QTUM – taking the best from Bitcoin and Ethereum

What is QTUM?

QTUM (short for “quantum”) is an open source blockchain platform launched in 2017 by Jordan Earls and Patrick Dai. It combines the security of the Bitcoin Core protocol and the smart contract functionality of the Ethereum Virtual Machine (EVM). While providing a business-friendly environment for Dapp development, it also has several competitive advantages over those two most popular cryptos, including a highly efficient consensus protocol and decentralized governance.

Mobile Dapp Platform

The core feature of this project is the ability to run Solidity-based smart contracts and Dapps right through the EVM, meaning that developers can easily transition from Ethereum to QTUM whenever they want to. Despite the underlying differences between these platforms, from a technical standpoint, they are extremely similar. To solidify the platform’s position, the team has been working on a new Qtum-x86 VM, which will come with many minor improvements over EVM, as well as the support of C++, Java, Haskell, and some other general-purpose programming languages. Qtum-x86 VM is expected to be released in 2019, but many details remain unknown.

Greater Security

Unlike most other second-generation cryptocurrencies, QTUM makes use of the original Bitcoin codebase due to considerations about security of the unspent transaction output (UTXO) model it employs. The account model used in Ethereum, EOS, and elsewhere works with account nonces, which are transaction counters assigned to each address. This process can be slow and potentially expose the system to reentrancy and double-spend attacks. In contrast to this, the input of each transaction in QTUM refers to the outputs of previous transactions, so that there is less room for error and multiple transactions can be executed at once. Moreover, just like Bitcoin, it supports simple payment verification (SPV) techniques which allow using QTUM directly without having to run a full node.

Better Governance

QTUM employs BlackCoin’s Proof-of-Stake consensus mechanism which is a far more efficient alternative to Proof-of-Work algorithms used in other coins. For one, it does not have any threshold or limit for the prospective validator to join, so there are thousands of nodes in the network spread out across the world. Additionally, the rewards for staking are time-locked and spread out over a number of blocks, so that no single node has the incentive to crash the network. At the same time, each transaction comes with a gas price, like in Ethereum, to avoid denial-of-service attacks. Another of the project’s main strengths is its advanced on-chain Decentralized Governance Protocol (DGP). Smart contracts built with DGP allow submitting and voting on proposals, such as changes in block size and gas price, as well as swiftly reacting to hacks and attacks. DGP is planned to be upgraded in the future to turn QTUM into a delegated PoS network and further increase user participation in governance.

Where to store QTUM?

Finding a good wallet app for managing your cryptocurrency is essential, especially when there are so many options on the market. Magnum Wallet supports QTUM along with over 1000 other coins and tokens, many of which can be instantly bought or exchanged right within the wallet. This makes our wallet truly multicurrency, but the features don’t stop there. We also have watch-only wallets, hardware wallet support, as well as a variety of ways to earn extra coins, such as airdrops and staking. Start using Magnum now and thank yourself later.