Qtum: What You Need To Know
Anyone who is interested in the digital world and the financial market, will have heard of cryptocurrency (such as Bitcoin or QTum). A cryptocurrency is a form of virtual currency and it works in a similar way to the standard currencies that are used around the world; however, cryptocurrency is solely used online.
Understanding Cryptocurrency and Its Digital Place
Cryptocurrency found its place in the financial world many years ago but with the development of technologies and an increase in its use, it has really solidified itself as a viable and potential way to transact online. Though virtual currencies were originally reserved for buying and selling between currency traders, many large companies do now accept them as legal tender. This highlights the growth in interest and use. So, it’s no wonder that more digital currencies are being developed.
The most notable cryptocurrency is Bitcoin, which over the years has gained international recognition as being one of the most popular worldwide payment systems. However, cryptocurrency expands much further than Bitcoin and there are other similar currencies making a name for themselves. One in particular is Qtum.
What Is Qtum?
Qtum is a new cryptocurrency that has been recently developed by a group in Singapore. With skilled team members around the globe, it has been able to grow considerably within a relatively short timeframe. Whereas similar platforms take years to gain momentum, Qtum has seen mass adoption extremely quickly.
When Bitcoin mining and processing Bitcoin transactions, blockchain technology is used. Blockchain technology allows a global network of computers to manage the Bitcoin transaction database together. Qtum provides this complete blockchain stack and it is able to handle extremely complex contracts and applications, something that isn’t always possible with other similar currencies. It is built upon the UTXO transaction module, established originally by Bitcoin, which provides it with a safe and secure base. Plus, it uses both Ethereum and Bitcoin technology, along with its own unique technology; this makes it a good cryptocurrency candidate for big businesses and international firms.
The Important Stats and Figures
In order to fully understand what Qtum can offer to the financial market, it’s important to consider the statistics and figures. Currently, approximately 100 million coins are available and this is considerably more than many other online currencies boast. Each individual block is 2mb in size, which is almost double that offered by Bitcoin. It’s clear to see that Qtum has the potential to offer something more.
As Qtum is a new cryptocurrency, there has been a large focus on it being mobile friendly and the team behind the platform have ensured it meets the standards expected from today’s technology. For example, the lite wallets can sync between devices and applications, as long as they are all on the correct blockchain.
What Makes Qtum Different to Other Cryptocurrency?
Whereas Bitcoin mining is favoured by different types of people, both individuals and large corporations, Qtum is mainly aimed at the business market. By using the technology already in place thanks to Bitcoin and Ethereum, the team behind Qtum created something very specific; they simply used what was already available and added their own flair with a Proof-of-stake consensus mechanism. This ensured the platform was practical enough that it could be adopted by the business world.
The combination of unique technology and existing Bitcoin mining platforms allows this virtual currency to serve any type of project. Therefore, it can be utilised in a number of different ways and used for many different purposes. In short, there are few limits to Qtum and its place in the world of virtual currency.
Qtum anchors itself around the idea of making cryptocurrency accessible for a mass market, such as international businesses and large firms, rather than on the individual user. It does this by making blockchain technology something that can be easy adopted by businesses quickly and easily; this is something that appeals to the business market.
The team who developed Qtum made bridging the gap between blockchains and businesses one of their focal points. This was done through a range of service options, tools and methods such as standardising the workflow of business smart contract development and verifying smart contract templates.
Is Qtum Worth the Hype?
Despite being a relatively new currency there has been a lot of interest in Qtum and what it’s offering, especially as it’s offering something that hasn’t been seen before. Whereas Bitcoin, Ethereum, Ripple, Dash and other digital assets are usually marketed towards an individual user as a means of transactional payment, this asset is aimed at a business market. By utilising new technologies and approaching the cryptocurrency world from a different angle, it closes the gap between digital currency and businesses. This could lead to virtual currency being used more and more by the world’s biggest businesses.