Qtum is an open-source blockchain platform and value transfer protocol that is based on Proof of Share (PoS) smart contracts.
Its intention is to combine the strong points of Bitcoin and Ethereum in a single chain. Qtum is constructed on Bitcoin's UTXO transaction model with additional smart contract execution and DApps features. The platform recently added support for DeFi applications.
As of March 2021, more than 20 tokens have been generated on the Qtum blockchain.
The project was announced in March 2016, and a year later, in March 2017, an ICO was held, which brought its founders $15 million. The main Qtum network was launched on September 13, 2017. The Qtum coin was originally issued as an ETH-20 token, but with the launch of the main network it was converted into its own blockchain.
Who created Qtum?
Patrick Dai is the founder of the project and chairman of the Qtum Foundation. He studied computer science at Draper University before dropping out for a PhD at the Chinese Academy of Sciences. He began his career as a product manager at Alibaba and then worked on a series of blockchain projects including Factom, Vechain, Bitse Group and Meilink before launching Qtum in 2016. It should be noted that he was previously known as Steven Dai, when he was CTO of the infamous BitBay project, which was allegedly the subject of a fraud scandal.
The other two co-founders are CTO and blockchain architect Neil Mahi and lead developer Jordan Earls.
Stephen (Xiaolong) XU has been the lead developer of Qtum since 2017, previously working for Tencent and Microsoft as a software developer and earning a degree in computer vision from the University of Chinese Academy of Sciences.
Qtum has several well-known patrons, including Roger Ver of Bitcoin.com and Jeremy Gardner, one of the first crypto investors to become a beauty care professional, co-founder of Augur and resident entrepreneur at Blockchain Capital.
What's special about Qtum?
Qtum is a general-purpose blockchain that aims to solve the four problems of BTC and ETH blockchains that Qtum's founders found most significant: interoperability, governance, the inflexibility and costliness of the proof-of-work mechanism, and the difficulty of connecting smart contracts to real-world applications.
Qtum blockchain has two unique technologies that are designed to solve these problems: the Account Abstraction Layer (AAL) and the Decentralized Governance Protocol (DGP).
The Account Abstraction Layer combines the Unspent Transaction Output (UTXO) of an account inherited from Bitcoin with smart contracts adopted from Ethereum. This allows users to create applications and host them on virtual machines, including Ethereum Virtual Machine (EVM) and x86 virtual machine. Qtum also supports the i686 instruction set and several programming languages such as C, C ++, Rust and Python, making it very easy to adapt and compile existing applications for Qtum. Qtum not only allows the use of full Turing-based smartcontracts, but also plans to integrate common programming libraries as smartcontracts.
The decentralized management protocol allows smart contracts to change basic network parameters, such as block size and commissions (gas), without the need to hard-fork the blockchain, which helps eliminate a host of problems as the network evolves. Miners (stackers), developers and QTUM holders across the ecosystem participate in blockchain governance through voting, and the blockchain can realize self-management, updates and iterations.
Where to buy Qtum in Kenya?
The first step in purchasing QTUM involves choosing an exchange or trading platform that supports deposits and withdrawals of your local fiat currency.
The classic way to buy cryptocurrency is through a cryptocurrency exchange.
Most crypto exchanges provide the option to purchase Qtum, so you can easily find the option you want.
You can store your coins in a cryptocurrency wallet. There are two types of wallets - hot and cold. Hot wallets are software that stays connected to the internet, in other words, stores your qtum online in a digital or mobile wallet. It is more convenient to conduct transactions through a hot wallet, but they are more vulnerable to attacks. Cold storage of your new qtum is possible using hardware wallets, but online wallets are potentially more convenient for cryptocurrency users.
Newbies often choose to trade cryptocurrency through online brokerage platforms as an alternative to buying real coins through a crypto exchange. Despite the fact that the platforms use CFD trading, which does not imply the actual purchase of cryptocurrency, but only the possibility of speculating on its price, this is an excellent opportunity to make money on crypto coins.
In addition, online trading platforms offer a good selection of tools for market analysis, including an interactive news feed that links to extremely reliable sources of information about the situation in the crypto market, as well as various indicators for technical analysis of cryptocurrency price fluctuations.
How to invest in Qtum in Kenya?
Cryptocurrencies have shaken global financial markets. This revolutionary digital technology has become an alternative to traditional currencies, providing fast, unregulated anonymous payments worldwide.
Cryptocurrencies are known for rapid price movements. They are an instrument with high volatility, which are gaining in value as they become more widely adopted.
The main factors affecting cryptocurrency prices are:
- Supply: total number of coins and their release rate.
- Market capitalization: the value of all existing coins and the predicted movement of their price in the future.
- Reputation: The reputation of a particular cryptocurrency in its respective circles, and its popularity among institutions and financial markets.
- Application: application and integration of cryptocurrency into existing infrastructure.
- Events and News: Key events related to segment regulation, security breaches and new project launches.
This volatility makes CFDs a particularly suitable financial product for bitcoins and other cryptocurrencies. Trading CFDs on qtum means that you don't need to invest in a real asset - instead, you can decide which direction the price will go.
You also don't have to worry about insecurity; you are protected from any type of fraud related to cryptocurrencies, and at the same time you can enjoy the opportunity to earn a good income.
Attention newcomers to cryptocurrency trading: don't forget to try out your trading strategy on a risk-free demo account first.
Features of cryptocurrency in general
Cryptocurrency is a digital (virtual) currency that has no physical expression.
The unit of such currency is a "coin".
At the same time, the coin is protected from counterfeiting, as the coin is an encrypted information, which can not be copied.
We can say that the cryptocurrency is a digital (virtual) currency, which is used by the participants of circulation for the purposes of payments on the Internet.
In this case, the peculiarity of the monetary unit is to protect it from counterfeiting, as it contains encrypted data that cannot be duplicated.
The difference between cryptocurrency and conventional money in electronic form
The main difference between electronic cryptocurrency and conventional money in electronic form is the following:
- In order for regular money to appear in an account electronically, it must first be physically deposited into the account, such as through a bank or payment terminal. That is, for conventional currency, electronic form is a form of physical embodiment.
- Cryptocurrency is issued directly on the Web and is not connected in any way to any conventional currency or to any state currency system. Thus, we can say that "cryptocurrency is a type of electronic money.
The merits of cryptocurrency
The advantages of cryptocurrency include the following positive points:
- Accessibility of cryptocurrency - electronic money at any time.
At the same time, it is impossible to freeze the account or withdraw the cryptocurrency.
- At any time, you can check the validity of the transactions made.
- Openness of the code. Thanks to this feature everyone can mine virtual coins.
- Anonymity. Unlike classic e-money, operations with which are easily tracked, there is no way to get information about the owner of the cryptocurrency wallet. Only the number of the wallet and limited data on the amount on the account is available.
- Security. You won't be able to hack, fake, or otherwise manipulate your virtual currency because it's so secure.
- In most cases, the fee is charged only voluntarily.
- The limitations of cryptocurrency. As a rule, cryptocurrency is issued in a limited volume, which attracts increased attention from investors and eliminates the risk of inflation due to excessive activity of the issuer. Thus, cryptocurrency is not subject to inflation and is inherently a deflationary currency.
- Cryptocurrency is an independent monetary unit. No one regulates its issuance and does not control the movement of funds in the account. It is this feature that attracts many participants of the Network.
There is no commission for the transfer of funds between countries.
Investing in cryptocurrency is the choice of modern advanced people! Choose your method of making money on crypto coins and join us today!