What is qtum cryptocurrency?
What is Qtum cryptocurrency? There is one more newcomer in the world of cryptocurrency. That can prove to be one of Altcoin which has many benefits.
The coin named Crypto Qtum (pronounced “Quantum”). This is a result of the Qtum Foundation and has climbed up rapidly in recent months.
At present, Qtum is rank at 41st, out of all 1,519 cryptos on the market.
Qtum value at $ 1.09, with a total market valuation of $ 1.8 billion and daily transactions of $ $ 436,369,961 USD
The amount of Qtum crypto in circulation to date is about 73 million pieces, with a maximum supply that can create to reach about 100 million.
Thus there are still between 27 million pieces that have not been made.
This also opens up opportunities for the value of coins to keep fluctuating.
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Qtum history
QTUM was first launched in September 2017 with quite good initial growth. At that time, crypto Qtum opened at a price of about $ 4.
That value continues to grow, until the beginning of January 2018. Qtum able to reach the highest point at the level of $ 83.
Since launching the Qtum coins have been able to record around 2000% on average, the Qtum crypto growth has reached 500% every month.
What is Qtum cryptocurrency?
According to its official website, Qtum is an open-source Blockchain project by Qtum Foundation a company headquartered in Singapore.
Qtum is a Blockchain hybrid application bridge between EVM and Unspent Transaction Output model from Bitcoin Core.
Then, Qtum crypto with the functionality of Oracles and data feeds that allow developers to create Smart Contracts creation results in the scope of the Database information.
Qtum Foundation’s plan is to serve as a public Blockchain facility provider.
With a specific target in the business sector specialist.
The development effort will enable Qtum to adopt by various industries in the field of
Telecommunication, product authenticity protection, financial management, industrial logistics (shipping, warranty, etc.), up to Manufacturing.
Differences Crypto Qtum with Other crypto Blockchain Projects
Qtum offers many advantages for the Smart Contracts development community.
The design project is in such a way as to implement the best part of the benefits of Bitcoin and Ethereum.
That is, the advantages of Bitcoin and Ethereum platforms can be combined well, to get a new platform that is more business-friendly.
Of course, collaboration is also intended to get a higher advantage.
The Qtum protocol adopts from the Bitcoin platform, but for the virtual machine the QTUM adopts from the Ethereum Virtual Machine (EVM)
In other words, Qtum is a collaboration between the Bitcoin platform and Ethereum, which can be considered complete with all the advantages of both technologies.
Not only that, but Qtum is also equipped with the UTXO model which can facilitate the access of fund holders.
Advantages Of UTXO Models Instead of Traditional Account Models
Traditional Account Models are almost identical to bank accounts, with each party having the advantage of being able to deduct a portion of their balance to increase the balance of the other party (remittance).
Such models are conceptually very simple to understand.
Such models are conceptually very simple to understand.
However, to make the function run in a Blockchain environment, many logic should be added to avoid Double Expenditure, or two transactions simultaneously with similar par and goals.
On the other hand, the UTXO model is similar to the “Bank Check” ecosystem.
Without an original bank account, checks can already be redeemed for money.
There is a “payout” column on a bank check that can give you clues as to how the money should be spent or used. Each check also has its own nominal amount.
We can not go to the bank to thaw the check halfway.
Funds to be issued by the bank are valuable and only for the purposes stated in the check paper
Such a system is intended for the perpetrator not to be associated with a bank institution.
But transactions can still be done correctly and legitimately.
In addition, from the security factor, of course, the Bank Check model is safer, because the source of funds does not need to be known before.
Concept of UTXO
The UTXO concept itself is a Signature concept that is proven safe by being tested by Bitcoin which has been operating for more than 7 years.
The concept of managing the account and the transaction has been able to run indefinitely.
UTXO also enables more scalable transactions and can be easily processed in parallel; things that are usually difficult to do in traditional account models.
With all the advantages mentioned above, Qtum is the most appropriate UTXO model.
Many benefits of combining the collaboration functions of Bitcoin and Ethereum can be felt in Qtum.
Meanwhile, Smart Contracts is planned to be written on the basis of a simpler conceptual account model
.So, quickly, the adoption of two large, simplified coins has created a coin (Qtum) approaching the word “Perfect”.
The basis for the creation of QTUM crypto is the Bitcoin Blockchain, by adding layers to the Ethereum Blockchain.
Therefore, the Ethereum Virtual Machine for QTUM Smart Contracts can run on the Bitcoin platform.
The collaboration also allows QTUM crypto to be more profitable and users of Bitcoin and Ethereum can trade directly with the QTUM platform.
Oracles & PoS Makes Qtum Useful
Qtum also supports the integration of external data feeds called Oracles.
Oracles is basically an API that allows external devices.
To supply and obtain information from Smart Contracts machines on the QTUM crypto platform.
Oracles is a trusted system on a network that can supply data, perform off-chain calculations, and help faster calculations.
QTUM also has other features using the Proof of Stake (PoS) application.
Unlike the signature Proof of Work (PoW), this one is for Bitcoin and Ethereum.
The implementation of PoS will be more effective than PoW.
With this PoS, it makes the distribution of verification and validation tasks evenly distributed
How to buy QTUM cryptocurrency?
What is Qtum cryptocurrency?
The way to buy QTUM is through QTUM Token exchangers that are available by more than 25 exchanges globally.
Such as Bithumb, Huobi, Allcoin, BCEX, OKEx, Liqui, and many others.
Most exchangers pair QTUM with BTC, ETH, and USDT.
You can buy QTUM at one of the exchangers that supports it.
How to store QTUM cryptocurrency?
What is Qtum cryptocurrency?
To store Qtum they have their own wallet with the name Qtum Core.
Users can take advantage of QTUM Wallet which they can access from various platforms.
Such as the Web, Desktop PC (iOS and Windows), Mobile (Android and iPhone).
Or with other options besides using the official QTUM core wallet.
Users can also store in a hardware wallet such as Ledger Nanos, which is a recommendation by Qtum.
QTUM cryptocurrency at the present time
What is Qtum cryptocurrency?
In 2019 the QTUM graph has decreased significantly, if previously in 2018 the value of this token could reach 63 $, but what happened in 2020, the value of this token is only $ 1.09.
Further decline is still possible, amid the global conditions in the coronavirus or Covid-19 outbreak, making investors looking for safe-haven assets.
While the ranking on Coinmarketcap who had previously been ranked 20 at this time he was ranked 41.
Competition with other tokens has made one of the reasons why there was a drastic decline in value.
Conclusion
What is Qtum cryptocurrency?
Previously many Crypto Qtum users had hoped this would be one of the few coins that had a good future in the crypto world.
Not only QTUM is one of the cryptocurrency coin tokens, there are many other coins that also have functions and platforms that are good, call it VeChain, Tether, Neo, etc.
In investing in cryptocurrency, don’t forget to always learn about crypto by following the latest developments in the crypto market information
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