[ANN] (QTUM) - A Scalable Smart Contract Platform w/ Proof of Stake

[Gleb Gamow]

From the desk of Misinformation Much?:

February 22, 2017: Via Slack, Brett Fincaryk, handling PR for Qtum, announces that Qtum is not a scam because PwC handles ALL the accounting funds, and if such were not the case, then such wouldn't be penned because that would open up a law suit against Qtum if they declared PwC was their auditing firm but wasn't the case. _VVV



January 11, 2017: Patrick Dai links to an article just published [at the time] on Coin Desk: _VVV



Here's a snippet gleaned from the article: http://www.coindesk.com/blockchain-angels-invest-1-million-bitcoin-ethereum-hybrid-qtum/ _VVV

Qtum also claims to be partnering with PwC Asia, which both its team members and investors said will be providing accounting services for the project.

^{^^^} Based on the above, the author, Pete Rizzo, confirms that both Team Qtum and its investors confirmed that PwC will be handling all accounting services for Qtum. By extension, no way would deep-pocket investors invested in Qtum if PwC weren't in place, of which they have been for a spell now.

September 9, 2016: The following echos AND cements the above: https://www.cryptocoinsnews.com/ethereum-based-identity-project-uport-wins-the-blockchain-competition/ _VVV

“Qtum will become the first UTXO model based smart contract platform. Different from Rootstock, Qtum is using the Incentive proof of stake as the consensus protocol,also Qtum support EVM. We also divide the blockchain contract to Smart Contract and Master Contract. Through real world data feeds, you can build the Master Contract on QtumChain. We also offer identity on Qtum Blockchain. Qtum add value both to Bitcoin ecosystem and Ethereum ecosystem.”

They have signed a strategic partnership with PwC China, and recently signed a service contract with the world’s largest freight company for the use of VeChain, another project by the team, to better manage supply chains by adding blockchain capabilities to minimize fraud and theft.

February 22, 2017: Brett Fincaryk once again assures potential ICO investors and the crypto community in general alike that PwC is fully onboard the Qtum train: https://qtumnexus.slack.com/archives/general/p1487836173003937 _VVV



^{^^^} I stand corrected! PwC came onboard after the Angel Backers funded Qtum $1M after they vetted Patrick Dai, the vetting process commencing long before it became public knowledge that he was indeed Steven Dai, a known fact in Patrick's circles sans Qtum's immediate team members who are ALL on record in stating or alluding to that such was merely FUD spread by those having an agenda, later recanting when Patrick Dai publicly announced such was the case, offering up his chain of events counter to Bitbay's David's outline of events re stolen bitcoins.

March 7, 2017: Qtum's official user account of this forum - Qtum - links to a just published article detailing PwC's involvement with the the Qtum project: _VVV

Press Update

BitcoinMagazine.com publishes details about PricewaterhouseCooper's involvement with the Qtum project.

https://bitcoinmagazine.com/articles/qtum-blockchain-gains-support-pwc-releases-whitepaper/

Here's a snippet gleaned from the article: https://bitcoinmagazine.com/articles/qtum-blockchain-gains-support-pwc-releases-whitepaper/ _VVV

CY Cheung, Fintech and Cybersecurity Partner of PwC China stated: "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."

February 22, 2017: In the following, Brett Fincaryk proclaimed that the PwC info was deleted from Qtum's blog so to official release the info, supposedly yesterday with the above. _VVV



^{^^^} The blog post that Brett alludes to and was linked to Qtum's blog consisted of the following in its entirety: https://www.linkedin.com/pulse/our-recent-blockchain-project-qtum-chun-yin-cy-cheung _VVV

February 22, 2017: Our recent involvement in Qtum (a Blockchain project) https://www.linkedin.com/pulse/our-recent-blockchain-project-qtum-chun-yin-cy-cheung _VVV <snippet from Chun Yin (CY) Cheung's blog post on his LinkedIn account>

I went to attend a meetup of a Blockchain project called "Qtum", which our team is involved in the project management and design of governance structure.  Qtum is still in its testing stage but it is a very meaningful project, as Qtum is target to be the first ever Blockchain platform that can link up Bitcoin and Ethereum, the most mature and popular Blockchain systems, and provide innovative tools which help the wider public to develop and use Blockchain applications in an easy manner (e.g., readibility of programs).

Between September 2016, and February 2017, Chun Yin (CY) Cheung and Team Qtum on myriad occasions through press releases (eventually spawning organic news), respective blog postings, forum posts, social media postings, etc., adamantly expressed that PwC is onboard the Qtum project, so why did Brett Fincaryk deemed it prudent to delete Qtum's post regarding what's already public knowledge, with even Qtum's investors formally declaring that such is 100% the case. Said truisms were espoused by PwC, Qtum, and Qtum's Angel Backers to engrain trust in the Qtum project, yet there's misinformation abound in re this one aspect, let alone other accusations over and beyond the Steven Dai/Patrick Dai connection that Team Qtum has failed to address to this very day, some aspects inquired months ago. Team Qtum puts more efforts in calling out any discontent as FUD advanced by paid trolls et al., of which I, for one, am not. It blows Qtum's fuckin mind that some Bitcoiner - ME - dedicated tremendous amount of time researching Qtum sans receiving one satoshi in compensation.

Bruno

[1713880654]

1713880654

[Gleb Gamow]

Qtum's Angel Backers: Team Qtum, just checking in to learn the latest and making sure that our collective one million dollar investment is wisely being spent.

Team Qtum: _VVV



Qtum's Angel Backers: Excellent! Excellent! Excellent! Can't wait till we ROI $20M, but keep telling the moronic crypto community that it's only $10M. AND, good job on Misinformation Much! Try to get a payment address from cocksuckeroverflow so that we can anonymously send him some well-deservedly-earned coinage.



Qtum's Angel Backers: _VVV

[favdesu]

So when will be the ICO starting?

So when are we going know where ~$491K went to?

sounds interesting. who of them is the CEO of that auditing firm?

[Gleb Gamow]

So when will be the ICO starting?

So when are we going know where ~$491K went to?

sounds interesting. who of them is the CEO of that auditing firm?

http://www.pwc.com/gx/en/about/leadership/dennis-nally.html

https://financialit.net/sites/default/files/august_issue_2016.pdf

[MysterE]

Having not a Qtum website available for investing says it all, I'm not going to invest
through some hardly known Chinese exchanges. If you want to look respectable then
you need to provide a better form of investing. I think I'll wait until the release and
when then the dust settles then decide whether to invest or not.

'because of legal restrictions' sounds like a cope out.

Your comments?

[BTCspace]

Devs, Does the fact that Yunbi has restricted Bitcoin withdrawals effective Today, and with no end date, have an impact on whether you will still use that exchange?

Address the following as well, for you keep skipping over it:

September 9, 2016: https://www.cryptocoinsnews.com/ethereum-based-identity-project-uport-wins-the-blockchain-competition/

“Qtum will become the first UTXO model based smart contract platform. Different from Rootstock, Qtum is using the Incentive proof of stake as the consensus protocol,also Qtum support EVM. We also divide the blockchain contract to Smart Contract and Master Contract. Through real world data feeds, you can build the Master Contract on QtumChain. We also offer identity on Qtum Blockchain. Qtum add value both to Bitcoin ecosystem and Ethereum ecosystem.”

They have signed a strategic partnership with PwC China, and recently signed a service contract with the world’s largest freight company for the use of VeChain, another project by the team, to better manage supply chains by adding blockchain capabilities to minimize fraud and theft.

February 22, 2017: Qtum's Slack channel before it gets deleted: https://qtumnexus.slack.com/archives/general/p1487836173003937



February 23, 2017: Qtum's Slack channel: https://qtumnexus.slack.com/archives/general/p1487836173003937



That's means somebody was in PwC's office on a Sunday morning at ~9:43 AM China/Singapore time to process a payment of ~$13,623 USD worth of bitcoins according to Brett. _VVV

https://www.walletexplorer.com/txid/89b3e53a83d16d132200b96892dcf98c77ad3506866ff4e63a8105eb6337bc4f



It also means that somebody was in PwC's office at 2-3 AM (again, local time) to process the following bitcoin payments. _VVV

https://www.walletexplorer.com/wallet/d38da05c72761402



But the bigger question is who was at PwC's office on January 2, 2017, at ~1:28 AM (again, local time) to process the following 500 BTC valued at over $491K at the time of the transaction? AND to who, since Qtum is a non-profit and ICO investors have a right to know according to the law in Singapore where their charter is registered?

https://www.walletexplorer.com/txid/51f9c3a755299425a38e119c068f3997f08fe3c60caab53cfbbea7b9dfd8c66a

it seems they raised more than 1000BTC from angel investors and sell 500BTC for cash to pay people's salary, what's wrong with this...? 

[BTCspace]

Having not a Qtum website available for investing says it all, I'm not going to invest
through some hardly known Chinese exchanges. If you want to look respectable then
you need to provide a better form of investing. I think I'll wait until the release and
when then the dust settles then decide whether to invest or not.

'because of legal restrictions' sounds like a cope out.

Your comments?

yunbi is good. do not worry.

get your account ready at yunbi.com

[BTCspace]

[no1dead]

Escrow information? Without escrow, at least I dare not invest money, since one of your co-founder is dishonest person, AFAIK, Neil is not a professional poker player, more info? Why only invest in exchanges? You can't develop a crowdfunding website by yourself?

[stormia]

Escrow information? Without escrow, at least I dare not invest money, since one of your co-founder is dishonest person, AFAIK, Neil is not a professional poker player, more info? Why only invest in exchanges? You can't develop a crowdfunding website by yourself?

Don't forget the 49% premine. Even if I didn't believe some of the dirt on Dai and other team members, the coin distribution and the manner in which this ICO is being held (without escrow, only on Chinese exchanges, no source code provided yet) is worrisome enough for me.

Also, maybe I missed it, but in the updated whitepaper I still don't see where it says what the PoS inflation rate will be which is definitely something that should be disclosed before people invest... 49% premine means they could forge 49% of the coins generated by PoS.

[BTCspace]

Escrow information? Without escrow, at least I dare not invest money, since one of your co-founder is dishonest person, AFAIK, Neil is not a professional poker player, more info? Why only invest in exchanges? You can't develop a crowdfunding website by yourself?

do not invest.

[BTCspace]

Escrow information? Without escrow, at least I dare not invest money, since one of your co-founder is dishonest person, AFAIK, Neil is not a professional poker player, more info? Why only invest in exchanges? You can't develop a crowdfunding website by yourself?

Don't forget the 49% premine. Even if I didn't believe some of the dirt on Dai and other team members, the coin distribution and the manner in which this ICO is being held (without escrow, only on Chinese exchanges, no source code provided yet) is worrisome enough for me.

Also, maybe I missed it, but in the updated whitepaper I still don't see where it says what the PoS inflation rate will be which is definitely something that should be disclosed before people invest... 49% premine means they could forge 49% of the coins generated by PoS.

yes, 49% premine, no need to invest.
better keep your BTC for some better project. 

[stormia]

Escrow information? Without escrow, at least I dare not invest money, since one of your co-founder is dishonest person, AFAIK, Neil is not a professional poker player, more info? Why only invest in exchanges? You can't develop a crowdfunding website by yourself?

Don't forget the 49% premine. Even if I didn't believe some of the dirt on Dai and other team members, the coin distribution and the manner in which this ICO is being held (without escrow, only on Chinese exchanges, no source code provided yet) is worrisome enough for me.

Also, maybe I missed it, but in the updated whitepaper I still don't see where it says what the PoS inflation rate will be which is definitely something that should be disclosed before people invest... 49% premine means they could forge 49% of the coins generated by PoS.

yes, 49% premine, no need to invest.
better keep your BTC for some better project.  

Don't need to tell me that, but ty for reminding everybody that the team doesn't give a shit about concerns a majority of people have expressed here.

Any word on that PoS inflation rate yet? Seriously, I've read the new whitepaper over once and gone back and searched through it with keywords and either I still missed it or they still haven't disclosed it. I honestly just want to know. Are you not interested? Are you just planning to invest without even knowing the rate of inflation? I believe it is of particular importance here since they will initially be in control of 49% of the coin supply, i.e. they will be in control of 49% of potential PoS stake. Which raises another question, are they going to be staking the premine and if so how much of it?

Both the PoS inflation rate and how much of the premine the team will stake seem like things an auditing firm would be required to know, right? So shouldn't they know the answer if PwC is already on board?

[Qtum]

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





https://qtum.org/en/learn-more-about-qtum/general-faq

[Qtum]

Escrow information? Without escrow, at least I dare not invest money, since one of your co-founder is dishonest person, AFAIK, Neil is not a professional poker player, more info? Why only invest in exchanges? You can't develop a crowdfunding website by yourself?

Don't forget the 49% premine. Even if I didn't believe some of the dirt on Dai and other team members, the coin distribution and the manner in which this ICO is being held (without escrow, only on Chinese exchanges, no source code provided yet) is worrisome enough for me.

Also, maybe I missed it, but in the updated whitepaper I still don't see where it says what the PoS inflation rate will be which is definitely something that should be disclosed before people invest... 49% premine means they could forge 49% of the coins generated by PoS.

Patrick will announce the specifications soon.  The Inflation will be low, right now the developers are testing Proof-of-Stake, and we believe it will be 1% (but this could change)

[stormia]

Escrow information? Without escrow, at least I dare not invest money, since one of your co-founder is dishonest person, AFAIK, Neil is not a professional poker player, more info? Why only invest in exchanges? You can't develop a crowdfunding website by yourself?

Don't forget the 49% premine. Even if I didn't believe some of the dirt on Dai and other team members, the coin distribution and the manner in which this ICO is being held (without escrow, only on Chinese exchanges, no source code provided yet) is worrisome enough for me.

Also, maybe I missed it, but in the updated whitepaper I still don't see where it says what the PoS inflation rate will be which is definitely something that should be disclosed before people invest... 49% premine means they could forge 49% of the coins generated by PoS.

Patrick will announce the specifications soon.  The Inflation will be low, right now the developers are testing Proof-of-Stake, and we believe it will be 1% (but this could change)

Thank you for the answer.

Do you know if the team plans to stake the premine? And if so, how much? Is it different/same for the angel investors' 20% and the 29% dedicated to development etc?

[Qtum]

Escrow information? Without escrow, at least I dare not invest money, since one of your co-founder is dishonest person, AFAIK, Neil is not a professional poker player, more info? Why only invest in exchanges? You can't develop a crowdfunding website by yourself?

Don't forget the 49% premine. Even if I didn't believe some of the dirt on Dai and other team members, the coin distribution and the manner in which this ICO is being held (without escrow, only on Chinese exchanges, no source code provided yet) is worrisome enough for me.

Also, maybe I missed it, but in the updated whitepaper I still don't see where it says what the PoS inflation rate will be which is definitely something that should be disclosed before people invest... 49% premine means they could forge 49% of the coins generated by PoS.

Patrick will announce the specifications soon.  The Inflation will be low, right now the developers are testing Proof-of-Stake, and we believe it will be 1% (but this could change)

Thank you for the answer.

Do you know if the team plans to stake the premined coins? And if so, how much? Is it different/same for the angel investors' 20% and the 29% dedicated to development etc?

That is a really good question.

We will most likely stake to secure the network. These addresses will be transparent.

[cybterpunk]

Escrow information? Without escrow, at least I dare not invest money, since one of your co-founder is dishonest person, AFAIK, Neil is not a professional poker player, more info? Why only invest in exchanges? You can't develop a crowdfunding website by yourself?

Don't forget the 49% premine. Even if I didn't believe some of the dirt on Dai and other team members, the coin distribution and the manner in which this ICO is being held (without escrow, only on Chinese exchanges, no source code provided yet) is worrisome enough for me.

Also, maybe I missed it, but in the updated whitepaper I still don't see where it says what the PoS inflation rate will be which is definitely something that should be disclosed before people invest... 49% premine means they could forge 49% of the coins generated by PoS.

+1, if you think this project is a scam or short term project, do not risk your money, better hold btc and wait for btc price going up to 2000$.

but i invested 20BTC into Eth, and i made about 20 times profit.. and i got 400BTC back.

at highest price, Ethereum investors almost have 80 times profit..  

[cybterpunk]

what's the price of 1 Qtum token?

any comparison with Ethereum platform？

[no1dead]

Escrow information? Without escrow, at least I dare not invest money, since one of your co-founder is dishonest person, AFAIK, Neil is not a professional poker player, more info? Why only invest in exchanges? You can't develop a crowdfunding website by yourself?

Don't forget the 49% premine. Even if I didn't believe some of the dirt on Dai and other team members, the coin distribution and the manner in which this ICO is being held (without escrow, only on Chinese exchanges, no source code provided yet) is worrisome enough for me.

Also, maybe I missed it, but in the updated whitepaper I still don't see where it says what the PoS inflation rate will be which is definitely something that should be disclosed before people invest... 49% premine means they could forge 49% of the coins generated by PoS.

+1, if you think this project is a scam or short term project, do not risk your money, better hold btc and wait for btc price going up to 2000$.

but i invested 20BTC into Eth, and i made about 20 times profit.. and i got 400BTC back.

at highest price, Ethereum investors almost have 80 times profit..  

Proof? LOL, you are new account, and you claimed to invest in ETH with 20BTC and returned 400 BTC? Who believes you? You are paid shill of Qtum, everyone can see this. I can say I invest in bitcoin in 30 usd. And i have made millions of usd.