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

[BTCspace]

Qtum, a Hybrid of Bitcoin and Ethereum, Set to Launch Crowdsale

A new hybrid blockchain Qtum, combining the UTXO set of Bitcoin and the smart contracts of Ethereum, will launch a crowdsale on March 16 lasting until April 15, with 51 percent of the token's total supply up for sale. Qtum have also announced their collaboration with PwC, a big player in the consultancy and finance space.
The Best of Both Worlds?
By producing a variation of Bitcoin and Ethereum, Qtum's ambition is stated in the white paper:
"One  of  the  primary  goals  of  Qtum  is  to  build  the  first  UTXO-based  smart-contract  system  with  a  proof-of-stake  (PoS)  consensus  model.  The  latter means the creator of the next block is chosen based on the held wealth in cryptocurrency. Thus, blocks are usually forged, or minted instead of being mined, there are block rewards in addition to transaction fees and forgers receive a percentage of ”interest” for the amount of funds they stake."
Smart contracts that run on Ethereum's blockchain use the Ethereum Virtual Machine (EVM) for their execution, assuming that all value transfers use an account-based method. Qtum is based on the blockchain design of Bitcoin and uses the UTXO-based model and consequently has an account abstraction layer that translates the UTXO-based model to an account-based interface for the EVM.
To achieve this, Qtum has extended the Bitcoin 'Script' language, adding three ‘opcodes’ so that it functions as a vehicle to transport code to the EVM, while also retaining compatibility with pre-existing Ethereum smart contracts.
The result, contracts are given more functionality thanks to the relative complexity of the UTXO model compared to an Ethereum-account like model. For example, enahnced traceability and privacy of smart contracts.
While Ethereum requires you to download the entire blockchain, presenting challenges for mobile applications, Qtum's blockchain supports the SPV (Simple Payment Verification) protocol from launch. SPV allows lite wallets, running on mobile devices, to engage natively with decentralized applications and smart contracts for the first time. More details can be found in the white paper, 'Smart-Contract Value-Transfer Protocols on a Distributed Mobile Application Platform,' with contributions from Alex Norta, Associate Professor at Tallinn University, Estonia and smart contract expert.
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The whitepaper addresses many concerns presented by industry users because of what happened with the case of the Ethereum DAO attack. Smart Contract Lifecycle Management aims to resolve this issue and other potential issues by allowing contract collaboration, negotiation, review, and tracking. Blockchain technology's inherent distributed nature allows for contracts to run without being interrupted; however, change is the nature of life and contracts need updating to reflect new landscapes.
Qtum Gains Backing from PwC
PwC has helped the Qtum Foundation setting up their governance model, project management, and risk management. In the future, Qtum plans on expanding their cooperation with PwC to help expand the adoption of their blockchain technology. To bring the wide applications that can be built using Qtum to the forefront, ranging from industries such as the supply chain, media, and IoT, PwC's stature will no doubt help them to achieve adoption.
CY Cheung, a fintech and cybersecurity partner at PwC China stated that Qtum's efforts resonate with the goals of PwC:
"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."
QTUM Crowdsale Begins March 16
To fuel computation operations and serve as the staking currency of Qtum, cryptographic software tokens used to engage with distributed applications (“dApps”) and smart contracts on the Qtum platform will be used to raise funds for the platform and support further development.
The tokens are known as QTUMs, with 51 percent (51 million) to be distributed through the crowdsale, beginning March 16 at 12PM GMT. Interested investors can participate with bitcoin or ether at various exchanges and platforms such as Yunbi, ICOAGE, and BTC9.
One hundred million QTUMs will be created as Qtum’s total token supply, on top of which approximately one percent annual Proof of Stake (PoS) inflation will be added. Nine percent of the token supply will be used to sponsor academic research, educational materials for developers, and contributions to open-source communities, in particular:
⦁    Establishing research labs in cooperation with high-profile universities.
⦁    Creating tutorials and educational materials for Qtum developers.
⦁    Cooperation with other open-source communities such as Linux, JavaScript, Docker, Php.
The remaining 40 percent of QTUMs will be distributed toward business development (20 percent) and to the founders, early investors, and development team (20 percent), with early investors including notable players in the crypto-space such as Anthony Di Iorio, OKCoin CEO Star Xu, and Roger Ver. The Qtum crowdsale includes four price tiers, lasting one week each, as well as an early bird bonus phase, with a rate of 3,800 QTUM per bitcoin for the first three days of the ICO.
In an attempt to combine the best of both worlds, capitalizing on the advantages of Bitcoin and Ethereum respectively, along with the backing of major consultancy firm PwC, Qtum is one project that you may want to keep a close eye on.

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[BTCspace]

Be alert !!!!!!!
This Chinese scam dev may be arrested by China's goverment on any day!!!!!!!

all Chinese are scam.. thank you for remind us.

[Qtum]

Press Update:



Fintech News Singapore discusses details about the Qtum project, leading up to our March 16th Crowd Sale



http://fintechnews.sg/8842/blockchain/pwc-is-supporting-qtums-blockchain-efforts/

The Qtum Foundation (www.qtum.org), architects of the Qtum blockchain, which execute smart contracts with a proof-of-stake consensus mechanism, today announced that one of the leading professional service providers PwC is supporting Qtum’s efforts to help fuel blockchain adoption across global business sectors. This includes providing comments on a white paper to be prepared by the project team, as well as on their proposed project governance structure. PwC is a network of firms in 157 countries, who are committed to delivering quality in assurance, advisory, and tax services.

    “PwC sees enormous potential for blockchain to revolutionize business practices as we know them, and the firm has made great efforts in developing strategic and technical capabilities to adapt existing products and services for the new technology. We are excited to get involved in the era of innovation and help companies capture the opportunities and benefits brought by the new technology. Working with the Qtum Foundation aligns with our goal,” said CY Cheung, Fintech and Cybersecurity Partner of PwC China.

Qtum’s governance structure, which is detailed in the Foundation’s Qtum Blockchain Economy Whitepaper, illustrates the level of professionalism PwC has brought to the team. Qtum’s management structure will allow the project to effectively take hold as one of the largest open-source blockchain projects that can meet the needs of financial services, Internet of Things (IoT), supply chain management, social media, gaming and other industries.

    “The Qtum Project is committed to becoming a smart contracts platform for business. To do this, Qtum wants to make it feasible for industries to build practical applications on top of Qtum. Qtum envisions a future where business practices are automated, and machine-to-machine communication is seamless. Having PwC, who has broad expertise across industries and a global network, support Qtum will help us fulfill our mission,” added Patrick Dai, co-founder of the Qtum Project.

Qtum Team BW

The Team behind Qtum

Qtum [pronounced Quantum] provides a Turing-complete blockchain stack, able to execute smart contracts and decentralized applications, comparable to the Ethereum blockchain. However, in contrast to Ethereum, Qtum is built upon Bitcoin’s well-established UTXO transaction model and employs a Proof-of-stake consensus mechanism. These augmentations have far-reaching implications for the utility of the Qtum blockchain, which will be elaborated below.

Furthermore, Qtum aims to establish an array of services, designed to bridge the still existing gap between blockchains and the business world. These include tools and methods to standardize the workflow of business smart contract development, and a hub of tested and verified smart contract templates, addressing various specialized business use-cases.
Advantages of Qtum’s blockchain design

Building on bitcoins reliable and proven-to-deliver blockchain, Qtum stacks its Account Abstraction Layer, allowing the UTXO-based blockchain to seamlessly interact with the Ethereum Virtual Machine (EVM). With this innovation it is now possible to execute smart contracts and run decentralized applications, simply and securely, in environments that were previously out of reach for Ethereum, combining the endless possibilities provided by smart contracts with the stability and maturity of the bitcoin ecosystem.
Going Mobile & A Blockchain Powered Internet of ThingsQtum

One of the main advantages of Bitcoin’s unspent transaction output (UTXO) model is its ability to sustain lite wallets. Lite wallets, utilizing the SPV protocol, allow users to interact with the bitcoin network without having to download and sync with the entire blockchain.

This stands in stark contrast to the way the Ethereum blockchain operates. In order to engage with an Ethereum-based smart contract, one first has to download and sync the entire Ethereum blockchain, which to date weighs up to 30 GB – rendering the mobile use of decentralized applications infeasible.

On Qtum’s UTXO-based blockchain, however, it is now possible to interact with smart contracts from lite wallets, which can easily be installed on any given mobile device, heralding an age of mobile decentralized applications.

With about a half of all internet traffic to major sites being generated by mobile devices, this ability is absolutely necessary for a massive, mainstream adoption of decentralized applications (DApps), smart contracts and a p2p economy enabled by them.

Lite wallet access also allows the syncing of a variety of devices and appliances to the Qtum blockchain, operating them according to pre-determent smart contracts. With this, a blockchain-secured IoT can be established, enabling a trustless, decentralized Sharing Economy.
Compatibility across the boardSmart

Utilizing an EVM analog, the Qtum blockchain is compatible with existing ethereum-based smart contracts. Ethereum contracts can be ported to Qtum with little to no change to their code and execute as expected. Furthermore, Qtum implements complete backwards compatibility, meaning that once a decentralized application or contract is deployed on the Qtum network, it will stay operational, even if the system is updated.

With this, Qtum solves a huge problem, very well known to ethereum developers, who very often find their applications rendered useless by recurring changes to the Ethereum network.

The bitcoin-based UTXO transaction model also ensures that Qtum will be mostly compatible with the existing bitcoin ecosystem, allowing Qtum users to benefit from the industry’s top-notch innovations, fueled by hundreds of millions of dollars already invested in the space.
Scalability, Speed, and Efficiency

Both, The Ethereum and the Bitcoin blockchain, are based on a Proof-of-Work (PoW) consensus mechanism, which secures the blockchain by rendering attacks very costly due to artificially arduous computations, demanded from miners participating in the block-verification game. This is known to be very resource intensive, in both terms of energy consumption and time.

Qtum is among the first fully decentralized and Turing-complete blockchain stacks to utilize an attractive and much more energy-efficient method to maintain coherence: the Proof-of-Stake (PoS) consensus algorithm, rendering attacks costly and inefficient, without having to waste precious computational resources and energy.

Further increasing efficiency, bitcoin’s UTXO transaction model, implemented on Qtum, allows the network to process several transactions in parallel and in any given order. Unlike Ethereum’s architecture, which demands all transactions to be processed one at a time.
Bridging the Gap between Blockchains and the Business World

To close the gap between legacy business sectors and the blockchain space, Qtum introduces a toolkit for comprehensive Smart Contract Lifecycle Management (or SCLM), which comprises tools and methods to standardize the workflow of business smart contract development.

This includes the formally verifiable translation of human-readable agreements to machine smart contracts, and the error-resilient specification of their elements, terms, and conditions. With this the SCLM toolkit ensures that smart contracts behave exactly as specified by the negotiating parties, leaving little to no room for unpleasant surprises.

Cooperating with a series of partners and third parties, Qtum aims to establish a smart contract hub, offering secure and thoroughly tested contract templates, tailor fitted for a multitude of industries and use cases, such as supply chain management, telecommunications, IoT, social networking, and more. With this, it will be easier than ever for established sectors and legacy institutions to interface with blockchain technology and enjoy their benefits.

[kellendil]

Be alert !!!!!!!
This Chinese scam dev may be arrested by China's goverment on any day!!!!!!!

all Chinese are scam.. thank you for remind us.

Good to know. İ wanted to invest but many people said that qtum is a scam.

[autada]

Investing in Chinese exchanges is very risky, we can't withdraw coins from there, be cautious, Qtum scam and Chinese no withdrawal scam will kill us.

[NorthPixel]

Such impudent scammers I have not yet seen. Not only that the evidence of their fraudulent actions is full, so they want to get more than 10k Bitcoins and give for it only 51% of their coins 

[Qtum]

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

[888cj]

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

Isn't is strange that all ICO investors will be subject to strict KYC and the legal Chinese identity of founder Patrick Dai/Steven Dai/Johnson Dai/帅初/戴旭康/Shuai Chu is still unclear.

What is Mr. Dai's real Chinese name?

[Gleb Gamow]

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

Isn't is it strange that all ICO investors will be subject to strict KYC and WHILE the legal Chinese identity of founder Patrick Dai/Steven Dai/Johnson Dai/帅初/戴旭康/Shuai Chu is still remains unclear.

What is Mr. Dai's real Chinese name?

An apprentice of the Grammar Patrol (GP) haz correctedeth thou's prose. The GP only wants smart penners populating the Internet and won't allow cheap attempts by those tryin' to increase the grammatical-error count with their token <some word goes here, but what me's not know, for me's just an apprentice>.

<my humor attempt was to only correct and->while, but prior to posting/proofreading I opted to make a couple other corrections - me's such a funny guy>

[huxdy]

Fraud

[Gleb Gamow]

Fraud

You did it now! You're officially on Qtum's shit list. Wanna know how they handle such discontent? This:

I've reported a particular user (don't worry they'll chime in soon) for repeatedly posting 2 posts at a time, over 5 times now. Nothing I can tell has happened other than that the mod who handles it has found my complaint "accurate". Is this rule enforced or not?

<this post has been approved by my handlers who pay me to NOT post negativities about Qtum, for this is simply an informative post>

PS: The recent fishing trip with theymos up in WS proved fruitful, with he not only catching the most fish, but also the largest - a 54" muskie.

[seven.71]

I've reported a particular user (don't worry they'll chime in soon) for repeatedly posting 2 posts at a time, over 5 times now. Nothing I can tell has happened other than that the mod who handles it has found my complaint "accurate". Is this rule enforced or not?

such as Young Children Who Lose argued and cried, and report to the father / mother to get help 

[Gleb Gamow]

its crypto, make money ride the wave. look how scammy eth was and is but its still high and liquid/ who cares

I've got some bad news for you, Sunshine! If you're in the US, you won't be able to participate in Qtum's ICO due to the law.

On ground of regulatory requirements,
our legal terms excludes US citizen from participating.

The only thing that has me perplexed is why Jordan Earls is working on this project as a dev for free, given that 20% of the moneys amassed during the ICO go toward the devs, any of which who are located in the US would be forbidden to legally get a share, thus more money for ALL the non-US devs.

I'm sure that Jordan Earls has penned something somewhere stating that as a US citizen he won't be able to accept any moneys for his involvement with Qtum due to US regulations explicitly expressed by Qtum's legal team relayed by Team Qtum.

<my handlers who pay me to NOT post researched irregularities in this thread have approved this opinionated post - they're the bestest, them handlers are>

Bruno (Chinese name: Luŏ Xióng; 裸熊)

[cerejobastos]

the fact that the team keeps posting here but ignores everyones questions is by itself explanatory of what they intend. scam allover the place. I just saw an elephant entering the kitchen while posting this

[Gleb Gamow]

the fact that the team keeps posting here but ignores everyones questions is by itself explanatory of what they intend. scam allover the place. I just saw an elephant entering the kitchen while posting this

Are US citizens allowed to enjoy the elephant, and are there going to be salted bamboo worms with soy served as horderves prior to the said entrée?

Bruno (Chinese name: Luŏ Xióng; 裸熊)

[JUSTDLISK]

So they are not hsoting the crowdsale on their website as an option?
Bull crap!

[dmitryshech]

the fact that the team keeps posting here but ignores everyones questions is by itself explanatory of what they intend. scam allover the place. I just saw an elephant entering the kitchen while posting this

I wouldn't call it "SCAM"...   impressive team behind this project. They just seem to be more (if not only) focused on Chinese market and community. I still didn't 100% got what is the reason behind that strange strategy though

[Gleb Gamow]

the fact that the team keeps posting here but ignores everyones questions is by itself explanatory of what they intend. scam allover the place. I just saw an elephant entering the kitchen while posting this

I wouldn't call it "SCAM"...   impressive team behind this project. They just seem to be more (if not only) focused on Chinese market and community. I still didn't 100% got what is the reason behind that strange strategy though

It's like the founder of Bitland using all its marketing money to inform US citizens that he's only accepting moneys from residences of Antarctica to fund Bitland.


http://www.pennyauctionwatch.com/2011/02/reviewapenny-com-foopile-penny-auction/

Nadine Zachary

FEBRUARY 14, 2011, 3:03 AM

…and your point is??? IF foopile is putting out ReviewaPenny, I guess I’d say they are advertising, hardly a crime. Not the first to say they are the best. What could be worse than the fake news articles used by some of the larger well-known auctions? foopile used to be slow shipping, don’t know right now, I haven’t bid there recently. Besides that, I’d give them A+. I think they are one of the most honest sites, bids are very reasonable, the site is user friendly and I’ ve never seen or even heard of timer issues. I only have one questions, is SwipeAuctions kin to or part of Swipebids because it sure looks like it. If so, then the only crime I see hear is giving SwipeAuctions B+.

Paul Vernon owned both Foopile and ReviewaPenny. Paul Vernon's now in China after he ripped off Cryptsy's investors.

Revisiting the following:

On ground of regulatory requirements, our legal terms excludes US citizen from participating.

Two questions come to mind:

1. Since when did it become illegal to invest in a non-profit entity registered in Singapore? If I remember my Maps 101 class lessons, Singapore is not in China. Correct me if I'm wong. Also, correct me if I'm wong in stating that Qtum's main reason for having it's charter in Singapore was so that it didn't have to contend with Chinese regulators, but now is seems we've come full circle in that US citizens are excluded from participating unless, that is, you follow the advice offered up by principals and devs of Qtum on exactly how to circumnavigate the KYC guidelines. Translated: We at Qtum aren't doing anything illegal, but we'll take the time to show you how to take advantage of our ICO via doing something illegal.

2. When did the paradigm shift to being acceptable to solicit investments from investors totalling $10M ... strike that, now $15M (also read a $30M figure in re Qtum) for a non-profit entity regardless where based in hopes of earning an ROI off said investments? I don't think the likes of a Bob and Alice Smith can sell a million dollars worth of shares promising an ROI for their non-profit Food Bank endeavor designed to feed masses of people in some region of the world. Again, correct me if I'm wong. Translated: Nobody invests in a non-profit for an ROI because ... wait for it ... there's no profit.

Qtum has yet to address how they're able to amass $10M $15M in revenue when their Singapore non-profit charter specifically states that they're ONLY able to garner $5M max over the lifetime of their charter. One more time, correct me if I'm wong, but if I remember correctly from my Math 101 class lessons, $15M is morer biggerer than $5M.

Bruno (Chinese name: Luŏ Xióng; 裸熊)


One more thought and I'm done for the day:

First and foremost, this is a global initiative, but we anticipate most of the token sales to come from the Eastern market.

http://www.alexa.com/siteinfo/qtum.org



Correct me if I'm wong, but I don't see any Asian countries on the list above, including CHINA, albeit I will admit that all the countries not the US are east of the US if you read from left to right.

Further ...



Qtum gets most of its traffic from BitcoinTalk, which is pretty amazing considering that there's no Chinese translation thread for Qtum on this forum if spite of Qtum being on record in stating that they have a greater following in the Eastern market than us yokels here in the Western market. Again, correct me if I'm wong.

Bruno (Chinese name: Luŏ Xióng; 裸熊)

[stackoverflow]

The trolls overseer is back! too bad you can't invest glebby, i know you saved all your troll pay just for that 

[Gleb Gamow]

The trolls overseer is back! too bad you can't invest glebby, i know you saved all your troll pay just for that 

So true! I'm in the same boat as Jordan Earls who lives in Cleveland, Ohio, a state in the United States whose citizens are forbidden to partake in Qtum's ICO where 20% of all funding go towards the devs of Qtum, Jordan being the Lead Dev. Looks like I'll be paying for the bamboo worms for bait on our fishing expedition.

PS: Don't tell theymos that I have a new fishing bud with my heart set on us hitting the spawning bass in the Chagrin River.