Qtum (Quantum) is an open source, decentralized project that aims to capitalize on the success of Bitcoin, while competing for the Decentralized Application (DAPP) and Smart Contract market. Our goal is to work with industry partners, and launch the first Value Transfer Protocol (VTP). This will streamline daily business routines, and allow for easier adoption. Qtum aims to become the first platform with Smart Contracts that execute as part of an Unspent Transaction Output (UTXO).
Instead of reinventing the wheel with a completely new codebase, Qtum is based on Bitcoin Core v0.13 and Proof-of-Stake 3.0 (POS). Qtum’s method allows Smart Contracts to be operated without the need for accounts, and existing Ethereum applications can be ported to the Qtum Blockchain. Qtum Core development will be directed by the Qtum Foundation, which will be overseen by an established auditing firm.
This project aims not to be another medium for exchange, there are enough Blockchain projects to fill this demand. Instead, focus will be directed at various sectors where technology could streamline operations. All of this will fall into the framework of Decentralized Applications, based on a modified version of the Ethereum Virtual Machine.
There is a need for a stable codebase, consumers and businesses want confidence that their monetary value is not at risk of sudden incidents. This is why we are basing Quantum on Bitcoin Core for stability, and Blackcoin POS3.0 for consensus.
In this section we will discuss the Qtum Blockchain, a new Cryptocurrency created for consumers and businesses. Qtum is designed to be secure, stable, and fast. Quantum has expanded the scripting language of Bitcoin Core, so that it will now be possible to run Smart Contracts based on the Unspent Transaction Output model (UTXO). This means Qtum will not require the use of accounts to execute contracts between interested parties. Existing Ethereum Smart Contracts can be ported to Qtum with minimal changes. Other virtual machines and programming languages will be supported as the project matures. There will be functionality for third party data feeds and oracles, along with ‘off chain’ data processing. Qtum’s consensus model will utilize Sunny King’s classic Proof-of-Stake, which will secure the Blockchain, while rewarding coin holders.
Qtum aims to bring a new ‘Value Transfer Protocol’ to the industry. Bitcoin has done a tremendous service to the commerce and finance industry by providing a means of value transfer, and we would like to expand on this momentum. We plan to support the Qtum Blockchain with Smart Contracts that allow users to control coins by taking advantage of various Internet Protocols.
One project that will be released as a working beta is SpringEmail, which uses a modified Simple Mail Transfer Protocol (SMTP). This allows users to send and receive Qtum as part of an e-mail. We call this hybrid protocol “BiSMTP”. This should lessen the learning curve for users interested in Qtum but do not have a wallet.
For more information, please see:http://www.8btc.com/qtum-springemail-bismtp
One of Qtum’s growth strategies is the mobile telecommunications market. There is a vast amount of consumers that may not be aware of digital currencies, but could be introduced to Qtum by means of a viral marketing campaign. This does not mean that the average user isn’t accustomed to paying with their mobile devices. In China, Wechat leverages their userbase of over half a billion people, to make payments for everyday goods and services. Just like Apple Pay, they make a quick scan with their device at the point of sale, and the money is deducted from their account. We plan to build Quantum applications that integrate into the popular messaging platforms like: Wechat, WhatsApp, Viber, and so forth. We call this the Qtum “Go Mobile” strategy.
The English version of the whitepaper is being edited, and will be released in January 2017.To summarize, the technical features of Qtum include:
1. Ethereum Virtual Machine running on the Bitcoin UTXO model
2. Compatibility layer for Ethereum Blockchain model, which allows for easy porting of existing Ethereum and Solidity contracts
3. Blackcoin's Proof Of Stake 3.0, which ensures efficiency and security
4. Ability to manage contracts from mobile wallets without running a full node
5. Most existing tools built for Bitcoin and some BIPs will continue to be compatible with Qtum blockchain
6. Oracles and datafeeds built on top of the Ethereum Virtual Machine
Qtum plans to deliver a business friendly platform that can push forward Blockchain technology. This means it’s not just a retail coin, in which a merchant can create invoices for products or services. The opportunity for industry and business to make use of a public ledger is enormous. For an entity to be able to sell a product or service, provide the customer proof of purchase, and then maintain that item throughout its lifespan is invaluable.
There is big interest in Blockchain technology, especially in the finance industry. Currently, banks are applying for many Blockchain patents. This may be because they are fact finding, or plan to adopt technology into their core products and services. A lot of large corporations find themselves becoming too big, stale, and uncompetitive. Blockchain (and other disruptive technology) may threaten their business model in the years to come.
Through the Qtum Foundation, our goal is to facilitate these large organizations to adopt digital currency and blockchain technology into their mainstream operations. We will do this simply by introducing the power of Blockchain technology, and see whether there’s a place for it in their business model.
Qtum is currently talking with a few corporations in China about strategic partnerships, but it is still too early to make announcements. At this point, the main focus is the social network, telecommunications, finance, and supply chain industries. Third party development will play a large role in the adoption of Qtum (and Blockchain as a whole). At this stage, most industries we have spoken with are curious about Blockchain, and whether it can improve or threaten their business.
Meet Our Team:
Qtum core team comprises of several members, spanning the globe.
Patrick Dai (China/Singapore) - Project Leader/ Co-Founder
Neil Sakr (Morocco/China) - Chief Blockchain Architect / Co-Founder
Jordan Earls (USA) - Lead Developer / Co-Founder
Caspal (China) - Qtum Developer
Qiyu (China) - Qtum Web developer
Alex (Belarus)- Qtum Developer
Time Markov (Macedonia)- Qtum Developer
Mike Palencia (China / Colombia) - Project Manager
Brett (Canada) - PR / Community
John Scianna (USA / China) - PR / Press
Ibai Basabe(USA/China)-PhD Product Manager/Researcher
Carry Shen (China) - PricewaterhouseCoopers (PWC) process control
Website: Launching soon
Source code: https://git.qtum.org/qtum/
Source will be available soon
QQ group: 518192421
Slack channel: https://qtumslack.herokuapp.com/
Bounties are available, and will be listed soon. Please post what you can offer in the thread.
Quantum has generated some press, due to our attendance at conferences and Blockchain events. Some press sites have picked up on our development before officially launching, please visit these links below: