Qtum is an open sourced public blockchain platform, leveraging the security of UTXO while enabling multiple virtual machines including EVM and the revolutionary x86 VM. Qtum is PoS based and boasts a Decentralized Governance Protocol (DGP) allowing specific blockchain settings to be modified by making use of smart contracts. For instance, the block size of Qtum can be increased without the need of a hard fork.
Problems & Solutions
Blockchain-enabled smart contracts that employ proof-of-stake validation for transactions, promise significant performance advantages compared to proof-of-work solutions. For broad industry adoption, other important requirements must be met in addition. For example, stable backwards-compatible smart-contract systems must automate cross-organizational information-logistics orchestration with lite mobile wallets that support simple payment verification (SPV) techniques. The currently leading smart-contract solution Ethereum, uses computationally expensive proof-of-work validation, is expected to hard-fork multiple times in the future and requires downloading the entire blockchain. Consequently, Ethereum smart contracts have limited utility and lack formal semantics, which is a security issue. The team fills the gap in the state of the art by presenting the Qtum smart-contract framework that aims for sociotechnical application suitability, the adoption of formalsemantics language expressiveness, and the provision of smart-contract template libraries for rapid best-practice industry deployment.
Features & Highlights
- Decentralized Governance Protocol (DGP): Qtum’s Decentralized Governance Protocol (DGP) allows specific blockchain settings to be modified by making use of smart contracts.
- Abstract Account Layer (AAL): Qtum’s Account Abstraction Layer decouples applications from the underlying protocol, maintaining the performance of the blockchain and lending the ability to add more smart contract capability in the future.
- x86 Virtual Machine: Qtum’s x86 Virtual Machine will support C, C++, Rust, Python and other widely used programming languages, facilitating mainstream adoption of smart contract development.
- Global Network: Qtum boasts the biggest PoS peer to peer network, with full-nodes only exceeded by the Ethereum and Bitcoin networks.
- Wallet Ecosystem: There are a full spectrum of crypto wallets supporting Qtum, that meet the needs of different users.
- Development resources: Qtum also provides mature development resources for blockchain and app development.
- Transaction model: UTXO (Unspent Transaction Output) from bitcoin
- Smart contract architecture: EVM (Ethereum Virtual Machine), adding the x86 virtual machine in 2019
- Block size: 2 million bytes, scalable using on-chain DGP (Decentralized Governance Protocol) up to 32 million bytes
- Average block spacing: 144 seconds
- Smart contract token protocol: QRC20, based on Ethereum ERC20; QRC721 non-fungible tokens in development
- Consensus algorithm: Proof of Stake, version 3.0, upgraded from Blackcoin
- Theoretical maximum TPS (Transactions Per Second): 70 to 100. Much faster using Lightning Network and other Layer 2 technologies
- Block reward: 4.0 QTUM through February 2022 (halved every 4 years), plus a share of transaction fees and gas
- Genesis blocks initial creation: 100 million
- Maximum supply: 107.8 million in 30 years, current annual inflation 0.87%
Token Sale & Economics
- Project website: https://qtum.org/en
- Project whitepaper: https://qtum.org/user/pages/01.home/Qtum%20whitepaper_en%20v0.7.pdf
- Token sale start time: TBA
- Ticker: QTUM
- Token type: ERC-20
- Total hard cap: TBA
- Total supply: 100,000,000 QTUM
Token Utility & Use Cases
QTUM are paid as fees and consumed as gas for every smart contract transaction, actually every individual smart contract program step. Qtum staking nodes collect these gas fees, and transaction fees, along with the block reward, for publishing the transaction in a block.
Roadmap & Updates
- 2019 - Q1
- Release version
- Working on partnerships with large companies for Unita
- 2019 - Q2
- Research and Development
- New advancements on scaling, governance and development toolkits
- Qtum Core improvements in backend and frontend
- Scaling improvements will bring Qtum to 50k TPS
- x86 VM
- Public Testnet
- x86 only No EVM Support yet
- Complete "bare bones" system calls supported
- Contracts can be made in C
- Complete consensus-critical portions of DeltaDB
- Research and Development
- 2019 - Q3
- Lightning Network
- Public testnet
- Mainnet integration after a few months of testing
- x86 VM
- Trusted library features
- Second public testnet x86 and EVM supported
- Lightning Network
- 2019 - Q4
- x86 VM
- Mainnet integration
- First set of trusted library contracts published on mainnet
- Scheduled at the same time of x86 hard fork
- New Byzantium op codes supported
- x86 VM
Patrick Dai, Patrick is graduated from Draper University and dropped out of his doctoral degree from the Chinese Academy of Sciences. Previously employed by Alibaba, and committed to the blockchain technology development, with abundant blockchain industry development experience.
Neil Mahi, Neil has 20 years experience developing software and has four years experience in the blockchain space. Neil has Master’s degree in Business Administration from ISCAE, but later specialized in computer science. Neil was also a professional poker player and speaks four languages.
Jordan Earls, Jordan is a trusted and well-known member of the cryptocurrency community and has been developing software since he was thirteen. Jordan has reviewed over 100 altcoins and identified multiple exploits in coins.
Miguel Palencia, Systems engineer. He has 5 years experience in blockchain technology and 16 years experience in server administration, linux development. His blockchain experience has allowed him to take part conferences and meetings all over the world with medium and large companies. Miguel has developed block explorers & mining pools among many proof of concepts blockchain platforms and tools over the years.
Yunqi "Caspal" Ouyang, Caspal is an experienced web developer and has worked at Baidu. Caspal has more 21 gold medals for Rubik’s cubing 1 record in Asia and 29 records in China. Caspal was ranked.
Baiqiang Dong, Baiqiang studied theoretical mechanics at Peking University and has worked for several software companies including Cheetah Mobile.
Weiyu Qi, Qi Weiyu graduated from Beijing University of Posts and Telecommunications, and worked at DiDi as a senior software engineer before join Qtum.
Jun "Codeface" Chen, CodeFace is an iOS developer, product manager, and a student at Anhui Univesity. CodeFace was previously an intern at Tencent.
Huaming He, Huaming received his master’s degree at the University of Chinese Academy of Sciences. Huaming has developed algorithm and protocol stacks for wireless networks, including 4G LTE and MANET. He has also been studying blockchain technology since to study blockchain technology 2015.
Wenbin Zhong, Wenbin Zhong graduated from Chinese Academy of Sciences, Masters of Information and Communication System. He is proficient in C/C ++ programming on Linux, GDB debugging, familiar with data structures and algorithms, has JAVA/Shell/Tcl knowledge and experience, and 4 years of experience in large-scale software development. Wenbin has known Bitcoin since 2013 and has even mined cryptocurrency.
Howard Yeh, Howard is the author of “Deep Dive Into Ethereum Virtual Machine”, a book dissecting the inner workings of Solidity and Ethereum. He is currently the Lead DApp Platform Engineer for Qtum, developing tools and libraries to create decentralized applications. Howard has 10 years of product and engineering experience in the startup world, and is passionate about building products that counter the centralizing tendencies of the old web.
David Jaenson, David's interest in Bitcoin and blockchain tech started in 2013. He has previously worked on several startups and has interned at Nasdaq. He recently completed his master's thesis in distributed systems at Lund University.
Stella Kung, Stella is one of the early marketing and public relations practitioners in blockchain industry. In 2014, she worked as senior marketing manager for DACx and ZAFED. Before joining Qtum, Stella served as the marketing director for ChainB.
John Scianna, John has been following bitcoin since 2012 and a community member since 2013. John has been a miner, journalist, and has worked for several startups including CoinPip and the DC-based blockchain advocacy group, the Chamber of Digital Commerce.
Brett Fincaryk, Brett worked as a Linux System’s administrator from 1999 – 2004 and then worked at a Linux desktop support company from 2005-2014. His blockchain experience started in mid-2013, and met most of the Qtum’s founding members in 2014.
Mark Cen, Focused on blockchain product design for years. Advanced Designer worked for Alibaba, Metersbonwe, in responsibility of product designing, and lead UI/UX design work for multiple products.
Alex Dulub, Alex has a 15 years background in software development and 3 years working on blockchain frameworks and business applications, as well as cryptographic protocols and crypto libraries. Alex is also a serial math/programming competition winner. His programming stack includes C/C++, Node.js, Angular.js, React/Redux.
Anzhy, Anzhy is a professional blockchain developer with 6 years of solid experience backed by a Master's degree in software development and participation in creation of complex blockchain systems and algorithms.
Zhen Li, Graduated from Hofstra University in 2018 with a master's degree in quantitative analysis. Before going abroad, he has 4 years of Java programming experience. During the postgraduate, he was exposed to data analysis languages such as Python and MATLAB. Joined the Qtum family in January 2019.
Alan Yu, Alan Yu graduated from University of International Business and Economics, he is proficient in economic finance and economic models. Formerly Alibaba Product Manager, with 10 million grades of daily product experience, specializes in user-oriented and commercial products, now responsible for Qtum products and innovative business exploration.
Rouzi Li, Rouzi, accumulates rich experience in marketing and business development ,already has been working in tech and internet business development for more than 8 years .Graduated from Communication University of China and worked for Baidu as a marketing consultant. She joined Alibaba as a senior sales in the year of 2016 and after that joined Qtum in 2018,now she takes responsibility of business development for Qtum.
Qi Li, Qi Li, graduated from Xidian University. He has been engaged in blockchain and smart contract related learning and development for a long time during university, and gets rich experience in blockchain development. Joined the Qtum family in July 2018.
Isaac Lee, Bachelor of Chinese Language and Literature from Beijing Normal University. A master's degree in international relations from the Renmin University of China. 3-years of working experience in Digital Marketing in the POCOG(Pyeongchang Organizing Committee for the 2018 Olympic and Paralympic Winter Games) has strengthened his knowledge and skills in marketing and PR.
- RT @BinanceAmerica: https://t.co/AZwoBOy3iq
- “A blockchain is a replicated, autonomous, Byzantine fault-tolerant log with consensus based on blocks that permits… https://t.co/RauYZbxDI0
- Development Updates - November 04 - 10 🔧🔨 https://t.co/4lA4rQjnyW
- RT @Blockgks: Learn about how Qtum is shaking up the #blockchain industry! @QtumOfficial https://t.co/eJWUCSxPMs
- #Qtum continuously looks into different #blockchain #privacy solutions to develop use cases for everyone. Some appr… https://t.co/6JZcMpDWqC
- Every week of development updates gears up for the #Qtum Leap. Here are a few highlights from last week: Merging P… https://t.co/aj6rEU2xNp
- Warning: don't be fooled by GitHub impostor repositories. Double-check the URL. The qtumproject on GitHub is onl… https://t.co/JSzV9ztQTQ
- RT @PatrickXDai: Qtum Ranking NO.3 of all Blockchain Fullnodes. https://t.co/6B3DlUBj1h
- Check out last week’s development report. We launched a few new updates: - Qtum Android Wallet released on Google… https://t.co/OLIO97zyY4