Among the current blockchain and cryptocurrency projects, Qtum (QTUM) is arguably one of the most popular projects. The Singapore based blockchain project enjoys huge backing from developers and users. The importance of smart contracts is realized by everyone today, but writing strong and effective smart contracts is something that many businesses scratch their head over. QTUM looks to provide a solution to that by making the process of writing smart contracts simpler and helping out businesses. But there are a lot of interesting things about QTUM apart from its aim.
QTUM interesting facts
- A combination of Bitcoin and Ethereum
Bitcoin is known as one of the most secure blockchains with its UTXO (unspent transaction output) method while Ethereum has the benefit of allowing smart contracts to run without any tweaks owing to its Turing complete nature. QTUM harnesses both these traits. It is a fork from the Bitcoin blockchain which runs the Ethereum Virtual Machine (EVM). So basically it provides you the best of both Bitcoin and Ethereum in a single service.
- QTUM is mobile-ready
Qtum (QTUM) uses Bitcoin’s Simple Payment Verification. SPV allows for a wallet to confirm a transaction without having to analyze its contents. With the number of transactions held within each block, bypassing the content analysis speeds up the verification to a great extent. This makes it possible for lite wallets in mobile devices to make transactions seamlessly. Also, QTUM’s lite wallets allow mobile users to use dapps and smart contracts right from their smartphone without having to run a full node. Running a full node through a mobile device is impractical, but QTUM helps solve the issue by taking away the need to do so in the first place.
- ICOs are already starting to prefer QTUM
Ethereum is the most popular choice for ICO hosts. They use Ethereum’s blockchain and accept Ether from investors before giving them their own currency’s tokens. However, even though QTUM does not have its own main net yet, there are some ICOs which are accepting QTUM coins rather than Ethereum. One example of this is Energo, an energy distribution company from China. Energo opted to accept QTUM and BTC. It accepted ERC20 tokens but it was QTUM coins. That speaks volumes about the trust QTUM enjoys.
- QTUM’s Github repository is one of the most detailed
A good way for cryptocurrencies to be more transparent regarding their operation and build trust wih developers and users is to routinely update their codebase publicly on Github. This allows everyone to see the entire history of the codebase and what kind of changes are made to it from time to time. QTUM makes at least 2 commits to the codebase each day, helping anyone see everything that is being done by the development team and know in which direction is QTUM going.
- QTUM is used by blockchain startups
While there are many projects that offer this service, only Ethereum and to a small extent Neo actually see startups building on top of their blockchain. While Ethereum is the frontrunner by miles in this area, QTUM is slowly picking up the pace. 17 companies are building on top of QTUM’s blockchain and accepting ERC20 tokens. Other projects also offer smart contracts, but QTUM’s aim to help a business startup in coding better and stronger smart contracts attracts more people towards it.
Qtum (QTUM) is fast become a major force in the blockchain world. Even though there was some bad publicity associated with QTUM regarding Patrick Dai, one of its co-founders accused of laundering away 200 BTC, it is widely popular. Most people believe it was a FUD gimmick by competitors since there’s no incriminating evidence against him. But the fact remains that QTUM is a major player in the blockchain universe. It has utilized Bitcoin and Ethereum in the best possible manner to give users a service that lets them enjoy the best of both these giants.