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

[Qtum]

Press Update:



Technode writes about Qtum in their latest article on Blockchain technology



“Blockchain in China is hot these days. Currently, 7 companies are building a business on top of Qtum,”

http://technode.com/2017/08/01/qtum-shares-three-blockchain-trends-china/

In a country of centralized authority, a decentralized database is booming. In China, the trend is now building a new business model on top of the blockchain. Blockchain technology is a chain of blocks that each contains data, acting as a way to record what time the data was inserted into it. The cool thing about blockchain is that it’s decentralized, which allows for transactions to occur between parties without the need for a 3rd-party to establish trust.

In the global blockchain landscape, we are now seeing a Ukrainian blockchain-based Wifi router, energy projects in Eastern Europe, decentralized computing, storage, and VPN networks. In China, Qtum (pronounced Quantum) is now becoming a toolset and a platform for companies to build their business on top of the blockchain.

“Now you can build any business on top of the blockchain without intermediary costs and without friction.” Patrick Dai, co-founder and CEO of Qtum (量子链 in Chinese, meaning quantum chain) told TechNode.

The Shanghai-based blockchain company has their own cryptocurrency called Qtum, which now ranks in the top 20 on CryptoCurrencies Market Capitalization index and provides a blockchain application platform to execute “smart contracts” with a proof-of-stake consensus mechanism. This means that people can facilitate, execute and enforce the negotiation or performance of an agreement, such as a contract, using blockchain technology. The advantage of the Qtum is that it utilizes the core technology from both Bitcoin and Ethereum.

“Blockchain in China is hot these days. Currently, 7 companies are building a business on top of Qtum,” Patrick says.

These seven companies include a Singapore-based blockchain company that announced their first Initial Coin Offering (ICO) on top of Qtum. Energo, uses blockchain technology and smart meters to connect energy producers and consumers in microgrids with traditional electricity users to achieve point-to-point energy trading and energy supply. Other projects building on top of Qtum include Bodhi, a decentralized prediction market, and Vevue, a platform for monetizing digital content.

“Many of these blockchain companies are registered in Singapore, but they are focusing on the Chinese market,” John Scianna, Marketing Director at Qtum told TechNode.

Blockchain trends in China


The Chinese government is also showing positive reactions to this trend of blockchain development, pushing forward the development of blockchain in the coming three years, as blockchain is mentioned in China’s five-year plan (2016-2020) as one of the most promising technologies. The People’s Bank of China (PBoC) is doing research on blockchain technology and completed a successful trial run of self-developed digital currency that uses a limited implementation of blockchain technology.

Patrick also mentioned that authorities will seek to clarify regulations for blockchain projects this year and provide some guidance to help develop the industry.

“The regulation will come for sure and it’s good for the industry. Without regulation, it’s the wild west and it’s not good for the people and for their security,” Patrick said. “It’s a new way for people to collaborate and to build a reward structure to change the idea of VCs and crowdfunding.”

Qtum, as a platform provider for “smart contracts”, is at an early stage to get more adoption in the main society, and Patrick mentioned that the team will slowly build up trust on their blockchain platform.

“We are building trust, not by people, but by blockchain in a decentralized way,” Patrick remarked. “If the blockchain-based smart contracts become popular, the government will make smart contracts legally binding later on.”

Qtum from a consumer product perspective


Patrick Dai, CEO of Qtum was chosen as one of Forbes magazine’s “30 Under 30“, 300 people in Greater China under the age of 30. Forbes China recognized him for his accomplishments in the category of consumer technology. Is blockchain really considered to be a consumer technology? Patrick sees that a consumer product depends on the matter of trust.

“If you see P2P technology as a business model, you aren’t relying on the middleman. Using blockchain, you don’t need escrow, because blockchain is the escrow. The blockchain is offering trust on top of it,” Patrick explains.

An escrow service is someone that holds users’ money when users make a deal to assure their promise. So the blockchain technology can replace the people who do this service. For example, using blockchain, people can make a blockchain-powered application as a counterparty and automate this on blockchain through their computer.

“Each smart contract is a virtual escrow, and this lowers the cost for both parties. The blockchain smart contract program doesn’t sleep,” he said. “You can create 1,000 virtual small escrows this way. It’s like people because they perform the same service.”

Patrick gave an example: China’s biggest real estate company Lianjia has 10,000 people in charge of contract signature and approval, repeating the same process every day for apartment owners, renters, and buyers.

“You don’t need those people. All you need to do is to sign the contract directly, and it’s effective immediately. You can trust each other,” he says. “Blockchain will become the basic architecture and infrastructure like TC/IP protocol. Just like you have a browser as a gateway to the internet, you need a gateway to the blockchain. Qtum is this gateway. Blockchain is the value, like a piece of the house or like a dollar.”

Because of the blockchain, current business models will change, new business models will emerge, and some people will lose their jobs. Patrick says, in some ways, it improves the society.

“Those people who lost their jobs because of changing business models can do other stuff, and it could increase the efficiency of whole society. You don’t need to waste human capital on repetitive tasks,” Patrick said.

[bitcoinmarko]

Hey guys.

I am having some problems with bizhongchou.com.
I followed the guide few weeks ago and successfully transferred some test funds from the site to MyEtherWallet. Now I want to transfer all of it(the feeling of having it on MEW is way more safe than having it on some Chinese website), but can't.
Steps I followed(just like the first time):

1. logged in
2. https://bizhongchou.com/account-money_carry_bank.html
3. clicked on 提现(withdraw) under 众筹项目资产地址:(QTUM address)
4. there it says 请先完成实名认证高级认证
请点击此处直接 [返回] 或者等待三秒钟后自动跳转。 which translates to:
"Please complete the real-name authentication advanced certification
Please click here to go back directly or wait three seconds after the automatic jump."
6. I already provided my name, address, passport number etc.. Account is verified at 50%. After that 4. step it redirects me to https://bizhongchou.com/settings-security.html. The only thing in red there is Chinese phone number(未绑定), which I don't have. Is that the problem? Why wasn't that requirement there the last time?

In short, what can I do? Will there be english version of the site?

Thank you all!

[daadog]

Hey guys.

I am having some problems with bizhongchou.com.
I followed the guide few weeks ago and successfully transferred some test funds from the site to MyEtherWallet. Now I want to transfer all of it(the feeling of having it on MEW is way more safe than having it on some Chinese website), but can't.
Steps I followed(just like the first time):

1. logged in
2. https://bizhongchou.com/account-money_carry_bank.html
3. clicked on 提现(withdraw) under 众筹项目资产地址:(QTUM address)
4. there it says 请先完成实名认证高级认证
请点击此处直接 [返回] 或者等待三秒钟后自动跳转。 which translates to:
"Please complete the real-name authentication advanced certification
Please click here to go back directly or wait three seconds after the automatic jump."
6. I already provided my name, address, passport number etc.. Account is verified at 50%. After that 4. step it redirects me to https://bizhongchou.com/settings-security.html. The only thing in red there is Chinese phone number(未绑定), which I don't have. Is that the problem? Why wasn't that requirement there the last time?

In short, what can I do? Will there be english version of the site?

Thank you all!

Worked fine for me when I transfered them out earlier this week. Try and updating the phone number to your own number to start with, after that contact the bizhongchou support team.

[BaNgTHai]

has Qtum always been PoS?

[BaNgTHai]

also what do they mean when you can run the EVM on their platform? Will I be able to execute etheruem smart contracts on the Qtum blockchain?

[BaNgTHai]

How will ERC20 QTUM token holders swap their token when the mainnet goes online? Will there be a need for a swap?

[Qtum]

has Qtum always been PoS?

Yes, as we add more test networks, the staking functionality of our system will grow in features. We'll have more information about this soon. We may end up with as many as 3 test networks by the end of the year.

also what do they mean when you can run the EVM on their platform? Will I be able to execute etheruem smart contracts on the Qtum blockchain?

Currently we offer the Ethereum Virtual Machine (EVM) as one of the Smart Contract platforms we will use. This means that existing Ethereum Smart Contracts can port their code with minimal effort to the Qtum Blockchain. This does not mean that Qtum and Ethereum Smart Contracts can communicate with each other, they are separate blockchains. Unless there is a bridge-style middleware application that can act as a third party.

Moving forward, we are looking at other Smart Contract languages to implement, and we are planning to create our own.

How will ERC20 QTUM token holders swap their token when the mainnet goes online? Will there be a need for a swap?

There will be need for a swap, right now Qtum is an ERC20 asset that will need to be converted to main network tokens in September. The official exchanges that we worked with during the crowdsale will swap any Qtum ERC20 tokens to main network if they are left on those platforms. We will have to create a provably 'burnable' swap contract that will exchange ERC20 tokens for Qtum Main Network, but this work hasn't started yet.

[Qtum]

Please remember there are a lot of phishing attempts in going around lately. Lately, some attempts have claimed there will be a "Second Round Qtum Crowdsale" along with an Ethereum address. Please report any activity like this to Foundation@Qtum.org along with a copy of the phishing attempt.

There will never be a 'Second Round' Qtum Crowdsale. Qtum staff will never ask for money.

[LeuName]

I purchased some Qtum from Yunbi several weeks ago. I am located in the U.S. Should I transfer the Qtum to bittrex or is it safe if I leave them in Yunbi? Any advice on this is appreciated.

[scheffe]

Is there an explanation how to withdraw qtum tokens from ico365?
does not work with myetherwallet address -> when adding address i did select ETH
anyone who can help? thank you

[Qtum]

Update:



https://medium.com/@Qtum/qtum-foundation-becomes-newest-member-of-access-1c41a84cc68

Qtum Foundation Becomes Newest Member of ACCESS



The Qtum Foundation is proud to announce that it is now a member of the Association of Cryptocurrency Enterprises and Startups in Singapore (ACCESS). ACCESS is the leading blockchain industry association fostering society’s transformation to this new technology in Southeast Asia.


“By joining ACCESS, Qtum is committed to engaging stakeholders and regulators in a productive manner as a cohesive group,” stated Patrick Dai, co-founded of Qtum. “The blockchain industry is emerging and constructive dialogues need to take place. It’s enlightening that this is able to happen in Singapore and Southeast Asia.”


ACCESS has been educating public and private institutions on the benefits of blockchain technology and cryptocurrencies since it was founded in May 2014. ACCESS aims to foster an open and clear dialogue between Singapore cryptocurrencies, blockchain businesses, and society at large.


Qtum shares the vision and mission of ACCESS, understanding the need for providing a united public voice and platform for the ASEAN cryptocurrency and blockchain community to better engage with private and governmental entities.
“On behalf of the community at ACCESS, we’re very honored to have Qtum join our association,” said Anson Zeall, chairman of ACCESS, adding, “Qtum is definitely an important addition to our community as it will continue to expand the blockchain ecosystem in ASEAN and beyond.”

[cybterpunk]

Is there an explanation how to withdraw qtum tokens from ico365?
does not work with myetherwallet address -> when adding address i did select ETH
anyone who can help? thank you

maybe ask ico365 directly

you can use any eth address to withdraw Qtum ERC20 token.

[cybterpunk]

Update:



https://medium.com/@Qtum/qtum-foundation-becomes-newest-member-of-access-1c41a84cc68

Qtum Foundation Becomes Newest Member of ACCESS



The Qtum Foundation is proud to announce that it is now a member of the Association of Cryptocurrency Enterprises and Startups in Singapore (ACCESS). ACCESS is the leading blockchain industry association fostering society’s transformation to this new technology in Southeast Asia.


“By joining ACCESS, Qtum is committed to engaging stakeholders and regulators in a productive manner as a cohesive group,” stated Patrick Dai, co-founded of Qtum. “The blockchain industry is emerging and constructive dialogues need to take place. It’s enlightening that this is able to happen in Singapore and Southeast Asia.”


ACCESS has been educating public and private institutions on the benefits of blockchain technology and cryptocurrencies since it was founded in May 2014. ACCESS aims to foster an open and clear dialogue between Singapore cryptocurrencies, blockchain businesses, and society at large.


Qtum shares the vision and mission of ACCESS, understanding the need for providing a united public voice and platform for the ASEAN cryptocurrency and blockchain community to better engage with private and governmental entities.
“On behalf of the community at ACCESS, we’re very honored to have Qtum join our association,” said Anson Zeall, chairman of ACCESS, adding, “Qtum is definitely an important addition to our community as it will continue to expand the blockchain ecosystem in ASEAN and beyond.”

thanks for the updates!

[earlz]

Just wanted to give a small update. We finally got Qtum to compile through Gitian. Basically, this means a few things

1. Creating release quality builds (ie, statically linked etc) is now just a trivial set of 3 commands
2. Ordinary users can produce these builds and they will have the exact same bytes and sha256 hash as what we produce. This allows you to confirm that we aren't adding anything extra
3. We will be setup for producing Windows, Linux, and OSX builds for testnet-2, including some packages and installers. This should make things a lot easier for users to get started
4. We now have functioning aarch64 and ARM builds, meaning...


You can run a full-node for Qtum on a raspberry pi without having to compile it yourself, and it is capable of staking, block creation, transaction auditing, smart contract interaction, etc. No Qt wallet though, command-line only.

[Freaks]

Now this thread is trolls free that is great achievement and this project is moving towards a brighter future. This is my best investment ever I believe soon it will get more attention from big investors because it will bring revolutionary change. Good to read the latest update from dev.

[ethlover1234]

What are the thoughts here on ANS/NEO? How does it compare to Qtum?

[kosaet]

if i hold 100 Qtum in a wallet, how much can i expect daily revenue?
is there a calculator available for pos?

[iandoZ]

qtum support  the new blockchain 8mb of bitcoin cash?

[Qtum]

qtum support  the new blockchain 8mb of bitcoin cash?

Bitcoin Cash is a completely different blockchain. The code base is very similar to Bitcoin Core, which is one of the major components of Qtum.

We use Segregated Witness with a 2mb block size, and a 2 minute block target. This should make us just as scalable (or a lot more so) than 8mb block size every 10 minutes.

[Odeoke]

qtum support  the new blockchain 8mb of bitcoin cash?

Bitcoin Cash is a completely different blockchain. The code base is very similar to Bitcoin Core, which is one of the major components of Qtum.

We use Segregated Witness with a 2mb block size, and a 2 minute block target. This should make us just as scalable (or a lot more so) than 8mb block size every 10 minutes.

I also think QTUM will be one of the biggest cryptocurrency in future as this has some unique features and growing rapidly around the world. When that smart contract platform will be functional than it will be amazing and everybody like to have this coin.