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Qtum cryptocurrency review and perspectives for crypto society

05/09/2018 00:00
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Cryptocurrency QTUM: review and perspectives

We continue our series of reviews of the most popular cryptocurrency from the TOP-30 of our piggy box. Today we are talking about the Qtum currency the platform for creating smart contracts and decentralized blockchain applications. The project is designed to serve the business industry and combines the reliability of the Bitcoin protocol along with the functional diversity of the Etherium ecosystem.

QTUM is a hybrid of Bitcoin and Ethereum. It combines Bitcoin reliability and Ethereum functionality.

If you are looking for new coins for your cryptocurrency portfolio, read this review to the end. We will go through the key features of the QTUM cryptocurrency: we will study the concept, the team, find weaknesses and define prospects for future growth.

Concept

Idea. The QTUM platform has been initially designed for the introduction of blockchain into various spheres of human activity. At the same time, the developers focused on the necessity to satisfy the interests of business segment first by thus aiming to implement QTUM platform in the sphere of finance, game industry, social networks, the Internet of things and IT-developments. Afterwards the platform will be implemented into other spheres of economy.

The key to implementation. The QTUM platform has inserted the system of master contracts for blockchain system popularization. Master Contracts 一 is an improved version of the Ethereum platform smart contracts. Master contracts enable users with the opportunity to make changes in blockchain system in real-time mode and use so-called off-chain transactions. Let’s describe it on the examples.

Smart Contracts of the EthereumMaster Contracts QTUM

Only support On-Chain transactions.  

Suitable for blockchains without the necessity of additional adjustments.
Support off-chain and on-chain transactions. Used in the blockchains requiring additional adjustments in online mode.

Mechanism of work 

The parties stipulate the terms of the forthcoming transactionThe parties stipulate the terms of the forthcoming transaction
One side wants to sell, and the other intends to buy a Tesla car for $ 40,000.The owner of the car dealership intends to purchase a batch of Tesla cars from a large-scale supplier.
All agreements reached are translated into the program code.All reached agreements are translated into the program code.
An electronic document with the characteristics of Tesla and all important terms of the contracts is created.

A detailed description of coming amount of Tesla cars is being created. 

The program code is built into the cryptocurrency network.The program code is built into the cryptocurrency network.
The created electronic document is programmed and translated into a smart contract.The received document is programmed and translated into a master contract.
Computer nodes monitor the implementation of the transaction terms.Computer nodes monitor the implementation of the transaction terms.

The seller transfers the Tesla car and the buyer transfers $ 40,000. 

The supplier transfers a batch of Tesla cars, and the buyer is getting prepared to transfer the money.
The deal closes and the parties reach their goal.The trustee verifies the terms of the transaction and makes changes to the master contract.
The buyer becomes the owner of the Tesla car, and the seller's balance is $ 40,000.The representative of the car dealer checks the goods from the supplier and finds several defective cars. The deal is being adjusted and the parties begin to cooperate on new terms.
The deal closes and the parties reach their goal.

The owner of the car dealership receives an incomplete lot of Tesla and can conduct business. The supplier receives most of the money and saves the customer. In the end, everyone wins.

The supply of defective cars would have lead to the deal cancellation in case of smart contracts usage

Additional features. First, all applications developed in QTUM are compatible with other blockchains. For example, they can be exported to the Ethereum blockchain and back. At the same time, all actions are simplified in the best possible way, do not require advanced programming skills and can be performed through any Internet connected gadget

Secondly, the QTUM platform is oriented to the conducting of legal and transparent business activity. This means that Qtum platform can automate only those business processes, which are consistent with the provisions of local and international legislation. This approach is beneficial to the companies who constantly deal with various regulatory organizations and have to protect their interests through lawyers.

Third, QTUM master contracts allow hiding the secret part of the content. This is topical when business owners do not want to share valuable information with their competitors. The master contract contains a system of private settings that allowing to protect valuable information and simultaneously insert all necessary data in the register for concluding the deal with existing partners. 

Roadmap

March 2016. The official launch of the QTUM project.

October 2016. Appearance of the first working prototype of the QTUM platform.

November 2016. Registration of new non-profit organization in Singapore 一 the QTUM foundation.

2017. The ICO conducting, release of a test version of the QTUM network, development of a new programming language (Solidity) for Ethereum blockchain connection, launching of new interface for internal transactions and convenient operation with smart-contracts (GUI); introduction of a separate protocol, counteracting future hard-fork (Decentralized Governance) and presentation of new roadmap.

Year 2018. In the fourth quarter of 2018, developers plan launching a full-scale version of the QTUM ecosystem. In parallel, there will be several versions of wallets and applications for developers, which will simplify cryptocurrency operation. At the same time the team plans improvement of blockchain functionality and add a virtual machine on the X86 processor basis to the ecosystem.

Together with this the team conducts the works on the implementation of "Go Mobile" strategy. Developers plan to create a separate DApp repository enabling the integration of the QTUM platform blockchain into a variety of cloud services and popular applications. For example, such repository has already been integrated into Wechat. The team has already launched Qloha and Spring Email projects making a full-fledged digital wallet from each e-mail.

QTUM satellite

Starting from February 02, 2018, the QTUM project is positioned as the first space cryptocurrency with a personal satellite in orbit. On this day, the representatives of Qtum Foundation have put into orbit the first satellite-cube-satellite together with Space Chain company.

Kubsat is an inexpensive artificial satellite with a single-board computer on board. The satellite itself weighs several kilograms, while the computer does not exceed the size of the bank card. The computer has built-in QTUM platform software designed for this cryptocurrency mining.

In 2018, the QTUM satellite-kubsat operates in the testing mode. Its use should solve several global problems associated with the ubiquitous spread of blockchain:

  • the introduction of satellites should reduce the cost of expensive equipment needed for the maintenance of the cryptocurrency networks, operating on Proof-of-Work algorithm basis;
  • if the satellites can operate in a proper way and perform the function of validating nodes, they should reduce the cost of electricity in those networks that use Proof-of-Stake and other mining algorithms;
  • since space is not subject to any jurisdiction, the use of QTUM satellites will allow resolving many disputable issues within those states, who had not been able to use cryptocurrency due to legislation limitations.

In case of successful testing the Qtum Foundation will launch new satellites, increase their advantage in space and go to the process of scaling the created network.

Team

In 2016, Patrick Dai, Neil Mahi and Jordan Irls began to develop the QTUM project. After that the main team has enlarged till 17 programmers with experience in Alibaba, Microsoft, Tencent, ChainB, Nasdaq, Baidu and other technology companies.

  • Patrick Dai. He worked as a technical specialist in Alibaba, was engaged in mining and developed several small blockchain startups before QTUM. In 2016 he entered the TOP-30 businessmen rating based Forbes (China) results.
  • Neil Mahi. The head of blockchain development department. He specializes in software development and design of blockchain networks. Master's degree in administration and computer science.
  • Jordan Irls. The ompany leading developer. Since the age of 13, he has been involved in the development of software, took part in the design and elimination of errors in many blockchain startups.  

You can see all the developers, advisers and team members on the official QTUM website in the "Team" section.

After ICO, the project received funding and all the necessary resources for development. QTUM observes a vertical management structure. This is necessary in order to act on the approved plan, not to waste investment funds and does not depend on individual representatives of the team. The Management Board includes the Judicial Committee, the Executive Director and four equivalent subdivisions responsible for various aspects of the network's operation.

  • Judicial Committee. Responsible for the appointment of the Executive Director, all directors of divisions and heads of individual committees. The same body can conduct personnel changes, dismiss unnecessary specialists and take all other strategic decisions.
  • Executive Director. Responsible for all daily operations, necessary for the planned development of the QTUM network. He is engaged in consulting, coordinating the work of all subdivisions of companies and solving all urgent issues.
  • Subdivision №1. Implementation Committee. This unit will be included in the work after the implementation of basic infrastructure of the QTUM network. It will be responsible for the search for industries and specific business enterprises that the QTUM platform can be useful for.
  • Subdivision №2.  Code Diagnostics Committee. This division includes all key developers involved in the creation of QTUM products. They regularly monitor the status of the project, make corrections; get feedback from tokens holders and external programmers.
  • Subdivision №3.  Committee of Finance and Personnel. This unit is responsible for recruitment, monitoring of current financial activities and cash payments to employees. It supposes a combined version of the bookkeeping and personnel department.
  • Subdivision№4.  Marketing Committee. This unit is responsible for overall promotion of QTUM project, communication with public and publication of ready products source code. 

You can check detailed management structure and all team members in third section of White Paper.

Tokens

Destination. The QTUM network uses tokens with the same name. Their main purpose is to maintain internal functionality and maintain created smart contracts. On August 8, 2018 the cost of one coin has at the level of $ 5.69.

Records. The historic maximum was fixed on January 7, 2018. On that day, one QTUM token price has been $ 103.45. The historic minimum was fixed on July 16, 2017. On that day, the price dropped to $ 4.08 per one token. Now the price is close to a minimum.

Amount. Initially, the developers planned to release 100 800 236 coins. Now there are 88 800 236 coins in circulation. On the initial limit exhaustion, the overall amount of tokens will increase by 1% per annum, by thus allowing to fight inflation.

Capitalization. In August 2018, the total capitalization of QTUM makes $ 505,440,618. At the same time, the daily turnover reaches $ 128 million. In the period of historic maximum, the market capitalization of the project reached 7.6 billion USD.

Mining. Mining with the help of computer equipment will not be provided in 2018. In the future, the situation may change. This will depend on the satellite's test. The current blockchain is built on the new version of PoS, so all the holders of tokens will be able to earn on block generation.

Perspective

The QTUM platform is related to the new 3.0 cryptocurrency generation. In case of success, the project will greatly advance the technology of blockchain and will benefit various economy sectors. Ethereum, NEO and Cardano cryptocurrencies are developing in similar directions.

In August 2018 QTUM tokens approached the historical minimum. We believe that this is the best time for purchase as by December the main version of the platform should be released, the project does not have any serious problems and all actions are performed according to the approved roadmap. Therefore, we think this coin will rise in price by the end of the year.

The world of cryptocurrency is constantly developing and brings something new, so stay with us and remember to subscribe to our pages in FacebookTelegram news feed channel and YouTube channel to stay in touch about all updates of cryptocurrency world!

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