The Qtum ProjectThe Qtum[pronounced Quantum] Foundation is a non-profit organization, developing an open source turing-complete blockchain stack, with the aim of driving the use of decentralized applications and smart contracts towards massive, mainstream adoption. Gathering some of the most prominent thought leaders in the space, Qtum has managed to remove industry-wide technological hurdles, which have up until now prevented blockchain technology from realizing its full potential. In contrast to most of the existing dApp platforms, the Qtum blockchain 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, like the ability to execute smart contracts from mobile devices as well as appliances connected to the Internet of Things. With this architecture, Qtum is compatible with both - Ethereum contracts and the Bitcoin ecosystem, while adding a wide range of capabilities absent from both.
Following through on its vision, the Qtum foundation aims to establish an array of services, designed to bridge the still existing gap between blockchains and the business world, by allowing smart contracts to consistently adhere to changing commercial rules and conditions. Designed for real-world, plug-and-play usage, these services will also allow Qtum smart contracts to efficiently interface with real-time data inputs from stock markets, weather forecasts, news agencies, and the like.
Qtum’s TechnologyBuilding on bitcoins reliable and proven-to-deliver blockchain, Qtum stacks its Account Abstraction Layer, allowing the UTXO-based blockchain to seamlessly interact with a modified version of 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 Things 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 50 GB - rendering the mobile use of decentralized applications infeasible.
On Qtum’s UTXO-based blockchain however, it is now possible to execute 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 to allow for a massive, mainstream adoption of decentralized applications (DApps), smart contracts and the 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 board 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, in chronological order.
Bridging the Gap between Blockchains and the Business WorldTo bridge the gap between legacy business sectors and the blockchain space, Qtum introduces the Master Contract concept. Master Contracts allow DApps and smart contracts to trigger real-world, off-chain data inputs, auditable by a verified Oracle or the contracts mediator - while the contract’s essential elements, such as participants and authorization structures, are secured on the blockchain itself.
This allows blockchain-based commerce to adhere to changing commercial rules and conditions, while interfacing with real-time data inputs from stock markets, weather forecasts, news agencies, etc.. 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.
The Qtum Foundation for Open-Source GovernanceThe development and maintenance of the Qtum Blockchain, as well as all services provided by Qtum, are directed and supervised by the Qtum Foundation - a non-profit organization, representing Qtum’s stake and token holders. In order to avoid the inefficient conduct, open source and blockchain projects often suffer from, and to ensure a coherent and standardized implementation of the Qtum blockchain, the Qtum Foundation was established. The Foundation will oversee the development of the Qtum Blockchain, advocate governance transparency, and promote the safety and harmony of the open source ecosystem.
The Foundation consists of various committees, such as Executive Judgment, Code Review, Finance & HR, as well as Marketing & PR. Members of the Judgment Committee, the foundation’s highest executive authority, are elected by Qtum token holders. All other committees and vital functions are appointed by, and report to the Judgment Committee.
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 crowdsale
51 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 team
Founders, 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 Investor12% - 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 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. 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.
Academic research, education, and market expansion (9%)
- 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.
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:
3. When does the Crowdsale take place?
- Establishing research labs in cooperation with high profile universities
- Creating tutorials and educational materials for Qtum developers
- Events and conferences to raise the awareness of the Qtum technology and facilitate market adoption
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 Foundations, 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-demonstration
Qtum GoMobile Video: https://qtum.org/en/videos/qtum-go-mobile-demo
Qtum "Defining The Blockchain Economy" video: https://qtum.org/en/videos/defining-the-blockchain-economy
Qtum @ Ethereum Development Conference, Paris: https://qtum.org/en/videos/qtum-presentation-at-edconQtum More Information:https://qtum.org/en/learn-more-about-qtum
Meet The Team Patrick Dai, Co-founder.
Patrick is a Computer Science PhD candidate at CAS and has worked for Alibaba Jordan Earls (Earlz), Co-founder and lead developer
Jordan is a trusted and well-known member of the cryptocurrency community and has been developing software since he was thirteen. Jordan has reviewed over 100 altcoins and identified multiple exploits in alternative cryptocurrencies. Neil, Co-founder & Head Developer
Neil has 20 years experience developing software and has four years experience in the blockchain space. Neil has Master’s degree in Business Administration from ISCAE, but later specialized in computer science. Neil was also a professional poker player and speaks four languages. Alex Dulub, Developer
Alex has a 15 years background in software development and 3 years working on blockchain frameworks and business applications, as well as cryptographic protocols and crypto libraries. Alex is also a serial math\programming competition winner. His programming stack includes C\C++, Node.js, Angular.js, React\Redux Baiqiang D.
Baiqiang studied physics at Peking University and has worked for several software companies including Jinshan Software and Cheetah Mobile Caspal Ouyang
Caspal is an experienced web developer and has worked at Baidu. Caspal has 21 gold medals for Rubik’s cubing 1 record in Asia and 29 records in China. Caspal was ranked #1 for solving a 4×4 & 5×5 blindfolded and ranked #1 for solving a 3×3 Rubik’s cube with his feet in China. John Scianna, PR Manager
John has been following bitcoin since 2012 and a community member since 2013. John has been a miner, journalist, and has worked for several startups including CoinPip and the DC-based blockchain advocacy group, the Chamber of Digital Commerce. Mike P, Internal IT
Mike is a blockchain technology developer and enthusiast, fell in love with blockchain since 2013 and has developed proof-of-concept platforms, block explorers, online wallets and one of the largest altcoin mining pools. Mike has taken part in several cryptocurrency projects since 2013. Roman, Developer
Studied in Belorussian State University specializing on informatics and software development. Started working on blockchain projects in 2014 as C++ developer. Took part in numerous custom projects based on bitcoin/bitshares/ethereum. Time Markov, Developer
Time is C/C++/Qt/QML developer with 9+ years experience in building cross-platform applications. With about one year experience in the blockchain space. Enjoy in working with this team. Brett F, Community Manager
Brett worked as a Linux System’s administrator from 1999 – 2004 and then worked at a Linux desktop support company from 2005-2014. His blockchain experience started in mid-2013, and met most of the Qtum’s founding members in 2014. He manages the Slack, Bitcointalk, Twitter, and other social media channels. He also contributes to the PR side of the project, providing research, writing, and interviews.
Angel Backer Team Anthony Di Iorio
CEO at JAXX Wallet Bo Shen
Advocate/Advisor at FenBuShi Capital David Lee Kuo Chen
Founder of Left Coast, Libai
and Dlee Capital Management Jehan Chu
Ethereum Hong Kong Meetup Jeremy Gardner
Cofounder of Augur
EIR at Blockchain Capital Lihua Yi
Partner at ZhongWo Investment Qingzhong Gao
Director of HuaWei Strategic Cooperation Roger Ver
First Major Investor in Bitcoin Startups Weixing Chen
Billionaire founder of KuaiDi Xiolai Li
Chinese Angel Investor Xu Star
CEO at OKcoin
Qtum In The Press
Slack (1075 members): https://qtumslack.herokuapp.com/
Wechat: Message account "QtumFoundation: for an Invite, currently 3000+ Chinese community members
This is a snapshot of the prototype source code for evaluation purposes only. You can setup a functioning mainnet or testnet network, but this version has several known bugs, and we do not recommend making it public, and only using it for evaluation.
Based on Bitcoin 0.13.2
Implements PoS v3.0
Includes a port of the EVM
Includes an early version of the Qtum Account Abstraction Layer
No support is provided for this release, and it is released “AS-IS” without indemnification, support or warranty of any kind, expressed or implied.
Check out the Qtum: "Defining The Blockchain Economy" video:
Do you have any questions about the Qtum project? Check out our new FAQ section of the website: "What is Qtum?
Qtum is an open source Blockchain project that is developed by the Singapore-based Qtum Foundation. Qtum is a hybrid blockchain application platform. Qtum’s core technology combines a fork of bitcoin core, an Account Abstraction Layer allowing for multiple Virtual Machines including the Ethereum Virtual Machine (EVM) and Proof-of-Stake consensus aimed at tackling industry use cases. We believe this will allow Smart Contracts and Decentralized Applications to run on a familiar foundation, while offering a robust environment for developers. The underlying technology uses an “Account Abstract Layer”, which acts as a bridge between the EVM and the Unspent Transaction Output model of Bitcoin Core. There will be Oracles and Datafeed functionality, allowing developers to create Smart Contracts built around trusted sources of information.
The Qtum Foundation plans to be the public blockchain for business. Development efforts will allow us to market this platform to various industries, such as: Mobile Telecommunications, Counterfeit Protection, Finance, Industrial Logistics (shipping, warranty, etc), and Manufacturing."
What makes this different than other blockchain projects?
The Qtum project offers many advantages to the Smart Contract development community. This project is designed to implement the best parts of the Bitcoin and Ethereum projects, into a business-friendly blockchain. By implementing the Bitcoin Improvement Protocols, and making use of the Ethereum Virtual Machine, digital currency enthusiasts can finally agree on one platform that will offer stability and direction.
What is the benefit of the UTXO Model over the Account Model?
The account model is similar to a bank account. Each party has a balance and can subtract a portion of their balance to increase the balance of another party in order to send money. This model is conceptually very simple to understand. However, to make this work in a blockchain environment many pieces of logic must be added to avoid “double spending”, spending the same funds twice. This logic makes the account model less simple internally, and adds a number of restrictions.
The UTXO model on the other hand is similar to having an ecosystem built on bank checks (without an actual bank account, the check itself is the money). There is a “pay to” field which in our example provides instructions to how the money must be spent, and each check has an amount. You can not go to cash the check and say “cash half the check and give me half back”. Your “balance” per-se is the sum of the checks which you are capable of spending. This model is more difficult to explain, but because every is either “spent” or “unspent” and there is no in-between, it is much easier to secure in a blockchain environment with less logic required to maintain that security.
Each model has it’s own pros and cons. Accounts are conceptually simpler and thus smart contracts written on an account system tend to be much clearer and easy to understand. With UTXOs however it is simpler to validate a transaction, which can be done simply by verifying that the transaction has been confirmed by the blockchain, in the case of the SPV protocol. The UTXO model also has been tested and proven to be secure by Bitcoin, which has operated for over 7 years with no significant changes to its core model. It has also been proven to be more scalable, and transactions can easily be processed in parallel (which can be more difficult in the account model).
With all of this in mind, we at Qtum felt that building on the UTXO model best aligned with our goals and that adding the Account Abstraction Layer brought us the best of both worlds. Now we gain all of the security and interoperability benefits of the UTXO model, while smart contracts are written as if they were based on the conceptually simpler account model.
When Will The Crowdsale Start?
The sale will start 12pm GMT, March 16th, 2017. Please view our crowdsale page for more details: https://qtum.org/en/crowdsale
How Long Will The Token Sale Last?
The Crowd Sale will last for 30 days. It starts March 16th 2017 at 12PM GMT, and ends April 15th 2017 12PM GMT. https://qtum.org/en/blog/qtum-crowdsale-update-timeline
What is the Token distribution?There will be 100 million total coins, 51% of the tokens available for sale to the public. The other 49% is broken down as per the Economy Whitepaper, found at https://qtum.org/whitepaper
Update: Smith + Crown has updated their analysis of the Qtum Project: