Qtum (QTUM)

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Basics

History

"Qtum was founded in 2016 by Patrick Dai (AKA Steven Dai), Jordan Earls, and Neil Mahi. One of the reasons for Qtum’s fast track to launch is that, rather than building an entirely new blockchain from scratch, Qtum integrated open source code from the Bitcoin, Ethereum, and Blackcoin projects. Qtum is essentially an Ethereum-based smart contracts system running on top of a Bitcoin-based blockchain using a modified version Blackcoin’s Proof of Stake (PoS) implementation for consensus. Qtum has added a custom adaptation layer that maps Ethereum account balances to sets of Bitcoin Unspent Transaction Outputs (UTXOs)."

Token

Launch

"Their ICO, held in March 2017, raised approximately 15.6 million USD in just five days. The funds are managed by the Singapore-based Qtum Foundation, whose stated functions are to “oversee the development of the Qtum blockchain, to advocate governance transparency, and promote the safety and harmony of the open source ecosystem.”

Token allocation

Utility

Token Details

Stablecoin 

Tech

Transaction Details

How it works

  • Combines the Bitcoin client 0.13, Proof of Stake (PoS), and the Ethereum Virtual Machine to enable smart contract services.
  • Built from the Bitcoin core code with a secondary layer which allows it to use Virtual Machines including the Ethereum Virtual Machine (These allow the use of Smart Contracts and Dapps). It aims to bridge the security of Bitcoin with the limitless use cases of Ethereum. Designed as a toolkit, the platform uses the proof-of-stake model to reduce the network’s computational difficulty while mitigating and solving scalability.

Staking

"Qtum’s PoS doesn’t use delegates or depend on voting; anyone staking QTUM can produce a block. This makes Qtum’s implementation even more inclusive than Ethereum’s plan for CASPER, since there is no minimum amount required to stake. However, a downside is that Qtum’s implementation has some of the same scaling limitations as Bitcoin’s PoW implementation."

Liquidity Mining

Layer Two

Different Implementations

Interoperability

Other Details

 Privacy Method being used

Compliance

Oracle Method being used

Their Other Projects

DEX

Governance

"Qtum aims to overcome perceived governance challenges in Bitcoin and Ethereum with an on-chain governance mechanism, which they call the Decentralized Governance Protocol (DGP). The specific issues DGP is designed to address include the Bitcoin community’s gridlock over a block size parameter and Ethereum’s hard forks adjusting gas prices to prevent Denial of Service (DoS) attacks.

DGP automates updating blockchain parameters, such as block size or gas price, without forking or requiring users to download new software. The intent isn’t to completely eradicate the need for forks, which, according to Qtum, would be necessary for significant changes or new features. However, automating cryptoeconomic parameter changes via DGP could allow Qtum to respond more quickly to DoS attacks and speed the pace of innovation by avoiding community gridlock in some cases.

The governance process is run by a set of governing parties, who may be people or smart contracts. The governing parties submit proposals to change network parameters. The proposals are stored in a standard, machine readable format such that the Qtum software can incorporate them in an automated fashion. If a proposal receives enough on-chain votes from governing parties, then the proposal becomes active in the current version of software without requiring users to download and run a new version.

Qtum will initially launch with a set of “trusted” people acting as governing parties. However, Qtum expects to outgrow this structure quickly, and outlines a scenario where the governing parties could vote on a “meta-proposal” to replace them with a two bodies, board members and core developers, that would both need to approve a proposal before it can be enacted. Qtum claims that DGP “is powerful enough that its governance structure can be completely replaced” through such meta-proposals, while at the same time emphasizing the system’s narrow focus on protocol parameter changes. It seems unlikely that fundamental changes such as replacing the underlying structure of the DGP could be automated by the DGP itself without some amount of off-chain coordination within the community."

DAO

Self Funding Mechanism

Upgrades

"In June, 2017, just three months after the ICO, Qtum launched its first testnet, Sparknet, and followed with the deployment of a second, upgraded testnet, Skynet, two months later. On September 13, 2017 Qtum’s Ignition mainnet officially went live."

  • Qtum achieved a milestone in its roadmap this year with a fork to a new version of the mainnet (9-9-2020).

Roadmap

  • Can be found [Insert link here].

Audits

  • Bug bounty program can be found [insert here].
  • CertiK claims to have done an audit for them, according to their website (12-6-2020).

Bugs

Usage

"At the time of writing, there were 25 decentralized applications (dApps) running in various stages (such as demo, prototype, live, and stealth) on the Qtum mainnet and about 5K transactions per day were being processed."

Projects that use or built on it

Competition

Qtum vs. Ethereum 2.0

"Similar to what Ethereum 2.0 is currently testing, Qtum runs on a PoS consensus. However, while Ethereum 2.0 staking will require a minimum stake of 32 Ether (ETH), creating a significant barrier to entry, Qtum is striving to ensure that anyone can participate in its staking program. Most recently, Qtum launched offline staking, making it one of the only platforms that allows users to stake funds that are stored in an offline cold storage wallet

Qtum also runs on the Ethereum Virtual Machine, meaning that the project could potentially benefit from developments in Ethereum 2.0, such as sharding. However, unlike Ethereum, which is restricted to the Solidity programming language for now, developers can write their decentralized applications in a variety of more widely used languages."

Coin Distribution

Pros and cons

Cons

Pros

  • Based in Singapore, which has so far been very encouraging about blockchain technology.
  • Positioned to target both western and eastern markets.
  • Not in direct competition with Ethereum or NEO. Can coexist.

Team, Funding, Partners

Team

  • "Qtum is a global project that aims to be the bridge between the Bitcoin and Ethereum communities, the real world and blockchain world. Therefore it only makes sense that the Qtum team comes from both the Bitcoin and Ethereum communities as well traditional companies like Baidu, Alibaba, Tencent, NASDAQ and more."
  • Dai, Patrick; “Previously employed by Alibaba, and committed to the blockchain technology development, with abundant blockchain industry development experience.”
  • Earls, Jordan; “has been developing software since he was thirteen. Jordan has reviewed over 100 altcoins and identified multiple exploits in coins.”
  • Most of the team are Asian or Russian.

Funding

Partners