Summary:
- What is The Qtum Platform and how does it work?
- Advantages of the Qtum exchange.
- Qtum’s present and future price positions.
The QTUM Platform
Qtum (pronounced "quantum") is an open-source blockchain platform for proof-of-stake (PoS) smart contracts and a value transfer mechanism. It aspires to combine the advantages of Bitcoin and Ethereum into a single chain. With the addition of smart contract execution and DApps, Qtum is based on Bitcoin's UTXO transaction architecture. DeFi applications are now supported by the platform. On the Qtum blockchain, more than 20 tokens have been generated as of March 2021.
The project had its ICO in March 2017, a year after it had been announced, and it raised $15 million USD for its founders. On September 13, 2017, the Qtum main chain was made available. When the mainnet was launched, the Qtum coin was transformed from its initial ETH-20 token form to a native blockchain.
The current market capitalisation for Qtum is $325,099,170. There is a maximum supply of 107,822,406 - 97% of which are currently in circulation.
Qtum is a general-purpose blockchain that aims to address the four issues that its founders found most problematic with the BTC and ETH blockchain platforms: governance, interoperability, rigidity and cost of the proof-of-work mechanism, and difficulty connecting smart contracts with practical applications. Account Abstraction Layer (AAL) and Decentralized Governance Protocol are two distinctive technologies on the Qtum blockchain that seek to address this issue (DGP).
The UTXO (Unspent Transaction Output) account layer, which comes from Bitcoin, is combined with the Ethereum-inspired smart contract layer in the Account Abstraction Layer. Users can create programs and host them on virtual machines like the x86 virtual machine and the Ethereum Virtual Machine (EVM). Additionally, it supports the i686 instruction set and a number of programming languages, including C, C++, Rust, and Python, making it simple to adapt already existing apps and compile for Qtum. In addition to enabling Turing-complete smart contracts, Qtum intends to incorporate standard programming libraries as smart contracts.
As the network develops, the Decentralized Governance Protocol enables smart contracts to alter fundamental network characteristics like block size and gas prices without ever having to hard fork the blockchain. This may save a ton of hassle. Through voting, the entire ecosystem of miners (stakers), developers, and QTUM owners participate in the governance of the blockchain, enabling self-management, upgrades, and iteration.
Advantages of the Qtum Platform
- Proof-of-stake 3.0, If you wish to receive your stake reward using PoS 3.0, you must have your node online at all times. In comparison to those who have a lot of coins but keep their node offline, those who maintain their node while having less coins will receive stake rewards. An improvement on Ethereum's PoS implementation is Qtum's PoS.
- Bitcoin and Ethereum have the two most prosperous blockchains in the cryptocurrency world. By combining characteristics from both of these well-proven and widely acknowledged blockchains, Qtum unites them.
More Secure and Scalable UTXO Model, In the UTXO approach, each transaction's history can be transparently tracked back through the public ledger. The UTXO model's capacity to initialize transactions across many addresses in parallel processing demonstrates its extensibility. The UTXO concept also provides anonymity because it allows users to use Change Address as a UTXO output. The UTXO model's novel design serves as the foundation for Qtum's implementation of smart contracts.
Present and future prices of The Qtum network (QTUM)
Over the past few months, the global markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price of most cryptocurrencies have been falling, QTUM does fall under this category.
According to some analysts, the future price of The Qtum network (QTUM) could reach up to $16.14 by 2025 and could see a price of more than $116.13 by 2030. However, it is important to remember that this future price prediction is based solely on data and does not take into account factors such as investor sentiment and the ever changing market conditions, both of which make it difficult to make accurate future price predictions.
QTUM Price Chart
Sources: finance.yahoo.com, coinmarketcap.com, medium.com, technewsleader.com
