Review on Qtum by Robiul Islam
QTUM is an open-source blockchain and cryptocurrency.
It is a platform that takes the best of two worlds to develop a hybrid that performs better than both. In a world where 50% of internet use is accessed on mobile devices, it seems like a good direction to focus on. With strong support behind it and dApp development taking place on its network, it is in a good position to perform well. However, as its innovations are relatively small compared to its many competitors.
Technology: It uses proof of stake protocol (POS) to verify transactions and build the blockchain as well as allowing stakeholders to vote on the direction of its future developments. The ‘Account Abstract Layer’ is the software it uses to bridge the Bitcoin and Ethereum-like features.
Experienced team: Patrick Dai is the founder of Qtum and was formerly employed by Alibaba. Jordan Earl is the co-founder of Qtum and he has been developing software since childhood. Stella Kung is the head of public relations and marketing for Qtum and also an advisor to decentralised social media platform Mithril.
Partnerships: Qtum platform that bring under control a partnership with First Gen, the largest producer of clean energy in the Philippines. Mithril is building social dApps on the Qtum network. Bingo, a blockchain entertainment ecosystem is continuing to build games on the Qtum network.
It has basically combined Bitcoin stability, Bitcoin security with Ethereum smart contracts and decentralized applications. The whole idea of the project was to take Bitcoin blockchain so that they can have Bitcoin stability and security than to change block size from 1 megabyte to 2 megabytes.
Updated 6 years ago
Rating changed from 4 to 5
Qtum is a public chain, and all data on the chain (including trading and smart contracts, etc.) is completely transparent and will always be in the chain. Although the user's address is generated by a random private key, the user's identity can be revealed through exchanges, merchants, etc., even through machine learning algorithms such as classification and clustering. This level of privacy is not sufficient to support large-scale commercial applications.
After you update your Qtum Core wallet to version 0.17.6 for the MANDITORY UPGRADE, you can confirm the version number with the getnetworkinfo command, version or subversion.
Pros
- It uses features derived from Bitcoin and Ethereum to bring together the best of both worlds for a more user friendly experience that is also designed to scale to future demand and be compatible with the Internet Of Things.
- It has its own working blockchain network.
- Easy Interoperability With Ethereum,SegWit Compatibility.
- It is building technology that uses, combines, and innovates the best parts of two successful platforms to provide an efficient service that does not yet exist.
- UTXO Model Guarantees Higher Scalability and Security.
- It has strong partnership backing and large range of dApps being developed on its network.
- Advanced Proof of Stake consensus, Explosive use cases and security features.
- It is focused first and foremost on mobile devices whilst most other platforms are developed for desktop computers.
Cons
- Anxiety over the past of founder Patrick Dai.
- Marketing focused on Asia.
- Concerns about the need of tokens besides being the fuel for Smart contracts.
