Qtum (QTUM) growth has been increasing exponentially since the launch in 2017. A lot of interest in the project was developed during the global cryptocurrency rally towards the end of 2017 and the beginning of 2018. The digital asset surged from trading roughly at $10 to exchange hands above $70.
Qtum (QTUM) has shed off more than 90% of its value since the rally, besides it is currently exchanging at $4.76. However, it is important to understand that crypto projects are more than just their prices on exchanges. For instance, Qtum has had more development achievements this year compared to last year amid falling prices in the market. Therefore let us sit back and take a deeper look at this digital asset and what it has to offer.
What is Qtum?
Qtum (QTUM) is defined as a decentralized and open-source platform that supports the creation of smart contracts (special programs). The protocol is also used as a transfer of value. Qtum blockchain employs the proof-of-stake consensus algorithm where operators of the nodes spread in different localities around the world get rewarded for validating transactions on the network. The blockchain is also community governed through a voting system that defines the parameters to be changed on the network.
Ethereum was the pioneer of smart contracts in the blockchain industry. The launch of the Ethereum Virtual Machine (EVM) opened the blockchain technology to diverse applications through the development of decentralized applications. However, developers are constantly seeking alternatives to Ethereum. Qtum is a platform that borrows a lot from UTXO-“a well-established transaction model of Bitcoin and the consensus mechanism for proof-of-stake is more practical for adoption by businesses.”
Qtum platform focuses on bridging the gap between businesses and the blockchain. Ethereum platform is perfect for certain programs, for instance, CryptoKitties but Qtum narrows down its design specifically for lightweight decentralized applications (dApps) in business. Moreover, these applications are compatible with other blockchains. Qtum is able to achieve separation between settlement and computation layers resulting in greater flexibility. The stacked approach also allows multiple virtual machines to execute on the blockchain reducing any chance of downtime.
The number of cryptocurrencies continues to increase in the market. All these digital assets find it had to work together because they use different blockchain platforms. Qtum is currently working on introducing interoperability. This technology allows Qtum to create a hybrid platform that combines various cryptocurrencies. In addition to that, the network is concentrating on creating optimized mobile platforms to increase blockchain adoption. Desktop applications are great but mobile proliferation is far more diverse.
The platform has borrowed the best aspects of Bitcoin and Ethereum smart contracts. The network is able to serve a niche in the global industry but also appeal to a wider demography. The platform is steadily becoming a better option for launching the next generation of smart contracts.
Qtum is the 25th largest crypto in the market with a cap of $423 million. Its trading volume stands at $139 million in the last 24 hours. The network has a total coin supply of 100,852,264 QTUM but only 88,852,264 QTUM are currently in circulation.