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Author Topic: [ANN] (QTUM) - A Scalable Smart Contract Platform w/ Proof of Stake  (Read 523788 times)
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April 14, 2017, 12:10:53 AM
 #3401

Check out the new Qtum Forum to see the latest development updates:



https://forum.qtum.org/topic/88/dev-update-april-12th







QTUM TEAM about 15 hours ago

Dev Update April 12th

Qtum has so far continued a complete review and in some cases rewrite of the code implementing Proof of Stake and the EVM into Bitcoin Core. The following has been reviewed and audited to work and be secure so far:


  • Proof of Stake block structures
  • Proof of Stake transaction format
  • Proof of Stake kernel hash generation and validation
  • EVM contract creation
  • EVM contract logging, events, and debugging
  • EVM contract calls and references







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●▬●▬●▬● First UTXO Based PoS Smart Contract and DAPP Platform ●▬●▬●▬●
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April 14, 2017, 12:30:09 AM
 #3402

if Qtum can not be a top5 coin on coinmarketcap by April 9th 2018.

i will give 10BTC to who bet with me.


wanna bet for sure? Im up for it

ok

then we need find an escrow.



Yassin is youre man....
https://bitcointalk.org/index.php?action=profile;u=222847

+ 1

I'm in for 1 BTC. i don't want to lock my funds up for a year as i already doubled it in three weeks

ok great. then let's find an escrow.

and give the btc to the escrow before 1st of March of 2018.

Quote
and give the btc to the escrow before 1st of March of 2018.

A joke?
Just like to buy a lottery after knowing the winning numbers!

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April 14, 2017, 01:53:20 AM
 #3403

if Qtum can not be a top5 coin on coinmarketcap by April 9th 2018.

i will give 10BTC to who bet with me.


wanna bet for sure? Im up for it

ok

then we need find an escrow.



Yassin is youre man....
https://bitcointalk.org/index.php?action=profile;u=222847

+ 1

I'm in for 1 BTC. i don't want to lock my funds up for a year as i already doubled it in three weeks

ok great. then let's find an escrow.

and give the btc to the escrow before 1st of March of 2018.

Quote
and give the btc to the escrow before 1st of March of 2018.

A joke?
Just like to buy a lottery after knowing the winning numbers!

that's the meaning of bet.

running farm worldwide
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April 14, 2017, 02:00:31 AM
 #3404

I seeing the development of qtum very good . I hope qtum hold back campaign bounty and i will become participants . I expect that sir .
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April 14, 2017, 02:06:12 PM
 #3405

I seeing the development of qtum very good . I hope qtum hold back campaign bounty and i will become participants . I expect that sir .

For what needed bounty campaign for project that has already collected your money?
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April 14, 2017, 03:08:19 PM
 #3406

3 projects in 2017:Byteball/Qtum/Elastic (1) Byteball: DAG (2)Qtum:Bitcoin+EVM+POS3.0 (3)Elastic is better than Golem

right now, both byteball and elastic are doing good now.

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April 14, 2017, 04:44:42 PM
 #3407

BTCManager.com discusses the Qtum project with our Co-Founder, Patrick Dai:


Qtum is a new project which can be described as a hybrid of Bitcoin and Ethereum with a focus on mobile and business applications. Qtum puts the Ethereum Virtual Machine (EVM) on top of the Bitcoin UTXO model and joins the two with something called an Account Abstraction Layer. This enables execution of smart contracts and decentralized applications, comparable to the Ethereum blockchain, but in contrast to Ethereum, Qtum is built upon Bitcoin’s well-established UTXO transaction model and employs a Proof-of-stake consensus mechanism.



https://btcmanager.com/a-chat-with-qtum-team-leader-patrick-dai/









A Chat With Qtum Team Leader, Patrick Dai

Qtum is a new project which can be described as a hybrid of Bitcoin and Ethereum with a focus on mobile and business applications. Qtum puts the Ethereum Virtual Machine (EVM) on top of the Bitcoin UTXO model and joins the two with something called an Account Abstraction Layer. This enables execution of smart contracts and decentralized applications, comparable to the Ethereum blockchain, but in contrast to Ethereum, Qtum is built upon Bitcoin’s well-established UTXO transaction model and employs a Proof-of-stake consensus mechanism.

The Qtum model increases security, allows compatibility with both Bitcoin and Ethereum applications, and is able to utilize the SPV protocol. Qtum will launch in September with a 120 second block time, 2MB block size, and 100 million total coins. BTCManager recently interviewed Qtum’s Patrick Dai to find out more about the project.

What do you think will be the most attractive feature that Qtum will offer to Users? Which feature will be most attractive to Enterprises?


We think our mobile functionality, thanks to the Simple Payment Verification (SPV) protocol, will be one of the most attractive features of Qtum. The SPV protocol allows for lite clients to operate in a more decentralized manner that way users can trust a community of nodes instead of they a company to be notified of transactions.

We think this feature will also be attractive to enterprise users as well because they can have mobile devices that operate based on this protocol. This would give businesses more control over their operations and enable the to use Qtum in a broader range of applications.



Can you explain why you chose to launch with PoS 3.0 and what are the particular benefits of this consensus method over others?



We chose to launch with PoS 3.0 because it is the most tested PoS implementation for UTXO blockchains. We want to continue building upon Sunny King’s classic version of PoS and make it even better.


What is the time frame for distributing Qtum tokens to the purchasers in the ICO, and how will this be done?


The Qtum tokens will be released when the mainnet is live, which is planned for September. The Qtum tokens will be distributed via the platforms that took part in the crowdsale.


Have any Dapps currently running on Ethereum shown interest in porting over to Qtum? Would Dapps have to choose one chain, either Ethereum or Qtum, or is it possible for a Dapp to run on both chains at the same time with some method for syncing the Dapp between chains?


Some decentralized application developers have approached Qtum to build using our platform. Some are in the works to launch on both platforms while others want to launch on Qtum exclusively. Depending on the application, syncing may not even be necessary. Although, we imagine that blockchain systems will be more interoperable in the future which could help overcome these challenges.



Can you tell us about the Mobile feature that allows Qtum iPhone user to send Qtum tokens via SMS text message easily? Will there be an Android version?


Rather recently, Apply made iMessage more of a platform similar to other messaging apps that allows users to send Qtum tokens via text messages, although it still does require data. That being said, Qloha, one Qtum project that is already underway, aims to allow WeChat users to send Qtum tokens to their friends. The plan is for Qloha to operate on multiple messaging platforms.



Do you foresee any problem scaling smart contracts on a UTXO based blockchain with a 2MB block size limit? Can you talk about how the EVM and the UTXO chain communicate with each other?


Scaling is always one of the problems that any growing platform, business or application faces. Since we are launching with Segregated Witness, transaction malleability will not limit possible layer two technologies like Lightning networks that will allow Qtum to scale more easily.


As for the EVM on UTXO, Qtum built an Account Abstraction Layer and added three new OpCodes that allow for smart contracts to operate on our platform. Your readers can learn more about that particular subject on our website; Account Abstraction Layer Overview.






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●▬●▬●▬● First UTXO Based PoS Smart Contract and DAPP Platform ●▬●▬●▬●
▃▃▃▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▃▃▃
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April 15, 2017, 02:46:42 AM
 #3408

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


Ethereum is a scam too

their ico price is 1BTC=2000ETH  as they promised Ethereum will be the first smart contract platform.
right now.. 2000ETH=40BTC, BTC price is 2 times higher too..


Qtum ico price is 1BTC=3800Qtum as they promise Qtum will be the first POS Smart Contract platform and compatible with Bitcoin!

right now.. people who still hold ETH already made 60-70 times profit..

i am  confident i can make at least 5 times profit  even it's a scam..

JUST A reminder.. BTC is a SCAM too..








nice to buy some qtum tokens.

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April 15, 2017, 02:47:29 AM
 #3409

why is "Patrick" Dai still in this project?

as long as he's in, it'll be known as a scam.

It's a damn shame that many Chinese people who frequent the websites where this ico is offered probably don't follow bitcointalk, smithandcrown, or icocountdown.

Probably the only money they will be able to scam will come from China

#Rektum

+1.. but seems Qtum is not a scam.. i think their angel investors are not stupid..

also check this post.. seems people also call vitalik a scammer..

also people call jack ma a scammer earlier.

http://www.newsbtc.com/2016/08/17/gregory-maxwell-vitalik-buterin-ran-quantum-computer-scam/
Gregory Maxwell: “Vitalik Buterin Ran A Quantum Computer Scam”
Being a public figure in the cryptocurrency world comes with prestige and personal attacks. Vitalik Buterin, the visionary of Ethereum development and coding genius, has been active in the world of technology for quite some time now. Before he even created Ethereum, however, he was working on building a computer program to solve NP-complete problems. Or as some people would like to call it, vaporware.

NP-complete problems are decision problems revolving around computational complexity theory. While the entire explanation of this concept can be found on Wikipedia, it is safe to assume this will one of those concepts that is always subject to substantial debate.

Vitalik Buterin And The Quantum Computer Scam
Interestingly enough, Vitalik Buterin used to be involved in this particular field of expertise before he started working on Ethereum. In fact, he was working on a software tool to address these NP-complete problems in polynomial time. Building such a solution from scratch is both time-consuming and costly, though.

According to an archived post from Gregory Maxwell, Buterin was collecting investments from people to fund the creation of this computer program. However, Maxwell strongly feels this was nothing more than an attempt to fund vaporware. In fact, a post on Qntra refers to his idea for this computer program as “a quantum computer simulation scam”.

Gregory Maxwell explained this vaporware scam as follows:

“Vitalik’s project immediately before Ethereum is that he was collecting investments from people to fund building a computer program to solve NP-complete problems in polynomial time, supposedly by simulating a quantum computer. (Never mind that even real QC aren’t conjectured to be able to do that, nor does ‘simulation’ make any sense; unless BPP == BQP that’s not even possible, and virtually all experts agree the complexity classes are probably not equivalent). He built up a reputation for himself writing tech explainers of other people’s ideas usually without any attribution (until someone complains), making him look like the author.”
And Then Ethereum Was Born
That is a rather interesting take on things. Complex ideas and concepts are difficult to explain, let alone making anyone see the need to address them. Yet for some reason, Buterin felt he had the tools at his disposal to convince people to give him money for this project. It remains unclear as to why he failed in doing so, though.

Regardless of the reasoning, it didn’t take Vitalik Buterin long to come up with a new idea. Ethereum, before it was even released to the public, raised several millions of dollars in investments. To some people, the whole concept of Ethereum is still hit-and-miss, as the code can be exploited in multiple ways. The DAO attack and replay attacks are just two of the examples.

That being said, no one is saying Ethereum is vaporware. Interesting concepts can be built on top of this source code that will change our society as a whole. But this whole ordeal goes to show there is a difference between creating concepts and stealing other’s ideas.

anyone know this story?

Gregory Maxwell: “Vitalik Buterin Ran A Quantum Computer Scam”

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April 15, 2017, 02:54:00 AM
 #3410

want to see more activity from dev team

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April 15, 2017, 02:55:15 AM
 #3411

when will Ethereum change to proof of stake?

any information about this?
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April 15, 2017, 03:07:44 AM
 #3412

What a pity, looks like POS only, nothing for the miners here  Sad

maybe a pow version later?

how do you think dev?
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April 15, 2017, 04:09:10 AM
 #3413

What a pity, looks like POS only, nothing for the miners here  Sad

maybe a pow version later?

how do you think dev?

There won't be a Proof-of-Work phase, the tokens will be distributed once the Main Network launches in September. After that it will be staking only.

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀█ Qtum █▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
●▬●▬●▬● First UTXO Based PoS Smart Contract and DAPP Platform ●▬●▬●▬●
▃▃▃▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▃▃▃
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April 15, 2017, 09:06:57 AM
 #3414

What a pity, looks like POS only, nothing for the miners here  Sad

maybe a pow version later?

how do you think dev?

There won't be a Proof-of-Work phase, the tokens will be distributed once the Main Network launches in September. After that it will be staking only.


why not?
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April 15, 2017, 10:02:14 AM
 #3415

why is "Patrick" Dai still in this project?

as long as he's in, it'll be known as a scam.

It's a damn shame that many Chinese people who frequent the websites where this ico is offered probably don't follow bitcointalk, smithandcrown, or icocountdown.

Probably the only money they will be able to scam will come from China

#Rektum

+1.. but seems Qtum is not a scam.. i think their angel investors are not stupid..

also check this post.. seems people also call vitalik a scammer..

also people call jack ma a scammer earlier.

http://www.newsbtc.com/2016/08/17/gregory-maxwell-vitalik-buterin-ran-quantum-computer-scam/
Gregory Maxwell: “Vitalik Buterin Ran A Quantum Computer Scam”
Being a public figure in the cryptocurrency world comes with prestige and personal attacks. Vitalik Buterin, the visionary of Ethereum development and coding genius, has been active in the world of technology for quite some time now. Before he even created Ethereum, however, he was working on building a computer program to solve NP-complete problems. Or as some people would like to call it, vaporware.

NP-complete problems are decision problems revolving around computational complexity theory. While the entire explanation of this concept can be found on Wikipedia, it is safe to assume this will one of those concepts that is always subject to substantial debate.

Vitalik Buterin And The Quantum Computer Scam
Interestingly enough, Vitalik Buterin used to be involved in this particular field of expertise before he started working on Ethereum. In fact, he was working on a software tool to address these NP-complete problems in polynomial time. Building such a solution from scratch is both time-consuming and costly, though.

According to an archived post from Gregory Maxwell, Buterin was collecting investments from people to fund the creation of this computer program. However, Maxwell strongly feels this was nothing more than an attempt to fund vaporware. In fact, a post on Qntra refers to his idea for this computer program as “a quantum computer simulation scam”.

Gregory Maxwell explained this vaporware scam as follows:

“Vitalik’s project immediately before Ethereum is that he was collecting investments from people to fund building a computer program to solve NP-complete problems in polynomial time, supposedly by simulating a quantum computer. (Never mind that even real QC aren’t conjectured to be able to do that, nor does ‘simulation’ make any sense; unless BPP == BQP that’s not even possible, and virtually all experts agree the complexity classes are probably not equivalent). He built up a reputation for himself writing tech explainers of other people’s ideas usually without any attribution (until someone complains), making him look like the author.”
And Then Ethereum Was Born
That is a rather interesting take on things. Complex ideas and concepts are difficult to explain, let alone making anyone see the need to address them. Yet for some reason, Buterin felt he had the tools at his disposal to convince people to give him money for this project. It remains unclear as to why he failed in doing so, though.

Regardless of the reasoning, it didn’t take Vitalik Buterin long to come up with a new idea. Ethereum, before it was even released to the public, raised several millions of dollars in investments. To some people, the whole concept of Ethereum is still hit-and-miss, as the code can be exploited in multiple ways. The DAO attack and replay attacks are just two of the examples.

That being said, no one is saying Ethereum is vaporware. Interesting concepts can be built on top of this source code that will change our society as a whole. But this whole ordeal goes to show there is a difference between creating concepts and stealing other’s ideas.

anyone know this story?

Gregory Maxwell: “Vitalik Buterin Ran A Quantum Computer Scam”

I've a weird-ass theory that may or may not hold water, but here goes nonetheless. It's possible that VB didn't invent anything, but is being used as the voice for the real creators, they taking advantage of VB's issues (seriously, I'm not versed as to what condition VB has, so apologies in that regard). None of this passes the smell test, the same for BCAP -> https://medium.com/@ico_dna/bcap-token-offering-stone-cold-investment-bonkers-9987e6ca5f31. In another life, VB could've been this guy -> https://www.youtube.com/watch?v=KG9CB31aOT0, or more seriously this guy -> https://www.youtube.com/watch?v=k8EJ_rISoaM

This is not meant as a diss toward VB if I'm mistaken in my assessment, but worth thinking about given that one does not simply go from espousing a quantum computer scam to being the creator of Ethereum while donning mismatched socks.

Nite, all.
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April 15, 2017, 03:33:51 PM
 #3416


https://forum.qtum.org/topic/88/dev-update-april-12th


Dev Update April 12th
Qtum has so far continued a complete review and in some cases rewrite of the code implementing Proof of Stake and the EVM into Bitcoin Core. The following has been reviewed and audited to work and be secure so far:

Proof of Stake block structures
Proof of Stake transaction format
Proof of Stake kernel hash generation and validation
EVM contract creation
EVM contract logging, events, and debugging
EVM contract calls and references

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April 15, 2017, 03:34:59 PM
 #3417

About the spv wallet and mobile smart contact platform by Jordan Earlz
https://forum.qtum.org/topic/93/about-the-spv-wallet-and-mobile-smart-contact-platform-by-jordan-earlz

1 how do you design the "making smart contract work on smartphones and tablets" ?

We use the a slightly extended version of the SPV protocol to accomplish this.

2 does that means do you already have the swift/java version solidity compiler and EVM?

There are two approaches. The first approach is the most simple, but also carries some limitations. In this approach there is no need for an EVM implementation. However, it is not possible to execute contracts off-chain (without spending gas). The second approach is powerful, but does require an EVM implementation. In this method you can do almost anything a full node can do except for fully validate all blocks (which a mobile wallet has no need for). You can execute contracts off-chain on the mobile device.

Although the second approach will require an EVM implementation, it is not necessarily something you will have to compile into your app yourself. We are working on an IPC interface for iOS and Android that will allow third party apps to make use of the Qtum SPV wallet through an API and thus not require storing private keys and managing signatures, and can also be used for executing EVM contract code, instead of every app needing to include their own version of the EVM

3 what's the real advantage spv protocol can bring in Qtum's so called mobile smart contract platform?


The big advantage is that it's trustless and decentralized. Using SPV a mobile wallet can interact with the Qtum network directly. In order to take down a mobile wallet's connectivity, one would have to DDoS or attack the entire Qtum network, which is extremely difficult if not impossible. This is a major advantage over a centralized wallet, which can be shut down by shutting down a single company's set of servers. Additionally in a centralized wallet it's possible for the server to report invalid transaction data if a hacker gets access to the server due to a security vulnerability

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April 15, 2017, 03:37:01 PM
 #3418

From skycoin dev: Why Qtum may become a big success
https://forum.qtum.org/topic/64/from-skycoin-dev-why-qtum-may-become-a-big-success
https://qtum.org
Qtum, will probably replace ethereum because it is simpler and has fewer problems. The UXTO model is much cleaner. They have a lot of previous developers and have already done two previous coins and are the best team I have seen so far.


I have not looked at qtum's code.

We know the qtum founder and he is one of the largest investors in Skycoin from four years ago, before qtum or any of this. Some of the people around him are legendary scammers, but he is not a scammer.

I think Patricks role in the bitbay situation is exaggerated. I read through the arguments and it just sounds like drama.

Many of the people in the Bitcoin community are sociopaths. They often steal things or cause drama, then immediately blame it or scapegoat it on someone else. They are not even done stealing the money, before they go on campaign of moral indignation against the fall person.

I think Patrick was blamed for Bitbay because his personality makes him an easy victim for sociopaths and the human predators in the bitcoin community. There are people walking around, sizing people up and trying to determine whether they can manipulate someone, setup a scam, steal things and who is going to be gullible or a fall person.

If you knew the people involved, you would understand what the social dynamic is.

Also how can you be so confident qtum is going to replace ETH based on it's tech when they haven't released code yet?
Ethereum is using an accounts model, like Ripple. Which is anti-blockchain and anti-privacy and very traceable. It is against the philosophy of Bitcoin.

All coins going forward will be on the UXTO model and it is best practice for blockchain. Moving turing complete smart contracts off of accounts model and onto UXTO is extremely important and that is what qtum appears to be doing.

We need to figure out how to do general computation on a UXTO model. Instead of being restrained to the Ripple/Ethereum accounts model.

I think they will get closer to the goal, but only get there part way

thin client for smart contracts (major limitation for existing system)
moving smart contracts onto UXTO (major milestone)
I do not know if qtum has succeeded, but they seem to be going in right direction. I talked to one of their technical leads and they were focused on "Getting it working with something we can do now" and then incremental improvement over time. So first implementing the Ethereum virtual machine on top of UXTO, then working out the research problems for a native turing complete UXTO language later.

I do not know if there is a way to full UXTO while still having "gas". I think you will need to get rid of the "gas". In the ethereum model to take full advantage. I do not know if qtum will be able to go far enough in doing that, but is heading in the correct direction.

Ethereum tries to be both a token and a computer.

we started with pure tokens (Bitcoin)
then we added a computer to the tokens (Ethereum)
now we just trying to figure out how to build pure computer on UXTO
Then once we have the computer, the tokens or coins just become a program or entity running on this "distributed computer"
Bitcoin, Ethereum, qtum, byteballs, etc are just stepping stones. Towards a final solution. None of these will exist or be relevant in ten years. We are in an age of transition and I am looking at the projects that are getting closer to the goal, in a pure mathematical sense.

Even Skycoin is being ripped up and its foundations constantly rewritten when it is advantageous to do so. Bitcoin is static and relatively unchanging, while Ethereum has been able to get the community to accept constant small changes.

Skycoin is on a punctuated equilibrium model, where we do bug fixes and polishing, then completely rip up and rebuild the foundation as needed, then go back to bug fixes and polishing.

Right now, we are exploring new networking primitives and the advantage of immutable data structures, but are still on blockchain. Putting EVM on UXTO is heading towards immutable data structures from the perspective of computation, while we are heading towards immutable data structures from the path of consensus, networking and simplifying object synchronization protocols.

One of the pilots that is being spun out of that project is the distibuted, peer-to-peer social media platform built upon immutable data structures and peer-to-peer object replication. For this Skycoin chose a public key, cryptographic publisher/subscriber model and DAG immutable object tree. While Ethereum's project chose a Kadmelia DHT block storage model.

Ignoring the individuals and the drama, I am just looking at the "future direction" and who is heading in that direction.

Also how can you be so confident qtum is going to replace ETH based on it's tech when they haven't released code yet?
I am not confident it will replace Ethereum. At the start, it will be equivalent to ethereum in terms of being able to run the Ethereum Virtual Machine (EVM) on top of qtum with UXTO. Then they will do a native language.

It will depend on the implementation. I do not know if qtum has succeeded, but they seem to be going in right direction.

Similarly, Byteballs may fail or may not exist in ten years, but they are pioneering the first experiments into replacing the Blockchain with a DAG. Which we have been considering for several years now.

Similarly, Bitcoin was the first but people are getting used to the idea that it will not be the final or best cryptocurrency. That it was just the first generation and that we can build better and improve it substantially.


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April 15, 2017, 04:24:57 PM
 #3419

From skycoin dev: Why Qtum may become a big success
https://forum.qtum.org/topic/64/from-skycoin-dev-why-qtum-may-become-a-big-success
https://qtum.org
Qtum, will probably replace ethereum because it is simpler and has fewer problems. The UXTO model is much cleaner. They have a lot of previous developers and have already done two previous coins and are the best team I have seen so far.


I have not looked at qtum's code.

We know the qtum founder and he is one of the largest investors in Skycoin from four years ago, before qtum or any of this. Some of the people around him are legendary scammers, but he is not a scammer.

I think Patricks role in the bitbay situation is exaggerated. I read through the arguments and it just sounds like drama.

Many of the people in the Bitcoin community are sociopaths. They often steal things or cause drama, then immediately blame it or scapegoat it on someone else. They are not even done stealing the money, before they go on campaign of moral indignation against the fall person.

I think Patrick was blamed for Bitbay because his personality makes him an easy victim for sociopaths and the human predators in the bitcoin community. There are people walking around, sizing people up and trying to determine whether they can manipulate someone, setup a scam, steal things and who is going to be gullible or a fall person.

If you knew the people involved, you would understand what the social dynamic is.

Also how can you be so confident qtum is going to replace ETH based on it's tech when they haven't released code yet?
Ethereum is using an accounts model, like Ripple. Which is anti-blockchain and anti-privacy and very traceable. It is against the philosophy of Bitcoin.

All coins going forward will be on the UXTO model and it is best practice for blockchain. Moving turing complete smart contracts off of accounts model and onto UXTO is extremely important and that is what qtum appears to be doing.

We need to figure out how to do general computation on a UXTO model. Instead of being restrained to the Ripple/Ethereum accounts model.

I think they will get closer to the goal, but only get there part way

thin client for smart contracts (major limitation for existing system)
moving smart contracts onto UXTO (major milestone)
I do not know if qtum has succeeded, but they seem to be going in right direction. I talked to one of their technical leads and they were focused on "Getting it working with something we can do now" and then incremental improvement over time. So first implementing the Ethereum virtual machine on top of UXTO, then working out the research problems for a native turing complete UXTO language later.

I do not know if there is a way to full UXTO while still having "gas". I think you will need to get rid of the "gas". In the ethereum model to take full advantage. I do not know if qtum will be able to go far enough in doing that, but is heading in the correct direction.

Ethereum tries to be both a token and a computer.

we started with pure tokens (Bitcoin)
then we added a computer to the tokens (Ethereum)
now we just trying to figure out how to build pure computer on UXTO
Then once we have the computer, the tokens or coins just become a program or entity running on this "distributed computer"
Bitcoin, Ethereum, qtum, byteballs, etc are just stepping stones. Towards a final solution. None of these will exist or be relevant in ten years. We are in an age of transition and I am looking at the projects that are getting closer to the goal, in a pure mathematical sense.

Even Skycoin is being ripped up and its foundations constantly rewritten when it is advantageous to do so. Bitcoin is static and relatively unchanging, while Ethereum has been able to get the community to accept constant small changes.

Skycoin is on a punctuated equilibrium model, where we do bug fixes and polishing, then completely rip up and rebuild the foundation as needed, then go back to bug fixes and polishing.

Right now, we are exploring new networking primitives and the advantage of immutable data structures, but are still on blockchain. Putting EVM on UXTO is heading towards immutable data structures from the perspective of computation, while we are heading towards immutable data structures from the path of consensus, networking and simplifying object synchronization protocols.

One of the pilots that is being spun out of that project is the distibuted, peer-to-peer social media platform built upon immutable data structures and peer-to-peer object replication. For this Skycoin chose a public key, cryptographic publisher/subscriber model and DAG immutable object tree. While Ethereum's project chose a Kadmelia DHT block storage model.

Ignoring the individuals and the drama, I am just looking at the "future direction" and who is heading in that direction.

Also how can you be so confident qtum is going to replace ETH based on it's tech when they haven't released code yet?
I am not confident it will replace Ethereum. At the start, it will be equivalent to ethereum in terms of being able to run the Ethereum Virtual Machine (EVM) on top of qtum with UXTO. Then they will do a native language.

It will depend on the implementation. I do not know if qtum has succeeded, but they seem to be going in right direction.

Similarly, Byteballs may fail or may not exist in ten years, but they are pioneering the first experiments into replacing the Blockchain with a DAG. Which we have been considering for several years now.

Similarly, Bitcoin was the first but people are getting used to the idea that it will not be the final or best cryptocurrency. That it was just the first generation and that we can build better and improve it substantially.




Ok. but still no.
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April 15, 2017, 05:02:10 PM
 #3420

Since Qtum’s inception, we have been asked why we chose the UTXO model. When bundled with existing Blockchain technologies, it is very powerful. Instead of reinventing the wheel and creating a costly and untested new platform, it is possible to combine proven solutions to provide the ultimate Smart Contract solution. We believe that the parallel proofs provided by the UTXO model, along with Proof-of-Stake 3.0 (POS3), the Simple Payment Verification protocol, and the Ethereum Virtual Machine (EVM) is the perfect fusion.

Recently, we were asked some good questions about our solution.  Our Lead Developer, Jordan Earls took the time to respond, see below:

                                   
Question:  How do you design “Making Smart Contracts work on smartphones and tablets” happen?

Earls:   We will extend the SPV protocol for this purpose. We will extend it to allow validating contract state without needing to validate the entire blockchain, nor downloading the entire blockchain. We also will be extending the P2P network implemented by Bitcoin’s code to also include functionality specific to smart contracts and the management of their state. And finally, we will be releasing several mobile APIs specifically built for easy integration of Qtum and smart contract’s into new and existing Android and iOS applications.                
                             

Question: Does that mean you already have the Swift / Java version solidity compiler and EVM?

Earls: No, but this is for a reason. There are two primary approaches for integrating smart contract’s into your application, depending on your exact needs. The first method is easiest but includes some limitations. The first method involves using IPC interfaces to allow for an application to use the mobile wallet’s EVM and SPV blockchain implementations. This method is also the safest because the wallet will manage private keys instead of the application. However, this may be more complicated and carry some limitations. So, application developers may choose the second approach. This involves compiling an EVM and SPV implementation directly into your application, and thus your application will directly interact with the blockchain, but is responsible for managing its own security profile and for tracking funds if needed.


Question:  what's the real advantage the SPV protocol can bring to Qtum’s so-called “Mobile Smart Contract”?

Earls: The fact that we can provide Mobile Smart Contracts in a trustless and decentralized environment is the major advantage. Using SPV, a mobile wallet can interact with the Qtum network directly. In order to take down a mobile wallet’s connectivity, one would have to attack the entire Qtum network, which is extremely difficult because of the POSv3 consensus model. This puts our solution leaps and bounds ahead of a centralized wallet solution, which can be attacked by simply attacking the provider’s servers. The other issue with centralization is if those servers are compromised, they can report invalid transaction data, leading to businesses and consumers alike potentially trusting false data. In some models of wallet centralization, it can also result in funds being outright stolen because the private keys are stored on the server.







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