China’s latest cryptocurrency could change the crypto landscape forever
Qtum had an average value of $15 until mid-December. It was launched in September 2017 at $6.42 and it was trading at $103 a coin on 17 January 2018. The Chinese cryptocurrency that has blown many existing cryptocurrencies out of the water. It was the first new coin to break the $50 barrier in 2018, and even though it has fluctuated quite wildly, it is now trading at $26.35. That is a value increase of 1500% in less than 8 months. Let’s take a look at the newest star on the crypto scene.
What is Qtum?
Qtum only launched in September 2017 but is already creating waves in the cryptocurrency world. Qtum is a blockchain cryptocurrency, based in China. One of the reasons it has caused so much interest is the fact that it borrows protocols from both the Ethereum and Bitcoin blockchains. Qtum is a fork off the Bitcoin blockchain and it incorporates Ethereum’s smart contracts technology.
It’s essentially the best of both worlds combining the most desirable qualities of the world’s two most successful cryptocurrencies. The intention of the Qtum team is to try and link blockchain networks to business structures for a more seamless business management experience. Its blockchain ecosystem can also handle small business applications that are already linked to other blockchains.
What sets it apart?
The first thing that sets Qtum apart from the other cryptocurrencies out there is the speed and ease with which it makes transactions. Transactions only take three minutes; it has an incredibly short block time. It also uses smart contracts, which allow the user to set transactions to go off automatically. Much like a direct deposit from a bank account.
Unlike Bitcoin and Ethereum, Qtum works on a proof of stake mechanism, instead of a proof of work mechanism. Businesses tend to prefer working with blockchains that are based on proof of stake as they are a better guard against double spending, especially when it comes to rewards earned from mining. Proof of stake validation works by having a group of stakeholders vote in turns to decide who gets to mine the next block. The weight of their vote is measured by how large a deposit they have made.
The future is decentralized
Qtum is proving itself to be the kind of company that follows through on the promise of their creation. They have already put out 6 decentralized apps or D’apps, and they have 4 currently in the works. Unlike Ehtereum’s Crypto Kitties app, Qtum’s apps have been designed to solve real-world problems.
Their app ENERGO connects energy producers with energy consumers in a fast and efficient way. Another revolutionary app of theirs is VEVUE. It’s like decentralized, yet controlled version of YouTube. It allows users to share video content, while being able to track copyright, putting an end to people stealing other peoples video content for their own gain. The most exciting, yet also worrying of these D’apps is BITCLAVE, a completely decentralized search engine. Imagine Google, but entirely anonymous. No more tracking of your web habits or intrusive targeted advertising. Something like the dark web, conditioned for everyday browsing.
Qtum could easily overtake Ethereum and its Chinese competitor NEO as the most exciting cryptocurrency of 2018. It has appeal in both the business and personal realms. It is endlessly customizable and its value is rising every day. Qtum brings users the best of both Bitcoin and Ethereum in a way that has never been done before. It will be exciting to see where it goes.