts to be managed through wallets. Like Bitcoin, QTUM is meant to focus on the Decentralized Application (DAPP) and the Smart Contract market. As the scripting language of Bitcoin Core was expanded, smart contracts could be executed as part of an Unspent Transaction Output (UTXO).

Built on Linux platform makes QTUM compatible with both Mac and Windows 64 bit and allows all its access to all types of users. MingW and Msys2 led to a lot of library issues which made the developers to shift it to Linux. By providing a means of value transfers with the help of Ethereum Smart Contracts, this crypto currency will changed the way social network, commerce and finance industry have been functioning according to it's whitepaper. This has also encouraged many banks to apply for the Blockchain alike patents. Currently, QTUM is being testing with another feature, called BiSMTP, which is likely to be added.

This is a hybrid protocol that allows QTUM to be sent and received using emails. Integrating with various messaging platforms is a part of QTUM’s growth strategy; because this will increase QTUM's user base by making the use and availability of QTUM to everybody. Blockchain technology can threaten the business model of many big companies if they will not inculcate this technology in their day-to-day operations.

POS

The QTUM’s 3.0 POS (Proof-of-Stake) model allows its operations from a normal laptop or PC, eliminating the requirement of complicated applications. Unlike POW models, POS requires a fraction of energy which makes it reasonable in terms of money and more environment friendly, bringing it in the reach of a common man. There were certain security issues that have been eliminated by upgrading the Blackcoin POS.

Only a massive log output allowed the developers to fix the errors in the technology as some errors in the code led to communication issues. In order to keep it easy for the old users of Bitcoin, every segment of the originally created Bitcoin has been made compatible with this new release of QTUM. The initial test network has 10 nodes, where each node was funded with pre-mined coins. QTUM has become smoother with the upgrade to the Bitcoin Core 0.13, as it only downloaded the block headers instead of the entire Blockchain which is a very time consuming task, since it holds gigabytes of data and is no way user friendly.

POS Issues

The partial download of the POS block was also fixed with this upgrade. However, the transition phase led to errors in the wallet transactions. There were certain other stability issues that are being generated with the testing networks.

To QTUM or not to QTUM?

QTUM is a business friendly platform that will take the Blockchain technology to the next level. It will not only provide the evidences of the transactions, but the activity log will remain with them for the entire lifespan. My personal view is there is a market for this kind of blockchain, be it a main chain or just a sidechain, in the end business will want to step in to this magical world we call crypto currency...