Review on Qtum by Fanuel PORPORTY
QTUM: cryptocurrency influenced by the giants Bitcoin and Ethereum
Qtum is a business-oriented blockchain that allows you to use both decentralized applications and smart contracts. The Qtum blockchain is developed by the Qtum Foundation based in Singapore. The creation of Qtum results from a fork of Bitcoin Core named AAL (Account Abstraction Layer) which allows a link between the Bitcoin blockchain and Ethereum smart contracts. Qtum is a hybrid blockchain that links the two blockchains, and benefits from the improvements made to both.
The goal of the Qtum Foundation is to democratize the use of smart contracts by facilitating their creation and their modification. Indeed, in the current state of things, some smart contracts are too rigid and complex enough to adapt when the situation of the parties evolves. Qtum is a project that targets big companies. One of Qtum's secondary goals is to enable the use of smart contracts on mobile devices without having to download a copy of the blockchain.
Interoperability between Bitcoin and Ethereum blockchains is at the heart of the project. The AAL allows the communication between the two blockchains: it is a kind of connection that overcomes the incompatibility inherent in the way data are stored on these two blockchains.
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Pros
- A hybrid Blockchain (Bitcoin & Ethereum). This union allows the use of Ethereum features (dApps and smart contracts) while benefiting from the security of Bitcoin.
- Almost all programming languages are available. This is not the case for all blockchains.
- Greatly facilitates the use of smart-contracts
- Ability to adapt smart contracts according to business needs
- Qtum decentralized applications are compatible with many blockchains
- Allows access to the blockchain from a mobile device: tablet, smartphone.
- The AAL account abstraction layer is an advanced technology that basically converts all Bitcoin blockchain outputs to the Ethereum ledger format so that they can be read by the EVMs. (Ethereum Virtual Machine)
Cons
- Strong competition in the smart contracts market. Ethereum is already well established and retains a large market share despite criticism that can be addressed. In addition, EOS and NEO are also trying to get into this market, to name a few.
- Compatibility between unspent Transaction Output (UXTO) and smart contracts is not yet optimal.
- One more project aimed at large companies.
