CoinpediaBHV: Qtum

What is QTUM?

Qtum is an open source Blockchain project that is developed by the Singapore-based Qtum Foundation. Qtum is a hybrid blockchain application platform. Qtum’s core technology combines a fork of bitcoin core, an Account Abstraction Layer allowing for multiple Virtual Machines including the Ethereum Virtual Machine (EVM) and Proof-of-Stake consensus aimed at tackling industry use cases. We believe this will allow Smart Contracts and Decentralized Applications to run on a familiar foundation, while offering a robust environment for developers.

The underlying technology uses an “Account Abstract Layer”, which acts as a bridge between the EVM and the Unspent Transaction Output model of Bitcoin Core. There will be Oracles and Datafeed functionality, allowing developers to create Smart Contracts built around trusted sources of information.

The Qtum Foundation plans to be the public blockchain for business. Development efforts will allow us to market this platform to var”>ious industries, such as: Mobile Telecommunications, Counterfeit Protection, Finance, Industrial Logistics (shipping, warranty, etc), and Manufacturing.

Qtum provides a Turing-complete blockchain stack, able to execute smart contracts and decentralized applications, comparable to the Ethereum blockchain. However, in contrasts to Ethereum, Qtum is built upon Bitcoin’s well-established UTXO transaction model and employs a Proof-of-stake consensus mechanism that is more practical for business adoption. These augmentations have far-reaching implications for the Qtum blockchain.

Furthermore, Qtum aims to establish an array of services, designed to bridge the still existing gap between blockchains and the business world. These include tools and methods to standardize the workflow of business smart contract development and a hub of tested and verified smart contract templates, addressing various specialized business use cases.