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Author Topic: [ANN] (QTUM) - A Scalable Smart Contract Platform w/ Proof of Stake  (Read 434570 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (2 posts by 2 users deleted.)
earlz
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June 14, 2017, 07:07:47 PM
 #4101

PSA: We give development updates every week on our own forum (as well as in our Slack and on our mailing list). The forum for development updates is here: https://forum.qtum.org/category/38/qtum-weekly-updates



We also have a Chinese forum available at: https://forum.qtum.org/category/11/%E4%B8%AD%E6%96%87%E4%BA%A4%E6%B5%81%E5%8C%BA (because the development updates are very technical, and occur every week, they are not typically translated, though our community updates and other big picture type stuff is)

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June 14, 2017, 07:59:18 PM
 #4102

PSA: We give development updates every week on our own forum (as well as in our Slack and on our mailing list). The forum for development updates is here: https://forum.qtum.org/category/38/qtum-weekly-updates



We also have a Chinese forum available at: https://forum.qtum.org/category/11/%E4%B8%AD%E6%96%87%E4%BA%A4%E6%B5%81%E5%8C%BA (because the development updates are very technical, and occur every week, they are not typically translated, though our community updates and other big picture type stuff is)

Great, now allow me to sample that site ...

https://forum.qtum.org/category/20/qtum%E6%B5%8B%E8%AF%95%E7%BD%91%E7%BB%9C


https://forum.qtum.org/category/46/qtum-%E5%BC%80%E5%8F%91%E8%80%85


Question: How is it humanly possible for Qtum to claim that most of its investors came from China when on their very Chinese forum its a virtual ghost town where there's few views of, and even fewer posts on threads, some penned months ago?

Are we lead to believe that most all of Qtum's convos take place on WeChat?


"Dude, check it out! I just got an alert from WooWooChat. Looks like Qtum is gonna be the next greatest thing since sliced bread. It's not build yet, but they promised to have it build by September with some guy named Steve or Patrick leading the pack. The crack team is gonna marry Bitcoin with Ethereum. I'm so in! I'm buying ten thousand dollars worth. How 'bout you? Oh, look! That old man, Bruno, who doesn't have a job thinks it's a scam. Now I'm gonna buy thirty thousand dollars worth of Qtum. I'm gonna be rich!"
earlz
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June 14, 2017, 08:51:15 PM
 #4103

Well, good to know Gleb is an expert in China and all modern Chinese culture and social media practices. Remind me again, how many weeks have you spent in China to get all this knowledge?

Anyway, for those not in the know (including myself to some extent), WeChat is pretty unbelievably big. WeChat accounts for 30% of all mobile internet time spent in China, and Chinese people spend on average 90 minutes per day on WeChat. It has ~800M daily users (most of which are Chinese)... For a western comparison, Facebook has 1.2B monthly users (couldn't find a good daily number). Everyone here talks about how Facebook wants to become the portal to the internet, but WeChat has already successfully done that in China. WeChat has mini-apps and such, as well as handling money etc. If you have a phone with only WeChat installed in China, you're prepared for about 95% of what life throws at you. Most people in China don't bother with laptops, it's all about phones and mobile access. I've tried learning some Chinese (both speaking and typing), and it blew my mind how easy Chinese is to type out on a phone. To me the Android and iOS Chinese keyboards are a lot easier than a traditional PC keyboard (with Window's built in pinyin thing). Anyway, all this to say that trying to understand the culture from outside without having seen how people there interact and without having learned any of the language is difficult. I know when I visited there for the first time it was an absolute culture shock, even with all the reading and such I did beforehand.

Our plans to integrate smart contracts with WeChat is also driven by how large it is, and we think this will ultimately propel us into mainstream usage in China, allowing app developers to integrate blockchain technology into the readily accessible WeChat mini-app market

Check out my full list of Coin Reviews
Currently working on the Qtum Project
My Skype account earlzdotnet has been compromised. Please report to me any usage seen from it, or from the email earlz@earlz.biz.tm
ethlover1234
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June 14, 2017, 09:04:56 PM
 #4104

Well, good to know Gleb is an expert in China and all modern Chinese culture and social media practices. Remind me again, how many weeks have you spent in China to get all this knowledge?

Anyway, for those not in the know (including myself to some extent), WeChat is pretty unbelievably big. WeChat accounts for 30% of all mobile internet time spent in China, and Chinese people spend on average 90 minutes per day on WeChat. It has ~800M daily users (most of which are Chinese)... For a western comparison, Facebook has 1.2B monthly users (couldn't find a good daily number). Everyone here talks about how Facebook wants to become the portal to the internet, but WeChat has already successfully done that in China. WeChat has mini-apps and such, as well as handling money etc. If you have a phone with only WeChat installed in China, you're prepared for about 95% of what life throws at you. Most people in China don't bother with laptops, it's all about phones and mobile access. I've tried learning some Chinese (both speaking and typing), and it blew my mind how easy Chinese is to type out on a phone. To me the Android and iOS Chinese keyboards are a lot easier than a traditional PC keyboard (with Window's built in pinyin thing). Anyway, all this to say that trying to understand the culture from outside without having seen how people there interact and without having learned any of the language is difficult. I know when I visited there for the first time it was an absolute culture shock, even with all the reading and such I did beforehand.

Our plans to integrate smart contracts with WeChat is also driven by how large it is, and we think this will ultimately propel us into mainstream usage in China, allowing app developers to integrate blockchain technology into the readily accessible WeChat mini-app market

I haven't decided whether Gleb is a very sophisticated troll, or if he is a suspicious person by nature who is prone to cynical beliefs. In any case, I'd take what he says with a grain of salt. As you can tell, he needs to straighten himself out.

Gleb says, "Think about it while this broke-ass old man without a job goes outside to air up the tires on his stolen van via a loaned air pump down by the Colorado River below two dams that one day may or may not burst."
[ProTrader]
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June 14, 2017, 11:05:00 PM
 #4105

Gleb is a big influence to this forum. And as what I observe that all his accusations were getting real while it seems unbelievable at first but now hes in quantum for busting and now people should be warned and be thankful in the end. Hes really a big help for busting out scam projects accurately.   
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June 15, 2017, 01:24:37 AM
 #4106

Hes really a big help for busting out scam projects accurately.   

Which scam? Here's what I found he appeared to accurately spot from a cursory scan: Cryptsy, everything concerning that Leroy guy, GAW/Butterfly Labs, maybe 5-10 other tiny ICOs I'd never heard of and never seemed to gain much steam

Things he spewed vitrol about but is still undetermined: Legends Room (although he's calmed down on them now that they seem close to potentially proving they aren't a scam), Bitland

And things he predicted wrong: Bitgold/Goldmoney (he attacked them similar to us, and they're still kicking and seem legit 2 years after all of his trolling), AMT(oh wait, he apologized for that one after a few months of trolling)

I personally wonder where he was when I was still in the scam spotting business. I don't recall ever seeing or hearing about him or his primary alter-ego (though I don't keep track of his 20+ sock puppet accounts). He has actually "spotted scams" very few times, because he mostly sticks to only a few different projects (Leroy was his favorite) and off-topic posts. Seems all he does is try to dox whoever he somehow finds out about (seriously Gleb, who tells you about these projects? Why only these projects and not the many other obvious scams on BCT that you've failed to warn the community about?), cherry pick anything he can find on the internet supporting his case, makes ridiculous assumptions, then posts it all in his humorous ranting style with lots of memes, and finally alerts his friends/sock puppets that he posted so that they can back him up and legitimize his assumptions. I guess the upside to his trolling here is at least he's been fairly clean in this thread and not talking about raping people like in his Leroy and (pre-apology) AMT threads.


Check out my full list of Coin Reviews
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Gleb Gamow
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June 15, 2017, 02:44:32 AM
 #4107

Hes really a big help for busting out scam projects accurately.   

Which scam? Here's what I found he appeared to accurately spot from a cursory scan: Cryptsy, everything concerning that Leroy guy, GAW/Butterfly Labs, maybe 5-10 other tiny ICOs I'd never heard of and never seemed to gain much steam

Things he spewed vitrol about but is still undetermined: Legends Room (although he's calmed down on them now that they seem close to potentially proving they aren't a scam), Bitland

And things he predicted wrong: Bitgold/Goldmoney (he attacked them similar to us, and they're still kicking and seem legit 2 years after all of his trolling), AMT(oh wait, he apologized for that one after a few months of trolling)

I personally wonder where he was when I was still in the scam spotting business. I don't recall ever seeing or hearing about him or his primary alter-ego (though I don't keep track of his 20+ sock puppet accounts). He has actually "spotted scams" very few times, because he mostly sticks to only a few different projects (Leroy was his favorite) and off-topic posts. Seems all he does is try to dox whoever he somehow finds out about (seriously Gleb, who tells you about these projects? Why only these projects and not the many other obvious scams on BCT that you've failed to warn the community about?), cherry pick anything he can find on the internet supporting his case, makes ridiculous assumptions, then posts it all in his humorous ranting style with lots of memes, and finally alerts his friends/sock puppets that he posted so that they can back him up and legitimize his assumptions. I guess the upside to his trolling here is at least he's been fairly clean in this thread and not talking about raping people like in his Leroy and (pre-apology) AMT threads.



First off, I think you forgot about my Phinneaus Gage account busting scammers. Secondly, theymos has my permission to delete all 76 accounts of mine on this forum if he finds evidence of me ever alerting a user so to post after I post. The ONLY two/three exceptions that I can think of over the years is that I have (2/3 times) PM a user(s) to make him aware of a recent post of mine, but they were already active in the respective scam threads.

earlz, your post above is virtually identical to what previous scammers have penned about my scammy ass, all of which are no longer part of this space (hopefully).

In re The Legends Room, I attended a Vegas meetup over the weekend, and all of the ~30 attendees know damn well to stay away from that outfit, with voices larger than mine leading the pack in the convos, I mostly sharing my findings, thus the discontent didn't stem from me.

The Legends Room thread is deleting ALL posts proving that it's a scam.

Please inform your base that you're not sticking up for Leroy Fodor, else that would truly be Qtum's demise. The raping you've alluded to stemmed from a lie that Leroy Fodor posted, all documented.

Surely you don't think that Marshall Long is a good guy, do you? I nailed his cupped balls to a tree long time ago. NOT A SINGLE person I've met in person has anything good to say about Marshall, not even Brock Pierce.

Did you forget about Black Arrow? Read all my posts in that thread proving beyond a shadow of doubt that they were a scam. Several others concurred in the same thread. FUCK ME! I just remembered that ALL them posts were deleted by Black Arrow.

Here's your contribution to the Cryptsy scam: http://earlz.net/view/2016/01/16/0717/analyzing-the-56-million-exploit-and-cryptsys-security

Well, good to know Gleb is an expert in China and all modern Chinese culture and social media practices. Remind me again, how many weeks have you spent in China to get all this knowledge?

Anyway, for those not in the know (including myself to some extent), WeChat is pretty unbelievably big. WeChat accounts for 30% of all mobile internet time spent in China, and Chinese people spend on average 90 minutes per day on WeChat. It has ~800M daily users (most of which are Chinese)... For a western comparison, Facebook has 1.2B monthly users (couldn't find a good daily number).
Everyone here talks about how Facebook wants to become the portal to the internet, but WeChat has already successfully done that in China. WeChat has mini-apps and such, as well as handling money etc. If you have a phone with only WeChat installed in China, you're prepared for about 95% of what life throws at you. Most people in China don't bother with laptops, it's all about phones and mobile access. I've tried learning some Chinese (both speaking and typing), and it blew my mind how easy Chinese is to type out on a phone. To me the Android and iOS Chinese keyboards are a lot easier than a traditional PC keyboard (with Window's built in pinyin thing). Anyway, all this to say that trying to understand the culture from outside without having seen how people there interact and without having learned any of the language is difficult. I know when I visited there for the first time it was an absolute culture shock, even with all the reading and such I did beforehand.

Our plans to integrate smart contracts with WeChat is also driven by how large it is, and we think this will ultimately propel us into mainstream usage in China, allowing app developers to integrate blockchain technology into the readily accessible WeChat mini-app market

Okay, I concede that you got me on that one, for I haven't spend one nanosecond in China like you have to amass such knowledge on WeChat in comparison to Facebook. I, sadly, have to admit that I, as old man sans a job living in a van with four flat tires down by the Colorado River, has to resort to Wikipedia to perhaps come as close to you in knowledge of said subjects, earlz.

https://en.wikipedia.org/wiki/WeChat

Quote
WeChat had over 889 million Monthly Active Users in 2016 90% of whom were Chinese. For comparison, Facebook Messenger and WhatsApp (two other competitive international messaging services better-known in the West) had about 1,000 million Monthly Active Users in 2016 but did not offer most of the other services available on WeChat. In 2017 it was reported that more than half of WeChat's users spend over 90 minutes a day on the app.

That's odd! Wikipedia didn't depicted a good daily number either, else I'm sure you would've gleaned that as well, also adjusting that number somewhat so to further cloak your newfound knowledge, alluding to your experience of residing in China for a spell.

See how easy it is read through you lyin' pieces of shit? It took me longer to pen this post so to inform the readers than it did to uncover your bullshit.

Please try harder next time, for you're makin' my non-job too fuckin easy.

Bruno
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June 15, 2017, 03:13:42 AM
 #4108

What's with this project? Still can't find it in major exchanges? I know that Qtum ICO was successful that it only took a matter of days to finish the crowdfunding and exceeded the expectation.
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June 15, 2017, 03:31:47 AM
 #4109

What's with this project? Still can't find it in major exchanges? I know that Qtum ICO was successful that it only took a matter of days to finish the crowdfunding and exceeded the expectation.

The main network won't be released until September, until then, service providers cannot list Qtum.

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June 15, 2017, 04:44:14 AM
 #4110

What's with this project? Still can't find it in major exchanges? I know that Qtum ICO was successful that it only took a matter of days to finish the crowdfunding and exceeded the expectation.

The main network won't be released until September, until then, service providers cannot list Qtum.

Only Ether projects get listed straight away after crowdsale because they use the same standard code. Everything else need to launch their full nodes before it get listed on exchange. If there is trade, it is iou token.
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June 15, 2017, 06:40:48 AM
 #4111

Hes really a big help for busting out scam projects accurately.   

Which scam? Here's what I found he appeared to accurately spot from a cursory scan: Cryptsy, everything concerning that Leroy guy, GAW/Butterfly Labs, maybe 5-10 other tiny ICOs I'd never heard of and never seemed to gain much steam

Things he spewed vitrol about but is still undetermined: Legends Room (although he's calmed down on them now that they seem close to potentially proving they aren't a scam), Bitland

And things he predicted wrong: Bitgold/Goldmoney (he attacked them similar to us, and they're still kicking and seem legit 2 years after all of his trolling), AMT(oh wait, he apologized for that one after a few months of trolling)

I personally wonder where he was when I was still in the scam spotting business. I don't recall ever seeing or hearing about him or his primary alter-ego (though I don't keep track of his 20+ sock puppet accounts). He has actually "spotted scams" very few times, because he mostly sticks to only a few different projects (Leroy was his favorite) and off-topic posts. Seems all he does is try to dox whoever he somehow finds out about (seriously Gleb, who tells you about these projects? Why only these projects and not the many other obvious scams on BCT that you've failed to warn the community about?), cherry pick anything he can find on the internet supporting his case, makes ridiculous assumptions, then posts it all in his humorous ranting style with lots of memes, and finally alerts his friends/sock puppets that he posted so that they can back him up and legitimize his assumptions. I guess the upside to his trolling here is at least he's been fairly clean in this thread and not talking about raping people like in his Leroy and (pre-apology) AMT threads.



First off, I think you forgot about my Phinneaus Gage account busting scammers. Secondly, theymos has my permission to delete all 76 accounts of mine on this forum if he finds evidence of me ever alerting a user so to post after I post. The ONLY two/three exceptions that I can think of over the years is that I have (2/3 times) PM a user(s) to make him aware of a recent post of mine, but they were already active in the respective scam threads.

earlz, your post above is virtually identical to what previous scammers have penned about my scammy ass, all of which are no longer part of this space (hopefully).

In re The Legends Room, I attended a Vegas meetup over the weekend, and all of the ~30 attendees know damn well to stay away from that outfit, with voices larger than mine leading the pack in the convos, I mostly sharing my findings, thus the discontent didn't stem from me.

The Legends Room thread is deleting ALL posts proving that it's a scam.

Please inform your base that you're not sticking up for Leroy Fodor, else that would truly be Qtum's demise. The raping you've alluded to stemmed from a lie that Leroy Fodor posted, all documented.

Surely you don't think that Marshall Long is a good guy, do you? I nailed his cupped balls to a tree long time ago. NOT A SINGLE person I've met in person has anything good to say about Marshall, not even Brock Pierce.

Did you forget about Black Arrow? Read all my posts in that thread proving beyond a shadow of doubt that they were a scam. Several others concurred in the same thread. FUCK ME! I just remembered that ALL them posts were deleted by Black Arrow.

Here's your contribution to the Cryptsy scam: http://earlz.net/view/2016/01/16/0717/analyzing-the-56-million-exploit-and-cryptsys-security

Well, good to know Gleb is an expert in China and all modern Chinese culture and social media practices. Remind me again, how many weeks have you spent in China to get all this knowledge?

Anyway, for those not in the know (including myself to some extent), WeChat is pretty unbelievably big. WeChat accounts for 30% of all mobile internet time spent in China, and Chinese people spend on average 90 minutes per day on WeChat. It has ~800M daily users (most of which are Chinese)... For a western comparison, Facebook has 1.2B monthly users (couldn't find a good daily number).
Everyone here talks about how Facebook wants to become the portal to the internet, but WeChat has already successfully done that in China. WeChat has mini-apps and such, as well as handling money etc. If you have a phone with only WeChat installed in China, you're prepared for about 95% of what life throws at you. Most people in China don't bother with laptops, it's all about phones and mobile access. I've tried learning some Chinese (both speaking and typing), and it blew my mind how easy Chinese is to type out on a phone. To me the Android and iOS Chinese keyboards are a lot easier than a traditional PC keyboard (with Window's built in pinyin thing). Anyway, all this to say that trying to understand the culture from outside without having seen how people there interact and without having learned any of the language is difficult. I know when I visited there for the first time it was an absolute culture shock, even with all the reading and such I did beforehand.

Our plans to integrate smart contracts with WeChat is also driven by how large it is, and we think this will ultimately propel us into mainstream usage in China, allowing app developers to integrate blockchain technology into the readily accessible WeChat mini-app market

Okay, I concede that you got me on that one, for I haven't spend one nanosecond in China like you have to amass such knowledge on WeChat in comparison to Facebook. I, sadly, have to admit that I, as old man sans a job living in a van with four flat tires down by the Colorado River, has to resort to Wikipedia to perhaps come as close to you in knowledge of said subjects, earlz.

https://en.wikipedia.org/wiki/WeChat

Quote
WeChat had over 889 million Monthly Active Users in 2016 90% of whom were Chinese. For comparison, Facebook Messenger and WhatsApp (two other competitive international messaging services better-known in the West) had about 1,000 million Monthly Active Users in 2016 but did not offer most of the other services available on WeChat. In 2017 it was reported that more than half of WeChat's users spend over 90 minutes a day on the app.

That's odd! Wikipedia didn't depicted a good daily number either, else I'm sure you would've gleaned that as well, also adjusting that number somewhat so to further cloak your newfound knowledge, alluding to your experience of residing in China for a spell.

See how easy it is read through you lyin' pieces of shit? It took me longer to pen this post so to inform the readers than it did to uncover your bullshit.

Please try harder next time, for you're makin' my non-job too fuckin easy.

Bruno

http://expandedramblings.com/index.php/wechat-statistics/

Yes Wechat has 900M monthly users, but it always has around 800M daily users.  It just means that the people who use Wechat use it often.  It's not inaccurate. 

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June 15, 2017, 07:12:58 AM
 #4112

An update from Kevin Feng, PricewaterhouseCoopers:

"kfeng
Dear Qtum Backers,

As most of you may know, PwC team has been working with the Qtum project team for the last couple of months. We would like to announce that the cooperation between Qtum and PwC for this phase has ended by May 2017, and it's been a pleasure working with the Qtum team. During this period, our services included project management support, providing comments on the whitepaper prepared by the Qtum project team, as well as on their proposed project governance structure. Our services did not include any type of independent accounting or auditing in the crowdsale and the Foundation operation, nor did we make management decisions or implement the governance structure and internal controls for the Foundation. And we hope our paths will cross again in the near future and further cooperate in areas that can bring more value and confidence to the community. Look forward to the release of Qtum testnet and mainnet !

Best Regards,
PwC Team
"

A warm thank you from everyone on the Qtum team, for everything PWC helped us with. Thanks Kevin!


As we strive to move toward transparent financial reporting (along with a Decentralized Governance plan), we'd like to bring your attention to our earlier announcement:


https://qtum.org/en/blog/qtum-foundation-financial-reports-governance-plan




06-01-2017


To increase the transparency of the Qtum Foundation, we will release monthly expenditure reports containing the total for staff salaries, operational expenses, marketing expenses and other costs. Additionally, the Foundation will list the total assets that it holds including Bitcoin, Ethereum, Fiat, and Qtum Tokens.

The Qtum Foundation will also seek complementary services to aid our efforts in transparency and professionalism with a professional auditing firm, legal team and a professional digital asset management solution for the Foundation. We hope this will help promote the healthy development of the Qtum Project and serve as a model for other projects.

The content that will be made public to the community:

Qtum Foundation obtains digital and traditional assets, which include: bitcoins, ethereum, and other digital assets such as Qtum tokens, as well as, legal tender in the form of USD and RMB.

Qtum will release monthly spending reports, including employee compensation, operating costs, marketing costs and other expenses
The way the Foundation will govern:

Qtum will make this information public on the Qtum website www.qtum.org, and the reports will later be verified by a third party.

The release date of this information:
Qtum will release this information on the first working day of each month

Qtum digital asset security management plan:

Qtum will hire a professional digital asset management service provider to provide financial management services. (Multi-Signature Wallet's private key which is controlled by multiple parties, which will likely include but isn’t limited to Qtum co-founders, Qtum community member representative, professional hardware wallet service provider, professional digital asset management services company, professional trust company, professional law firm, and an auditing firm)
Professional auditors will provide auditing and reporting services at a later date

Regulatory advice will be provided by a professional law firm(s)

Qtum Foundation
June 1, 2017




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●▬●▬●▬● First UTXO Based PoS Smart Contract and DAPP Platform ●▬●▬●▬●
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June 15, 2017, 12:20:06 PM
 #4113

QTUM INTEGRATION AND API RELEASE

roadmap: until november 2017

APIs for interaction with smart contracts for Javascript, iOS (Objective-C/Swift), and Android (Java)

APIs will be developed in open source process

Release Qloha, a WeChat wallet for mobile use


Release SpringMail, email integration for Qtum

Smart contract lifecycle management

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June 15, 2017, 04:09:07 PM
 #4114

looking forward the testnet release this month.

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June 15, 2017, 05:03:16 PM
 #4115

PSA: We give development updates every week on our own forum (as well as in our Slack and on our mailing list). The forum for development updates is here: https://forum.qtum.org/category/38/qtum-weekly-updates



Okay, let's see if I've got this one straight. Qtum has a forum designed to update its investors, most of which are in China, but the forum is in ... wait for it ... English, WITHOUT an option to view it in Chinese.

i think every week, Qtum updates the development work in this bitcointalk?

have your ever checked it?  Wink

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June 15, 2017, 05:07:45 PM
 #4116

very few people really understand what Qtum is doing now.

it always take time for people to understand new approach.

Ethereum is based on account model and also still in POW phase.

Qtum is based on UTXO model and will start from POS directly.


that's a good point.

when people realized, Ethereum will take 2 years to switch to pos, people will find out the advantages of Qtum.


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June 15, 2017, 05:47:47 PM
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https://bitcoinmagazine.com/articles/qtums-block-size-limit-will-be-governed-smart-contracts-heres-how


Qtum’s Block Size Limit Will Be Governed by Smart Contracts: Here’s How

Qtum is an up-and-coming smart contract platform set to launch in September of this year. Sometimes ambitiously referring to itself as “China’s Ethereum,” the project recently raised $15 million in three days through a successful crowdsale or “Initial Coin Offering” (ICO).

On a technical level, the Qtum blockchain will resemble Bitcoin, but will integrate an Ethereum-like Virtual Machine on top for smart contracting purposes. Additionally, Qtum is in the process of implementing a “Decentralized Governance Protocol” (DGP). This DGP will have smart contracts determine the blockchain’s parameter selection, like its block size limit.

Jordan Earls, also known as “earlz” online, is the co-founder and lead developer of Qtum.

“We believe this will allow for Qtum to be the first self-modifiable, self-regulating and ultimately self-aware blockchain,” he told Bitcoin Magazine.

 The Concept
Any blockchain has a number of parameters. In Bitcoin, this of course includes the 1 megabyte block size limit. But it also includes the block reward (currently 12.5), the block interval time (ten minutes) and more. These and three other parameters apply to Qtum as well.

But there are two basic problems with needing to have these parameters. First, they are very hard to get “right,” in so far as that’s even possible, since different parameters benefit different use cases. And second, in a decentralized system, these parameters can be very hard to change.

“The core rationale and problem we had when designing this is that we will release Qtum with some initial parameters that we try to make perfect,” Earls told Bitcoin Magazine. “But we don't know what the ecosystem will look like one month after release, much less one year. So, we designed DGP. That way, we can tune the blockchain to be as usable and secure as possible without needing to fork, just to change a simple number from 1 to 2.”

Qtum plans to realize this way of “tuning the blockchain” by doing what it does best: The DGP will consist of relatively straightforward smart contracts made up of blockchain-readable pieces of executable code.

“We have open-source smart contracts which implement the rules for changing the parameters, which will then be accepted by all nodes. It implements a fairly simple governance system of ‘user keys’ and ‘admin keys.’ There is a modifiable parameter in the contract which determines how many keys of each type must vote in order to approve a change to, say, the block size limit.”

Importantly, through the use of smart contracts, these keys can actually represent more than just a regular user per key: Each key can represent a defined group.

“Perhaps one key represents a majority of hash power; or a key represents coin votes by coin holders; or a key acts according to a dynamic limit based on how full blocks are. Or even oracles: a key can effectively be controlled by people or servers that act based on input not directly readable by the blockchain itself, like USD market price for transaction fees. It’s extremely flexible.”

Qtum will almost certainly include smart contracts for the block size limit, the gas schedule to determine the price of different smart contract operations (for which Ethereum hard forked several times) and the minimum gas price. Additionally, it might deploy smart contracts for block interval times, block rewards, maximum gas per block and maximum script size or signature operations per transaction or block.

Changing the Rules
Embedding the parameter selection in smart contracts is clever and having all node software adjust accordingly even more so. However, an arguably even harder problem is not so much what parameter is decided on, but who gets to decide in the first place and how.

In Qtum, the initial parameters will be set by the developers based on their testing and measurements.

“For instance, we've already determined that a block size of 2 megabytes should be reasonable,” Earls said.

After that, the initial set of rules to define the parameters can be changed themselves within the rules of the system, too.

A smart contract could, for example, start out relatively simple: It requires a majority of core developers to change the rules of the contract. Then, if a majority of core developers decides that instead of just developers, it should also include a majority of coin holders, the contract can be changed to a two-of-two multisig contract. From that moment on, one key would represent the developers, while the other key would represent the majority of coin holders. Next, if both developers and coin holders agree, hash power can have a seat at the table, too, and so forth.

As such, Qtum smart contracts can change not only the parameters of the system, but also how the parameters themselves can be changed.

That said, as Earls acknowledged, the Decentralized Governance Protocol can’t actually solve all governance problems. It’s specifically designed to make certain predefined parameters more easily adjustable, and it can indeed even change how these parameters can be adjusted to some extent.

But the Decentralized Governance Protocol does not and cannot apply to network rules that aren’t among these predefined parameters. Protocol changes outside of these specific parameters would still require a typical upgrade mechanism, like a hard fork or a soft fork.

“I believe if Bitcoin had DGP technology, then we would still see all this fighting about SegWit vs Bitcoin Unlimited, etcetera,” Earls acknowledged. “But, DGP would have been used in the meantime to increase the block size to something conservative but reasonable like 2 megabytes or 4 megabytes, to avoid all the transaction speed problems. Meanwhile, the developers and community could figure out a more permanent solution.”



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June 15, 2017, 05:57:02 PM
 #4118

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

i will give 10BTC to who bet with me.



i posted this before qtum start trading

still valid.


the betting still valid.

still valid.

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June 15, 2017, 06:11:20 PM
 #4119

So is it not worth buying from exchange because it's dodgy IOU?
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June 15, 2017, 06:23:50 PM
 #4120

So is it not worth buying from exchange because it's dodgy IOU?


testnet will release in 2 weeks.

then the price will go up i think...

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