What is QTUM?
QTUM is an open-source blockchain based cryptocurrency created by the QTUM foundation. It is a decentralized blockchain application platform. It is capable of running smart contracts on multiple virtual machines (like Ethereum), with Proof of Stake (like Bitcoin) consensus. What’s unique about QTUM is that the QTUM blockchain is a combination of both Bitcoin and Ethereum blockchains. Hence, Users also use QTUM like Ethereum to create smart contracts and decentralized apps.Buy Qtum (QTUM) in India with BuyBitcoin.
Objectives of QTUM
QTUM hopes to help in the creation and deployment of Smart Contracts for corporates. In order to achieve this, the QTUM blockchain joins Ethereum’s Smart Contracts on top of the Bitcoin chain using a “proof-of-stake”. This enables an interaction between the Ethereum’s blockchain and the Bitcoin’s blockchain. Consequently, Ethereum contracts can be transferred to QTUM.
Notably, QTUM, despite being open to all, is more specifically targeting businesses.
The developers of QTUM contends that Ethereum’s chain is unstable with no room for interaction with Bitcoin while Bitcoin’s chain is stable but it can never offer a smart contract. That’s why QTUM wants to be the bridge between the two cryptocurrencies. The resultant would give the best of both technologies: an Ethereum type of programming facility, combined with the unmatched security of the Bitcoin Blockchain.
It will also enable the rapid construction of decentralized applications and will offer other uses for businesses.
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How does QTUM work?
QTUM is a proof-of-stake (PoS), smart-contract compatible blockchain that can natively run both Bitcoin-based and Ethereum-based applications. The QTUM protocol makes use of Bitcoin’s UXTO model of storing transactions, while also supporting oracles and two types of smart contracts. Applications built for Bitcoin, Etheruem, or either of their derivatives are able to port easily. It makes use of Blackcoin’s proof-of-stake (POS) consensus model Using a PoS model with some semi-trusted nodes would ease corporates that a mining outfit or state-sponsored hash power attack doesn’t disrupt the network.
QTUM uses features of the Bitcoin core blockchain, like its UTXO approach for storing transactions which makes individual coins traceable. QTUM has a layer that abstracts the UTXO data into something the Ethereum Virtual Machine can read. This, in turn, allows it to interact with both Bitcoin-based and Ethereum-based applications.
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