By JP Buntinx 6:25 pm March 14, 2017 The Qtum team unveiled the first source code snapshot on GitHub earlier today. This marks quite a significant milestone for this smart contract-oriented project, as it gives the whole world a peek at what the future will hold. Developing an open-source blockchains tack for legacy business use cases is a massive undertaking, and the Qtum Foundation wants to be as transparent about this project as possible.
Ever since Qtum announced their plans, the cryptocurrency community has been buzzing with excitement. A lot of developers and coding enthusiasts requested to see the source code. The Qtum Foundation takes these requests very seriously and decided to unveil a source code snapshot for public review. Unlike other projects, which tend to keep their source code under wraps, the Qtum Foundation welcomes public review and any feedback community members are willing to provide.
The full source code for the Qtum project will be disclosed on GitHub in Q2 2017. This date also marks the launch of the Qtum testnet. Once this source code is revealed, the whole world will gain valuable insights into the code history and all git commits by the developers. It is good to see this team embrace transparency and public review, as that will help legitimize this project as a whole.
Blockchain Platform for Mobile Smart Contracts
In other Qtum news, the team also announced smart contracts and Dapps on the platform will function on mobile and IoT devices. Go Mobile, as the strategy is called, is designed to prepare blockchain technology for the mobile space. Considering how Qtum allows smart contracts use without requiring specialized software, it makes a lot of sense to extend this functionality to mobile and IoT devices moving forward. More details can be found in the organization’s whitepaper. In the video below this article, interested parties can see a smart contract operating on an Android phone.
Qtum co-founder Patrick Dai stated:
“Making smart contracts work on smartphones and tablets heralds a new age in the field of decentralized computation. With about half of all internet traffic being generated by mobile devices, every real-world use case for decentralized applications would massively benefit from mobile support – especially if we’re taking the tendencies of developing markets into account.”
Additionally, the Qtum blockchain token crowdsale will commence on March 16. Six cryptocurrency exchanges will facilitate the crowdsale, which is an industry first. It is evident there is a lot of anticipation associated with Qtum. Moreover, some of the industry’s most prominent figures are backing Qtum at an early stage, indicating there is plenty of reason for optimism.https://www.youtube.com/watch?v=TucgSvwTDHo |
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Which exchange platform is most freindly for western ico investors looking to buy Qtum?
The only exchange that is not based in China is Allcoin.com, which is Canadian. This doesn't mean the others aren't Western friendly, here's the list: From: https://qtum.org/en/crowdsale#question-6%206. How can I participate? The Qtum Crowdsale will be facilitated on selected online crypto-currency exchanges and crowdfunding portals. You can participate via any of the following venues: Bizhongchou (qtum.bizhongchou.com) Yunbi (yunbi.com) ICOAGE (icoage.com) Allcoin (allcoin.com) ICO365 (ico365.com) BTC9 (btc9.com) Also, the price for Ethereum has been changed:  |
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by John Riggins John is based in Shanghai, China and is the Head of Operations, Asia Pacific for BTC Media. Smart contracts and decentralized applications (DAPPs) are coming to mobile phones, tablets and IoT appliances according to the Qtum Foundation, the Singapore-based foundation driving the development of Qtum, the open-source value transfer protocol and decentralized-application platform for businesses.
The first blockchain protocol that can execute smart contracts with a proof-of-stake consensus mechanism based on an Unspent Transaction Output (UTXO) model, Qtum believes mobile stakeholders will be an important part of its network and will include businesses as well as individuals.
Speaking to Bitcoin Magazine, Qtum Co-Founder and CEO Patrick Dai stated, “We want Qtum to be the easiest blockchain network to use. That’s why we are pushing our Go-Mobile strategy. Today, everyone and everything is moving, that’s why we can’t have a network that is run by stationary objects.”
Qtum makes this possible through a combination of features of the Ethereum and Bitcoin protocols. Existing smart contract platforms require clients to run a full node and hold a full blockchain copy to run DAPPs, an untenable prospect for smaller devices in a low bandwidth environment. Qtum gets around this requirement by stacking the Ethereum Virtual Machine (EVM) on top of Bitcoin’s UTXO architecture, making EVM accessible with lite wallets and the SVP protocol.
This innovation allows users to interact with the Bitcoin network and validate their own transactions without having to download and sync with the entire blockchain.
“Making smart contracts work on smartphones and tablets heralds a new age in the field of decentralized computation,” said Dai. “With about half of all internet traffic being generated by mobile devices, every real-world use case for decentralized applications would massively benefit from mobile support — especially if we’re taking the tendencies of developing markets into account.”
Highlighting Qtum’s goal of being a protocol for commercial applications, Dai also noted that “bringing the blockchain to mobile devices isn’t just about consumers, it’s one of the primary platforms for businesses.”
Following heavy community interest, Qtum decided to bring forward the release of a source code snapshot for public review, illustrating how the platform will work.
In addition to bringing smart contract and DAPP functionality to mobile and connected devices, Qtum sees its platform as a way for smart contract technology to be utilized to control “non-smart” hardware, bringing even legacy hardware and devices into a blockchain-secured IoT.
“Relying on existing Raspberry Pi–like devices already present in most standard appliances, Qtum smart contracts can potentially control any device with an accessible API,” said Jordan Earls, co-founder of the Qtum Project. “This way the interaction of ‘things’ in a given business could be programmed and orchestrated with very little investment in specialized hardware.”
With smart city initiatives aiming to utilize blockchain technology to support connected infrastructure and automated services being announced in the last year for China by the Wanxiang Group and for Singapore by the Singaporean government, the environment may be right for Qtum to roll out the feature-rich protocol they have been building.
The Qtum Foundation, having engaged PwC for project management support, will conduct a crowdsale of its Qtum blockchain token starting on March 16. After the crowdsale, further testing of the Qtum blockchain will be conducted before the platform goes live.
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So the team said they were going to release code on github two days before the ICO. That would be today, has the code been released?
Yes, it's a snapshot of the code, you can find it on the OP. So, what is your final target price to scam? They want to raise 15 million USD during the ICO. Aaaand they are only selling 51% of the supply. So they hope to reach an initial market capitalization of around 30 million. For vaporware. Lol. Here's my take on the ICO, without even having to consider the very real possibility of this being an outright scam: They want to raise 15 million dollars in the ICO for only 51% of the supply. That's an initial market capitalization of 30 million. Based on what? What justifies the biggest initial market capitalization in the history of crypto ICOs? How is this supposed to look appealing to an ICO investor? There is little room to grow and tons of room for the price to fall. Now factor in the additional fact the team is also going to have 29% of the supply that they will be selling to further fund the project (as if 15 million isn't enough?) and the fact the angel backers invested only ~1 million and got 20% of the supply meaning they paid 1/6th what ICO investors will have to pay and they can dump their coins all the way down to 1/6 the ICO price and sell for a profit all the way down. Now how does this look for ICO investors? Like a total ripoff? Looks like a one stage pyramid scheme to benefit the angel investors and team only. How the hell are you going to support an initial market cap of 30 mil when you also have that sell pressure coming from the 49% premine? Why wouldn't somebody just wait until after the ICO to buy on the inevitable dump below ICO price? That way you could also wait and see for certain whether or not it is a scam. Hi Stomia, The Angel Backers are not getting 20%, they are getting around 8%, the other 12% is to be delivered to the development team over the next few years. Take a look at how we distribute the other 29%: 29% of Qtum tokens (29,000,000 QTUM) will be allocated to community initiatives concerning business development, as well as academic research, education, and market expansion
During the next four years, the Qtum foundation will allocate 29% of the initial QTUM supply to third parties promoting the application and growth of the Qtum ecosystem. This budget will be held in publically viewable wallets and subjected to community scrutiny. Potential surpluses arising from this activity will be redistributed among Qtum token and stakeholders.We go into detail about this here: https://qtum.org/en/crowdsale |
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Press Update:
FinanceMagnates discusses our mobile Smart Contract platform, and they make reference to our Mobile Wallet and iMessage Demo video: Avi Mizrahi | Innovation (CryptoCurrency) | Tuesday, 14/03/2017|19:00 GMT Ahead of its planned $15 million crowdsale, Qtum revealed today that its platform will allow smart contracts and decentralized applications to function on mobile phones, tablets and Internet-of-Things (IoT) appliances. The developers explain that in contrast to existing smart contract platforms, which require a full node and blockchain copy to be present on a client app to execute decentralized applications, Qtum allows smart contract usage without having to install heavy, specialized software. With this, smart contracts can be used in low data storage environments, such as smartphones and IoT devices. This is done by stacking the Ethereum Virtual Machine (EVM) on top of Bitcoin’s unspent transaction output (UTXO) architecture. With this, the EVM is accessible with lite wallets. Lite wallets, utilizing the SPV protocol, allow users to interact with the bitcoin network and validate their own transactions, without having to download and sync with the entire blockchain. Patrick Dai, CEO and co-founder of Qtum, commented: “Making smart contracts work on smartphones and tablets heralds a new age in the field of decentralized computation. With about half of all internet traffic being generated by mobile devices, every real-world use case for decentralized applications would massively benefit from mobile support – especially if we’re taking the tendencies of developing markets into account.” Get smart In addition to mobile support for decentralized applications, Qtum describes its platform as suited for business automation and the development of a blockchain-secured IoT, allowing existing “non-smart” hardware to be controlled and operated with smart contracts, without having to be augmented with specialized proprietary systems. Jordan Earlz, co-founder explains: “Relying on existing Raspberry Pi-like devices already present in most standard appliances, Qtum smart contracts can potentially control any device with an accessible API. This way the interaction of “things” in a given business could be programmed and orchestrated with very little investment in specialized hardware.” Jordan Earlz, co-founder of the Qtum Project
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So the team said they were going to release code on github two days before the ICO. That would be today, has the code been released?
Yes, it's a snapshot of the code, you can find it on the OP. |
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Qtum Update:The Qtum Roadmap has been released:
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If Qtum is finally answering thread questions....how come you removed the opportunity to invest on the website? Seems like you are only catering to the Chinese market.
We didn't meet the KYC and AML rules required by Singapore. |
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Qtum Crowdsale Details: From https://qtum.org/en/crowdsaleQtum Crowdsale Details
1. What is the Qtum Token (QTUM)?
2. What is the total QTUM supply and initial distribution?
3. When does the Crowdsale take place?
4. What crypto-currencies are accepted in the crowdsale?
5. What is the price of Qtum tokens? What bonuses can I receive?
6. How can I participate?
7. How are the funds secured?What is Qtum?1. What is the Qtum Token (QTUM)?QTUMs are cryptographic software tokens used to engage with distributed applications (“dApps”) and smart contracts on the Qtum platform. QTUMs will serve as the staking currency of the Qtum blockchain and fuel computational operations performed by the Qtum network. 2. What is the total QTUM supply and initial distribution?With the setting of Qtum’s Genesis Block, one hundred million (100,000,000) QTUMs will be created as Qtum’s total token supply, on top of which ~1% annual Proof of Stake (PoS) inflation will be added. The QTUM token supply will be allocated as follows: 51% of Qtum tokens (51,000,000) will be distributed through the crowdsale51 million QTUMs will be available for acquisition during the crowdsale. The funds raised this way will be used to bankroll the operations of the Qtum Foundation for the next four years. This includes development, administration, marketing, financial and legal consultancy, etc. Remaining, unsold tokens from the crowdsale budget will be sold privately to institutional investors. 20% of Qtum tokens (20,000,000 QTUM) will be distributed among founders, early backers and the development teamFounders, early backers and the development team are rewarded with Qtum tokens for their efforts, resources, and technologies contributed to the development of the Qtum blockchain. 7% - 8% of (Deducted from the 20% above) Qtum tokens will be allocated to early backers and investors. Qtum received over 1 million US dollars from 32 early investors, including a host of notable blockchain entrepreneurs (see below). Additional early investors will be disclosed at a later stage. Anthony Di Iorio, Co-founder of Ethereum and CEO at JAXX Wallet Roger Ver, World’s first major investor in bitcoin startups Weixing Chen, Founder of Kuaidi Jeremy Gardner, Co-founder of Augur EIR at Blockchain Capital David Lee Kuo Chuen, Founder of Left Coast, Libai and Dlee Capital Management Bo Shen, Fenbushi Capital managing partner Jehan Chu, Jen Advisors Ethereum Hong Kong Meetup Qingzhong Gao, Director of HuaWei Strategic Cooperation Star Xu, CEO of OKCoin Lihua Yi, Partner at ZhongWo Investment Xiaolai Li, Chinese Angel Investor 12% - 13% of Qtum tokens will be allocated to founders and the development team.29% of Qtum tokens (29,000,000 QTUM) will be allocated to community initiatives concerning business development, as well as academic research, education, and market expansionDuring the next four years, the Qtum foundation will allocate 29% of the initial QTUM supply to third parties promoting the application and growth of the Qtum ecosystem. This budget will be held in publically viewable wallets and subjected to community scrutiny. Potential surpluses arising from this activity will be redistributed among Qtum token and stakeholders. Business development (20%)In order to incentivize the adoption of Qtum technology and to promote the development of early decentralized applications, 20% of the total initial QTUM supply will be dedicated to selected industries and projects. This includes funding of strategic planning, project support and coin swaps as detailed below. - 10% - half of the business development fund (10,000,000 Qtum tokens) will be used to facilitate the adoption of the Qtum blockchain in ten selected industries such as financial services, supply chain management, social media, online gaming, Internet of Things (IoT) and so forth. Qtum will reward selected DApps developed on the Qtum blockchain in proportion to their actual user base.
- 10% - (10,000,000 Qtum tokens) will be used for the coin swaps. The Foundation will exchange Qtum tokens with crypto-tokens of other blockchain open source ecosystems, as well as app coins from dApps developed on the Qtum blockchain. The crypto-tokens and app coins acquired this way will be distributed among Qtum token and stakeholders.
Academic research, education, and market expansion (9%) 9% of Qtum’s initial token supply will be used to sponsor academic research, educational materials for developers, as well as promotion of Qtum technologies and contributions to open source communities. Some of the planned activities include: - Establishing research labs in cooperation with high profile universities
- Creating tutorials and educational materials for Qtum developers
- Cooperation with other open source communities such as Linux, JavaScript, Docker, Php
- Events and conferences to raise the awareness of the Qtum technology and facilitate market adoption
3. When does the Crowdsale take place?The Qtum Crowdsale will start at 12PM GMT (8pm Beijing), March 16th, 2017 and end at 12PM GMT, April 15th, 2017 (after 30 days) or when all 51 million Qtum tokens are sold. 4. What crypto-currencies are accepted in the crowdsale?During the crowdsale QTUMs are sold against Bitcoin (BTC) and Ether (ETH). 5. What is the price of Qtum tokens? What bonuses can I receive?The Qtum crowdsale includes four price tiers, lasting one week each, as well as an early bird bonus phase as detailed below (all times in GMT). QTUM price against ETH will be determined at sale start according to ETH/BTC market price. 6. How can I participate?The Qtum Crowdsale will be facilitated on selected online crypto-currency exchanges and crowdfunding portals. You can participate via any of the following venues: 7. How are the funds secured?All funds collected during this sale will be deposited in secured multi-sig wallets. Keys to said wallets will be held by several officers and executives of the Qtum Foundation, making it so that all outgoing transaction have to be verified by multiple parties. For more information, please see these resources:Qtum Whitepaper and Economy Paper:https://qtum.org/en/white-papersQtum Videos:Technical Overview Video: https://qtum.org/en/videos/qtum-technical-introduction-and-demonstrationQtum GoMobile Video: https://qtum.org/en/videos/qtum-go-mobile-demoQtum "Defining The Blockchain Economy" video: https://qtum.org/en/videos/defining-the-blockchain-economyQtum @ Ethereum Development Conference, Paris: https://qtum.org/en/videos/qtum-presentation-at-edconQtum More Information:https://qtum.org/en/learn-more-about-qtumwhat will happen to the unsold tokens? what you mean by sell to institutions ? will they get a cheaper price? They will get no discount at all. |
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where is the source code ?
？？？ We will release a snapshot of the code 2 days before the Crowd Sale. This will not be a finished product, or a working test network, it will show our progress. There will be a Roadmap shortly that will go over the time frame. |
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Qtum Crowdsale Details: From https://qtum.org/en/crowdsaleQtum Crowdsale Details
1. What is the Qtum Token (QTUM)?
2. What is the total QTUM supply and initial distribution?
3. When does the Crowdsale take place?
4. What crypto-currencies are accepted in the crowdsale?
5. What is the price of Qtum tokens? What bonuses can I receive?
6. How can I participate?
7. How are the funds secured?What is Qtum?1. What is the Qtum Token (QTUM)?QTUMs are cryptographic software tokens used to engage with distributed applications (“dApps”) and smart contracts on the Qtum platform. QTUMs will serve as the staking currency of the Qtum blockchain and fuel computational operations performed by the Qtum network. 2. What is the total QTUM supply and initial distribution?With the setting of Qtum’s Genesis Block, one hundred million (100,000,000) QTUMs will be created as Qtum’s total token supply, on top of which ~1% annual Proof of Stake (PoS) inflation will be added. The QTUM token supply will be allocated as follows: 51% of Qtum tokens (51,000,000) will be distributed through the crowdsale51 million QTUMs will be available for acquisition during the crowdsale. The funds raised this way will be used to bankroll the operations of the Qtum Foundation for the next four years. This includes development, administration, marketing, financial and legal consultancy, etc. Remaining, unsold tokens from the crowdsale budget will be sold privately to institutional investors. 20% of Qtum tokens (20,000,000 QTUM) will be distributed among founders, early backers and the development teamFounders, early backers and the development team are rewarded with Qtum tokens for their efforts, resources, and technologies contributed to the development of the Qtum blockchain. 7% - 8% of (Deducted from the 20% above) Qtum tokens will be allocated to early backers and investors. Qtum received over 1 million US dollars from 32 early investors, including a host of notable blockchain entrepreneurs (see below). Additional early investors will be disclosed at a later stage. Anthony Di Iorio, Co-founder of Ethereum and CEO at JAXX Wallet Roger Ver, World’s first major investor in bitcoin startups Weixing Chen, Founder of Kuaidi Jeremy Gardner, Co-founder of Augur EIR at Blockchain Capital David Lee Kuo Chuen, Founder of Left Coast, Libai and Dlee Capital Management Bo Shen, Fenbushi Capital managing partner Jehan Chu, Jen Advisors Ethereum Hong Kong Meetup Qingzhong Gao, Director of HuaWei Strategic Cooperation Star Xu, CEO of OKCoin Lihua Yi, Partner at ZhongWo Investment Xiaolai Li, Chinese Angel Investor 12% - 13% of Qtum tokens will be allocated to founders and the development team.29% of Qtum tokens (29,000,000 QTUM) will be allocated to community initiatives concerning business development, as well as academic research, education, and market expansionDuring the next four years, the Qtum foundation will allocate 29% of the initial QTUM supply to third parties promoting the application and growth of the Qtum ecosystem. This budget will be held in publically viewable wallets and subjected to community scrutiny. Potential surpluses arising from this activity will be redistributed among Qtum token and stakeholders. Business development (20%)In order to incentivize the adoption of Qtum technology and to promote the development of early decentralized applications, 20% of the total initial QTUM supply will be dedicated to selected industries and projects. This includes funding of strategic planning, project support and coin swaps as detailed below. - 10% - half of the business development fund (10,000,000 Qtum tokens) will be used to facilitate the adoption of the Qtum blockchain in ten selected industries such as financial services, supply chain management, social media, online gaming, Internet of Things (IoT) and so forth. Qtum will reward selected DApps developed on the Qtum blockchain in proportion to their actual user base.
- 10% - (10,000,000 Qtum tokens) will be used for the coin swaps. The Foundation will exchange Qtum tokens with crypto-tokens of other blockchain open source ecosystems, as well as app coins from dApps developed on the Qtum blockchain. The crypto-tokens and app coins acquired this way will be distributed among Qtum token and stakeholders.
Academic research, education, and market expansion (9%) 9% of Qtum’s initial token supply will be used to sponsor academic research, educational materials for developers, as well as promotion of Qtum technologies and contributions to open source communities. Some of the planned activities include: - Establishing research labs in cooperation with high profile universities
- Creating tutorials and educational materials for Qtum developers
- Cooperation with other open source communities such as Linux, JavaScript, Docker, Php
- Events and conferences to raise the awareness of the Qtum technology and facilitate market adoption
3. When does the Crowdsale take place?The Qtum Crowdsale will start at 12PM GMT (8pm Beijing), March 16th, 2017 and end at 12PM GMT, April 15th, 2017 (after 30 days) or when all 51 million Qtum tokens are sold. 4. What crypto-currencies are accepted in the crowdsale?During the crowdsale QTUMs are sold against Bitcoin (BTC) and Ether (ETH). 5. What is the price of Qtum tokens? What bonuses can I receive?The Qtum crowdsale includes four price tiers, lasting one week each, as well as an early bird bonus phase as detailed below (all times in GMT). QTUM price against ETH will be determined at sale start according to ETH/BTC market price. 6. How can I participate?The Qtum Crowdsale will be facilitated on selected online crypto-currency exchanges and crowdfunding portals. You can participate via any of the following venues: 7. How are the funds secured?All funds collected during this sale will be deposited in secured multi-sig wallets. Keys to said wallets will be held by several officers and executives of the Qtum Foundation, making it so that all outgoing transaction have to be verified by multiple parties. For more information, please see these resources:Qtum Whitepaper and Economy Paper:https://qtum.org/en/white-papersQtum Videos:Technical Overview Video: https://qtum.org/en/videos/qtum-technical-introduction-and-demonstrationQtum GoMobile Video: https://qtum.org/en/videos/qtum-go-mobile-demoQtum "Defining The Blockchain Economy" video: https://qtum.org/en/videos/defining-the-blockchain-economyQtum @ Ethereum Development Conference, Paris: https://qtum.org/en/videos/qtum-presentation-at-edconQtum More Information:https://qtum.org/en/learn-more-about-qtum |
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Sure. And some people just want to make it clear to others that there are some additional not so obvious risks here.
Whitepapers are cool but are they still going to release some code before the ICO?
We will provide a snapshot of the code 2 days before the Crowd Sale. |
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So they are not hsoting the crowdsale on their website as an option?
Bull crap!
Our Crowd Sale website did not have KYC and AML functionality, so we are now using only exchanges. |
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A Message From The Team:
As we near the March 16th opening of the Qtum Crowdsale, we’d like to take a moment and discuss what to expect over the coming period. First and foremost, this is a global initiative, but we anticipate most of the token sales to come from the Eastern market. On ground of regulatory requirements, our legal terms excludes US citizen from participating.
The nature of this industry is risky, it’s unregulated, and requires an enormous amount of knowledge in order to make meaningful purchasing decisions. The Qtum platform was never presented as a “get rich quick” scheme. Qtum's development plan spans over multiple years and adheres to a detailed roadmap and budget. If you have not read the whitepapers, or don’t understand the risks involved in this industry - do not participate. There are, as with every project of this kind, factors beyond our control at play; from government regulations, to Bitcoin price volatility, or other unknowns.
As many of you may have noticed, we have been managing expectations since we announced Qtum to the Western market in December. We have not made any attempt to sell hype, we didn’t even release details until right before the Crowdsale, simply because we didn’t want to undermine our core technological product with hysteria. We are positive that the technology Qtum presents asserts itself in the eyes of whom has the technological background to understand its novelty, if you don't feel this to be the case, we would advise to abstain from participating in the sale.
We’re confident about the Crowdsale. We have an amazing team of Angel Backers, some of whom will be helping a lot over the next few months. We will be working with multiple industry experts, partners, and PwC to shape the direction of the project right away. If there are unsold Qtum tokens after 30 days, they will be sold to institutions. Our team wants smart money, and we will not allow the project to be fueled by cheap attempts to increase the price of our tokens.
With this said, we look forward to the 16th and the following years.
The Qtum Team
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The Qtum Foundation (www.qtum.org), architects of the Qtum blockchain, which execute smart contracts with a proof-of-stake consensus mechanism, today announced that one of the leading professional service providers PwC is supporting Qtum’s efforts to help fuel blockchain adoption across global business sectors. This includes providing comments on a white paper to be prepared by the project team, as well as on their proposed project governance structure. PwC is a network of firms in 157 countries, who are committed to delivering quality in assurance, advisory, and tax services.
“PwC sees enormous potential for blockchain to revolutionize business practices as we know them, and the firm has made great efforts in developing strategic and technical capabilities to adapt existing products and services for the new technology. We are excited to get involved in the era of innovation and help companies capture the opportunities and benefits brought by the new technology. Working with the Qtum Foundation aligns with our goal,” said CY Cheung, Fintech and Cybersecurity Partner of PwC China.
Qtum’s governance structure, which is detailed in the Foundation’s Qtum Blockchain Economy Whitepaper, illustrates the level of professionalism PwC has brought to the team. Qtum’s management structure will allow the project to effectively take hold as one of the largest open-source blockchain projects that can meet the needs of financial services, Internet of Things (IoT), supply chain management, social media, gaming and other industries.
“The Qtum Project is committed to becoming a smart contracts platform for business. To do this, Qtum wants to make it feasible for industries to build practical applications on top of Qtum. Qtum envisions a future where business practices are automated, and machine-to-machine communication is seamless. Having PwC, who has broad expertise across industries and a global network, support Qtum will help us fulfill our mission,” added Patrick Dai, co-founder of the Qtum Project.
Qtum Team BW
The Team behind Qtum
Qtum [pronounced Quantum] provides a Turing-complete blockchain stack, able to execute smart contracts and decentralized applications, comparable to the Ethereum blockchain. However, in contrast to Ethereum, Qtum is built upon Bitcoin’s well-established UTXO transaction model and employs a Proof-of-stake consensus mechanism. These augmentations have far-reaching implications for the utility of the Qtum blockchain, which will be elaborated below.
Furthermore, Qtum aims to establish an array of services, designed to bridge the still existing gap between blockchains and the business world. These include tools and methods to standardize the workflow of business smart contract development, and a hub of tested and verified smart contract templates, addressing various specialized business use-cases.
Advantages of Qtum’s blockchain design
Building on bitcoins reliable and proven-to-deliver blockchain, Qtum stacks its Account Abstraction Layer, allowing the UTXO-based blockchain to seamlessly interact with the Ethereum Virtual Machine (EVM). With this innovation it is now possible to execute smart contracts and run decentralized applications, simply and securely, in environments that were previously out of reach for Ethereum, combining the endless possibilities provided by smart contracts with the stability and maturity of the bitcoin ecosystem.
Going Mobile & A Blockchain Powered Internet of ThingsQtum
One of the main advantages of Bitcoin’s unspent transaction output (UTXO) model is its ability to sustain lite wallets. Lite wallets, utilizing the SPV protocol, allow users to interact with the bitcoin network without having to download and sync with the entire blockchain.
This stands in stark contrast to the way the Ethereum blockchain operates. In order to engage with an Ethereum-based smart contract, one first has to download and sync the entire Ethereum blockchain, which to date weighs up to 30 GB – rendering the mobile use of decentralized applications infeasible.
On Qtum’s UTXO-based blockchain, however, it is now possible to interact with smart contracts from lite wallets, which can easily be installed on any given mobile device, heralding an age of mobile decentralized applications.
With about a half of all internet traffic to major sites being generated by mobile devices, this ability is absolutely necessary for a massive, mainstream adoption of decentralized applications (DApps), smart contracts and a p2p economy enabled by them.
Lite wallet access also allows the syncing of a variety of devices and appliances to the Qtum blockchain, operating them according to pre-determent smart contracts. With this, a blockchain-secured IoT can be established, enabling a trustless, decentralized Sharing Economy.
Compatibility across the boardSmart
Utilizing an EVM analog, the Qtum blockchain is compatible with existing ethereum-based smart contracts. Ethereum contracts can be ported to Qtum with little to no change to their code and execute as expected. Furthermore, Qtum implements complete backwards compatibility, meaning that once a decentralized application or contract is deployed on the Qtum network, it will stay operational, even if the system is updated.
With this, Qtum solves a huge problem, very well known to ethereum developers, who very often find their applications rendered useless by recurring changes to the Ethereum network.
The bitcoin-based UTXO transaction model also ensures that Qtum will be mostly compatible with the existing bitcoin ecosystem, allowing Qtum users to benefit from the industry’s top-notch innovations, fueled by hundreds of millions of dollars already invested in the space.
Scalability, Speed, and Efficiency
Both, The Ethereum and the Bitcoin blockchain, are based on a Proof-of-Work (PoW) consensus mechanism, which secures the blockchain by rendering attacks very costly due to artificially arduous computations, demanded from miners participating in the block-verification game. This is known to be very resource intensive, in both terms of energy consumption and time.
Qtum is among the first fully decentralized and Turing-complete blockchain stacks to utilize an attractive and much more energy-efficient method to maintain coherence: the Proof-of-Stake (PoS) consensus algorithm, rendering attacks costly and inefficient, without having to waste precious computational resources and energy.
Further increasing efficiency, bitcoin’s UTXO transaction model, implemented on Qtum, allows the network to process several transactions in parallel and in any given order. Unlike Ethereum’s architecture, which demands all transactions to be processed one at a time.
Bridging the Gap between Blockchains and the Business World
To close the gap between legacy business sectors and the blockchain space, Qtum introduces a toolkit for comprehensive Smart Contract Lifecycle Management (or SCLM), which comprises tools and methods to standardize the workflow of business smart contract development.
This includes the formally verifiable translation of human-readable agreements to machine smart contracts, and the error-resilient specification of their elements, terms, and conditions. With this the SCLM toolkit ensures that smart contracts behave exactly as specified by the negotiating parties, leaving little to no room for unpleasant surprises.
Cooperating with a series of partners and third parties, Qtum aims to establish a smart contract hub, offering secure and thoroughly tested contract templates, tailor fitted for a multitude of industries and use cases, such as supply chain management, telecommunications, IoT, social networking, and more. With this, it will be easier than ever for established sectors and legacy institutions to interface with blockchain technology and enjoy their benefits. |
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Press Update:FinanceMagnates.com discusses the March 16th Qtum Crowd Sale.
The price has been released at: https://qtum.org/en/crowdsale
Avi Mizrahi | News (CryptoCurrency) | Thursday, 09/03/2017|10:34 GMT
The Qtum Foundation, developer of the recently revealed Qtum smart contracts blockchain, today announced plans to hold its upcoming QTUM token crowdsale to raise over 13,000 BTC (over $15 million) on six exchanges at once. The 30-day token crowdsale will begin March 16, offering 51 million QTUM for either Bitcoin or Ethereum.
QTUM are the cryptographic software tokens used to engage with distributed applications and smart contracts on the Qtum platform, and will serve as the staking currency of the Qtum blockchain, as well as fuel for computational operations performed by the Qtum network.
“This crowdsale will accelerate the development of the Qtum Project and assure that we will have a stable blockchain platform for industry and consumer smart contracts. Given the commercial interest for making IoT, financial, and supply chain applications on blockchain, we imagine Qtum can be the robust infrastructure these applications are built on,” said Patrick Dai, co-founder of the Qtum Project
The crowdsale will be at these mostly Chinese cryptocurrency exchanges and crowdfunding portals: Bizhongchou, Yunbi, ICOAGE, Allcoin, ICO365, and BTC9.
Qtum recently announced a partnership with PwC China, which will support Qtum’s efforts to help fuel blockchain adoption across global business sectors. Qtum has raised $1 million from investors including Chen Weixing (Kuaidi), Star Xu (OkCoin), Anthony Di Iorio (Ethereum, Jaxx Blockchain Interface), Jeremy Gardner (Augur), Fenbushi Capital’s Managing Partner Bo Shen, and angel investor Xiaolai Li. Why so many Chinese Exchanges? How about the none Chinese investors? Why can't you add Bittrex, or Liqui.io, CoinExchange, or CCex? Why make it so hard for the none Chinese community?  Allcoin.com was added to the list, it's a Canadian exchange. We reached out to Poloniex and they told us they don't host Crowd Sales anymore, so we have to respect their rules. |
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Press Update:FinanceMagnates.com discusses the March 16th Qtum Crowd Sale.
The price has been released at: https://qtum.org/en/crowdsale
Avi Mizrahi | News (CryptoCurrency) | Thursday, 09/03/2017|10:34 GMT
The Qtum Foundation, developer of the recently revealed Qtum smart contracts blockchain, today announced plans to hold its upcoming QTUM token crowdsale to raise over 13,000 BTC (over $15 million) on six exchanges at once. The 30-day token crowdsale will begin March 16, offering 51 million QTUM for either Bitcoin or Ethereum.
QTUM are the cryptographic software tokens used to engage with distributed applications and smart contracts on the Qtum platform, and will serve as the staking currency of the Qtum blockchain, as well as fuel for computational operations performed by the Qtum network.
“This crowdsale will accelerate the development of the Qtum Project and assure that we will have a stable blockchain platform for industry and consumer smart contracts. Given the commercial interest for making IoT, financial, and supply chain applications on blockchain, we imagine Qtum can be the robust infrastructure these applications are built on,” said Patrick Dai, co-founder of the Qtum Project
The crowdsale will be at these mostly Chinese cryptocurrency exchanges and crowdfunding portals: Bizhongchou, Yunbi, ICOAGE, Allcoin, ICO365, and BTC9.
Qtum recently announced a partnership with PwC China, which will support Qtum’s efforts to help fuel blockchain adoption across global business sectors. Qtum has raised $1 million from investors including Chen Weixing (Kuaidi), Star Xu (OkCoin), Anthony Di Iorio (Ethereum, Jaxx Blockchain Interface), Jeremy Gardner (Augur), Fenbushi Capital’s Managing Partner Bo Shen, and angel investor Xiaolai Li.
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Press Update:Great article from CoinGecko! For example:
"For example, if a payment gateway accepts bitcoin today, it already holds the potential to support Qtum transactions without any significant modifications. This would allow Qtum smart contracts to interface with the two largest existing decentralized environments, making the lives of developers and entrepreneurs in this industry much easier."
Excellent research by the author.
"Asia’s Qtum Project Aims to Revamp Smart Contracts
CoinGecko March 07, 2017 - Posted by CoinGecko on Coverage
Last year had its ups and downs for the crypto community. Bitcoin surprised skeptics and alarmists, approaching some all time highs towards Q4. However, many in the smart contracts camp were left heartbroken. It began with a sense of optimism with Ethereum’s long anticipated Homestead release, which was soon depressed by the infamous DAO hack.
The immaturity of blockchain smart contracts seemed to be uncovered by this incident, leaving many investors and developers with the bitter impression that smart contracts are still very far away from causing any significant industry adoption.
While the gap between promises and reality left the Western market in a state of sensation-fatigue, China seems to be picking up the pace. Backed by heavy government endorsement, the emerging Asian blockchain industry might just turn the tables on the state of decentralized computation in 2017.
One especially interesting initiative is the “Qtum Foundation” - a Singaporean entity overseeing the development of a business oriented blockchain stack to promote the broad adoption of dApp technology. The Qtum blockchain, developed by the Qtum Foundation, is a Turing-complete smart contracting platform, stacked upon a modified version of the Bitcoin blockchain.
Qtum claims that this architecture should solve many instability issues and allow smart contracts to be executed in business-crucial environments that were until now out of reach for Ethereum-powered applications - including mobile devices like smartphones and tablets.
The project is backed by an extensive list of impressive investors and advisors, including Anthony Di Iorio, Ethereum Co-Founder and CEO of JaxxWallet, Chen Weixing, founder of Kuaidi, the Chinese version of Uber, Jeremy Gardner, co-founder of Augur and EIR at Blockchain Capital, David Lee Kuo Chuen, founder of LeftCoast & Advisor at Libra, as well as Bo Shen, Managing Partner at Fenbushi Capital to name a few.
Corresponding with China’s ambition to create a standardized blockchain environment for legacy business use cases, Qtum aims to bridge the existing gap between blockchains and the business world by allowing smart contracts to consistently adhere to changing commercial rules and regulations.
With Qtum, DApps can trigger real-world, off-chain data inputs, auditable by a verified Oracle or trusted mediator - while the contract’s essential elements, such as participants and authorization structures, are secured on the blockchain itself. With this, an authorized party is able to audit certain aspects of a contract, while its elemental properties remain protected by the decentralized environment.
Since Qtum employs Ethereum’s Virtual Machine (EVM) for the execution of smart contracts, the system is compatible with existing Ethereum applications. Qtum’s Bitcoin-based blockchain, nonetheless, also allows the stack to be mostly consistent with the Bitcoin ecosystem, which is especially interesting due to the millions of dollars already invested in this space.
For example, if a payment gateway accepts bitcoin today, it already holds the potential to support Qtum transactions without any significant modifications. This would allow Qtum smart contracts to interface with the two largest existing decentralized environments, making the lives of developers and entrepreneurs in this industry much easier.
The team seems to just use the EVM as a starting ground for more ambitious plans. In Qtum’s recently published technical whitepaper, the team gives details about smart contract lifecycle management which could make smart contract negotiation more akin to traditional contracts. The team also wants to embrace a new smart contracts language that will be more expressive and have “pattern-based design, process awareness, matching of processes.”
The 17th five-year plan, recently published by the Chinese government, lists blockchain technologies among the main development directions in the PRC’s information planning document. China’s Central Bank, the PBOC, has also signaled support for blockchain, with the bank's chief, Xiaochuan, stating to the press that it had spent "significant resources" researching the technology.
With a large part of Qtum’s team based in China, Qtum could capture the demand for local blockchain solutions. Qtum would be the first major blockchain project coming out of Asia. The team is also being supported with its project management by PwC, something no other blockchain project can claim.
With the kind of institutional backing and the investor interest that Qtum has, it seems that 2017 holds loads of potential for blockchain enthusiasts. CoinGecko looks forward to seeing what the Qtum team produces."
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