What Is Qtum?

Qtum is a decentralized, open-source, public blockchain platform. The platform is a community project that intends to connect Bitcoin and Ethereum communities, the blockchain ecosystem, and the real world. The currency is based on the UTXO model and utilizes several virtual machines, including Ethereum Virtual Machine. To be precise, UTXO is the number of cryptocurrencies left by the user after completing the transaction. Also, Ethereum Virtual Machine (EVM) refers to a blockchain-built software that enables the creation of decentralized apps (DApps).

Additionally, Qtum aims at the account abstraction layer (AAL) that supports the execution of smart contracts. More precisely, the account abstraction layer hides the internal code and filters data. Besides this, the network adopts the proof-of-stake consensus mechanism to resist damage to the network environment. Also, the currency enables specific blockchain settings to be changed using smart contracts. For example, the Qtum block size can be altered easily without altering the blockchain rules. 

Additionally, the QTUM token is a native token of the Qtum platform and is based on the ERC20 protocol. Moreover, the token executes a standard application programming interface (API) for coins within smart contracts on Qtum. In brief, an API is software that enables communication between two applications.

In other words, Qtum is similar to ERC20 tokens. Additionally, QRC tokens are created as digital assets through Qtum smart contracts for supporting DApps. Also, to make transactions with QRC20 tokens, users need QTUM to pay the transaction fees. Moreover, some Qtum wallets possess in-built smart contract templates to build the tokens by filling a form quickly. The network offers users five different types of easy-to-use wallets. These wallets include Qtum Qt wallet, a staking-friendly desktop wallet for beginners. Additionally, the platform offers web and Android mobile wallets to quickly store tokens.

Who Founded Qtum?

Qtum was introduced by Patrick Dai, Neil Mahi, and Jordan Earls. The currency was launched on March 1, 2016, and released its prototype on October 31, 2016.