Qtum is a cryptocurrency that has absorbed the best qualities of Bitcoin and Ethereum. The project entered the market at the beginning of 2017 and has already managed to gain a foothold in the list of the 40 best cryptocurrencies by capitalization. Qtum allows you to create decentralized applications and implement projects based on the Ethereum platform into blockchain.
Buy or sell Qtum cryptocurrency
Operating principle
Qtum technology combines the Ethereum consensus model and the Bitcoin transaction system. The developers used the UTXO model. To spend assets, participants must prove ownership.
Like Ethereum, Quantum used a virtual machine for smart contracts. The mechanism allows you to combine smart contracts with the PoS mechanism. Thanks to a combination of PoS and PoW algorithms, the Quantum network is compatible with mobile phones and the Internet of Things.
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The graph displays the current exchange rate of Qtum against the Russian ruble and the US dollar:
At the start, the cryptocurrency was trading at 2 cents, but it was possible to record huge profits. After 2 months there was a sharp jump in the exchange rate. Already in May 2022, the cost of Quantum increased to $5. Until the beginning of December, the cost of the coin fluctuated between 5 and 20 dollars. The cryptocurrency boom that began at the end of the year also affected Quantum. In January 2022, the cryptocurrency set a price record of 103 USD, after which the decline began.
Quantum practically copies the Bitcoin trend. Following the cryptocurrency market, the cost of coins is sliding down. Today, the Qtum rate is 97% lower than its absolute maximum. According to the developers, the price of Qtum depends entirely on the demand for the cryptocurrency.
Conducting an ICO
The ICO of the project started on March 16 and was held until April 15, 2016. The token price was 29.2 cents. Funds were collected on international cryptocurrency exchanges. Within 30 days, investments in Bitcoin and Ethereum exceeded the equivalent of $15 million. Moreover, 10 million was collected during the final day of trading. The first token appeared on July 10, 2022.
The success of the project was marked by interest from the creators of Bitcoin, Ethereum and the eminent development team. About 30 people participated in the creation of the startup under the guidance of well-known specialists in cryptocurrency technologies:
- Patrick Dai – lead programmer at Alibaba, blockchain developer, graduate of Draper University, founder of the project;
- Neil Mahy – ISCAE MSc, 20 years of software development experience;
- Jordan Earls – has been programming since the age of 13, cryptocurrency specialist;
- Yuni Ouyang - Lead Web Developer at Baidu;
- Xialong Su – Master of the Chinese Academy of Sciences, worked at Microsoft.
The initial block of 100 million Qtum was distributed among ISO participants - 51 million, project teams - 20 million, development fund, Dapps application development - 29 million.
The launch of the main network took place on September 13, 2022.
What is Qtum
Qtum is an open source platform based on Bitcoin Core. Interaction between network participants does not require the creation of accounts. In the Quantum blockchain, smart contracts have been combined with the PoS consensus mechanism.
The main goal of Quantum is the creation of smart contracts using the UTXO protocol. The developers created a platform available for mobile devices, which allowed them to expand the range of users. In the future, the creators intend to improve application storage. Projects based on the Qtum platform will be entered into the common blockchain in the form of transactions.
During the first stage of the ICO, the developers collected $16 million: $10 million were collected in the first hours of the token sale. The explosive start captured the attention of the cryptocurrency community. The coin immediately broke into the leadership of digital assets in terms of capitalization.
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Advantages
Qtum is an advanced network for creating decentralized applications.
Platform advantages:
- Using smart contracts . Allows you to exchange assets taking into account the requirements of participants, create new projects based on Qtum.
- Compatibility . The platform interacts with Bitcoin and Ethereum, but active work is underway to expand Qtum compatibility.
- Mobility . A protocol of simple checks with UTXO technology allowed the use of smart contracts on mobile devices.
In the fall of 2022, the developers announced the implementation of the scalable SCAR protocol, but the exact timing of integration is still unknown.
The SCAR protocol is designed to increase transaction speed. The mechanism solves the problem of increasing the number of nodes. The speed of SCAR depends on the number of payments. With a large volume of transactions, the block creation time is reduced, maintaining the speed of payments.
Information
Indicators of the Qtum cryptocurrency as of June 9, 2022:
| Name | Qtum |
| Ticker | QTUM |
| View | Cryptocurrency |
| Capitalization | 283 985 242 $ |
| Well | 2,97 $ |
| Current issue | 95 781 764 QTUM |
| Maximum emission | 107 822 406 QTUM |
| Website | qtum.org |
| Blockchain Explorer | qtum.info |
| @QtumOfficial | |
| Cryptocurrency exchanges | Binance, EXMO, Crex24, BitForex, Gate, Huobi Global, OKEx, etc. |
| Launch year | 2017 |
Qtum Services
The company has two applications:
- Spring Email
- Qloha
The software uses a cryptocurrency mechanism that makes messaging easier.
Wallets for storing coins that are available for mobile devices are under development. Testing of the innovative SparkNET .
Since the platform is business-oriented, programmers develop services in this direction. Almost all developments are compatible with mobile devices.
The project team
The new blockchain is being developed by the Qtum Blockchain Foundation, headquartered in Singapore. The working team includes 17 programmers, mostly from China. Most of them have experience working in large companies such as Baidu, Alibaba, Tencent, NASDAQ.
Interesting. The team is led by Patrick Dye. In the summer of 2022, Forbes magazine included the programmer in the list of the most advanced entrepreneurs under 30 years old.
Figure 2. Patrick Dye - head of the Kutum development team
The Qtum Blockchain Foundation organization has the structure of a commercial enterprise, each of whose divisions is responsible for its own direction. This includes the following departments:
- application development;
- checking the correctness of the code;
- finance and attracting new employees;
- marketing and PR.
The management of the organization includes a separate council, whose members will be elected for 2 years, token holders and an executive director.
Figure 3. Organization structure
Cryptocurrency mining
The PoS algorithm is used for mining, participants receive commissions from transactions.
To start earning money, you need to go through several stages:
- Get a wallet to store coins.
- Credit the purchased funds to your account.
- Wait for confirmation of 500 nodes.
- Monitor wallet activity.
A transaction on the network is carried out after the formation of 500 blocks. When the links are confirmed, participants begin to make a profit. The total number of bets is taken into account, which determine the probability of mining the next block. It takes a little more than two minutes to form a node on the network. For each block, miners receive 4 coins and transaction fees, which are located in the node.
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Mining Quantum is far from classical coin mining. It is rather a lottery: the creation of a node is based on the principle of probability, and the coins in the account are tickets to enter the lottery.
Wallets
Qtum Wallet is an official, multi-platform application for storing and managing coins. Available in the following versions:
- Mac;
- Windows 64-bit
- Windows 32-bit;
- iOS;
- Android;
- Web.
You can store QTUM on Ledger Nano S hardware wallets that officially support this cryptocurrency.
Other crypto wallets for Quantum cryptocurrency: Qbao Network, CoinPayments Wallet, Atomic Wallet, Exodus, Satowallet Exchange, Coinfy Wallet, Pungo Wallet, Jaxx Wallet, Hoo Wallet.
Further development
Today the platform is at the development stage. The main problem of Qtum is its dependence on Bitcoin. Factors that may affect the rate growth:
- powerful team;
- a clear plan for further development;
- the popularity of the project, despite its short existence;
- advanced blockchain technology;
- cooperation with reputable companies and support of large investors.
The developers strictly follow the roadmap - all deadlines are met. Patrick Dye (the founder of the network) believes that you need to focus not on marketing issues, but on technical aspects. Although it cannot be said that Qtum is an unpopular platform: the network attracts business structures. Using the platform, supply chains are controlled at minimal cost.
Disadvantages of Qtum:
- Weak PR campaign. The authors do not intend to spend money on advertising until the project is completed.
- Big competition. There are a number of platforms in the blockchain space that offer similar conditions.
- "Dampness" Qtum. The full launch of the platform is planned for the third quarter of 2022.
- Dependence of the Quantum cryptocurrency rate on Bitcoin.
If the authors focus on a specific niche, the project is doomed to success. The developers set a course for East Asia, where the bulk of Qtum’s partners are concentrated.
At this stage, buying Quantum for long-term investment is risky. The situation will become clearer after the full launch of the project. Now you can make good money on exchange rate volatility through trading.
Is it worth investing?
Qtum cryptocurrency, the rate of which has changed dramatically several times in 1.5 years, is attracting interest from large businesses. The developers plan to achieve global recognition and make the use of the platform widespread.
However, investing in a token carries risks inherent in all cryptocurrencies:
- most countries have not yet developed a legislative framework for Internet money;
- significant volatility, sharp exchange rate fluctuations;
- insufficient demand in the real market as a means of payment.
The hype around electronic coins is purely speculative and has the structure of a financial pyramid. So far, in Qtum, a cryptocurrency whose chart has a bearish trend, investing significant funds seems to be a risky undertaking.
