Cryptocurrency Qtum. History of the project
A Chinese organization called Qtum is located in Asian countries, which allows it to become the owner of a large trading platform support group among all customers in the region. The company has managed to establish excellent partnerships with two of the largest companies in China in a short period of time:
- 360 Finance (a subsidiary of Qihoo 350 enterprise);
- baofeng boko cloud.
The story of Qtum began back in the spring of 2016. More than one year later, in July 2017, the developers created the first eponymous digital tokens Qtum. A team of thirty people took part in the creation of the cryptocurrency. Among them, the following employees played a major role:
- Patrick Dave. He is the founder of the company, graduated from Draper University. Before that, he was an employee of Alibaba and also tried his hand at blockchain development. He has a wealth of knowledge and skills in the industry, including blockchain technology.
- Neil Mahi. He has twenty years baggage of knowledge and a lot of experience in developing better software. He has worked in the blockchain technology industry for four years. He previously held the title of Master in Business Administration, awarded by ISCAE. He is also a top computer scientist and can speak four different languages fluently.
- Giordano Earle. This is one of the famous members of the virtual-currency enterprise group. He mastered software development since he was a teenager (from the age of 13).
- Unze Owen. This is a web developer who has a lot of experience in the information field. He is currently an employee of Baidu.
- Baiz Yang Dong. At one time was able to graduate from a university in Beijing. He studied in the field of theoretical mechanics. Previously was an employee of several large enterprises, including Cheetah Mobile.
- Su Xiao Long. Graduated from the Chinese Academy of Science, where he was able to obtain his master's degree. Previously, he gained experience at Microsoft Corporation and Tencent, where he worked in software development.
- John Szcianna. He began his fascination with blockchain technology seven years ago. He was a virtual currency miner and worked in the cryptocurrency world as a journalist. He has also been involved in a number of startups, including CoinIMP and Chamber of Digital Commercial.
Distinctive features of Qtum
Blockchain's open-source Qtum system is a hybrid of two major projects:
From bitcoin, the crypto was able to get a powerful core technology, as well as a number of different levels of account abstraction, which together allow the platform to be implemented on different types of networks, including the virtual machine Ethereum EVM. These layers aim to connect EVMs as well as one of the UTXO transaction models to each other, thus providing the ability to create a trans platform smart contract as well as entirely new master projects (there is a name oracles amongst the savvy users).
Proof of Stake consensus protocol modules ensure that Qtum is also supported in other blockchain networks through mobile devices. It is also worth noting that the Proof of Stake protocol absolutely eliminates the independent production of intranet digital coins (Qtum tokens) in large numbers due to the confirmation of monetary transactions by "live" users.
Among the distinctive features of the project should be highlighted:
- the presence of a mobile app, through which various monetary transactions can be conducted within the system;
- the presence of a self-regulating blockchain - the format of each individual block must be set using the DGP protocol, as well as smart contracts, so you can disable the limitation on the maximum number of digital currencies;
- a system that focuses on doing business and supporting a range of projects, including scientific, technical, and educational.
Simplified payment verification protocols SPV provides the ability to instantly settle the transaction made within the system. This requires the use of a dispersed mobile program. This point was implemented for the first time. That is, from now on there is no need to go to a stationary personal computer for help. There are also no problems associated with processing full blocks of Ethereum - from now on, one segment will be enough for everything. This strategy is called "Go Mobile."
To date, a cryptocurrency trading platform called Qtum is operating in beta mode. Earlier this summer, its creators decided to test their programs and new systems "Spark.net", "Sky.net", which today have a limit on the entire market in China. However, it is worth noting that their optimization may take place in other regions. Based on the perspective, it is planned to combine a number of the most common major blockchain technologies in the future.
Qtum operating principle
To date, the trading platform QTUM is still in the active development process. However, its main principles of successful operation have long since been declassified. This platform is based on the following points:
- Virtual machine from Ethereum (VME);
- Blockchain from Bitcoin and its core Unspent Transaction Output (UTXO) protocol;
- Personal proprietary network called "Account Abstraction Layer" (AAL for short).
The creators of the cryptocurrency Qtum made their choice in favor of Bitcoin, because it was able to impress them with a high level of reliability, as well as with the presence of the above mentioned protocol Unspent Transaction Output. In brief, the UTXO protocol plays a role in providing security against duplicate transactions. That is, this type of protocol allows for reliable, secure procedures related to the execution of any kind of transaction. That is, to cancel or completely replace the operation is not possible. On this basis, we can conclude that the concluded contracts or agreements are not changed.
In this case, the Ethereum Virtual Machine can be used as a basis for creating distributed programs (dApps). This is where the consensus protocol called Proof of Stake (PoS) was borrowed from. With its help, it is possible to completely abandon the permanent mining of virtual digital coins and significantly simplify the entire process of crafting new blocks, as well as the verification of monetary transactions. By the way, because the developers abandoned the process of mining crypto, each Qtum token was created during the start of the project. It is worth noting that in order to ensure the full interaction of all elements of Bitcoin and Ethereum, a personal development called Account Abstraction Layer from Qtum Foundation is actively used.
The developers specify that the Account Abstraction Layer (AAL) component plays the role of ensuring interaction between a blockchain such as Bitcoin and the Ethereum Virtual Machine. And this is where the differences between the principle of storing digital currency in Bitcoin and Ethereum need to be detailed.
- Bitcoins use a large number of different addresses on just one kind of wallet. Of course, due to the constant generation of a public, private key cryptocurrency exchanges hackers will have a difficult time, but despite this, it is quite inconvenient and problematic to use a wallet.
- In Ethereum it is customary to use the principle of registering a personal account. Here users keep all the digital (cryptocurrency) coins they have mined only on one, personal account. Its use is simplified, but the level of security is much lower than in the previous option.
The Account Abstraction Layer element above provides a simulation of personal accounts for Ethereum, with free access to each set of personal addresses from the Bitcoin blockchain. Using such an account is easy enough, and the level of security is within the same limits as Bitcoin. The result is a successful combination of ease of use, functionality and a high level of security.
Advantages and Disadvantages of Qtum
Based on the technical component of cryptocurrency Qtum, it has almost no disadvantages.
However, why exactly is this the case? The developers from the company Qtum together with their entire team spent a long period of time analyzing all the negative nuances that are present in the blockchain of Bitcoin and Ethereum, thus obtaining a very useful tool with almost no drawbacks.
The main positives include:
- A fairly young, progressive, trustworthy virtual currency;
- The presence of all the major positives from both major cryptocurrencies - Bitcoin and Ethereum;
- Possibility to apply (scale) crypto on practical experience;
- Relevant tools that provide the ability to develop smart contracts as well as dispersed programs;
- Beneficial to both business, legal and private investors;
- Ability to make free exchange Qtum;
- Fast growth of the currency rate;
- Integration in a new cryptocurrency exchange, programs and software.
Despite the large number of advantages, Qtum has a number of minor downsides. These should include:
- The presence of quite high volatility;
- Has a significant impact on the news background;
- Not everyone can appreciate the practical value of the cryptocurrency;
- The presence of a strong location of virtual currency Qtum in the Asian market, including South Korea, PRC;
- Availability of individual Qtum issuance methodology, which implies additional placement of digital coins by details (excluding mining).
How to buy or sell Qtum in Pakistan?
The best way to buy or sell crypto called Qtum in Pakistan is virtual exchange. It is worth noting that the online exchange rarely accepts digital coins from Qtum. The best way to sell is to use a cryptocurrency exchange.
In order to purchase virtual digital currency without problems, you need to follow the following instructions.
Proceed with the registration on the official website of the cryptocurrency exchange.It is worth noting that you can confirm the account at will. All you need to do is enable two-factor security.
- A large number of currency pairs, including Qtum/bnb, Qtum/bitcoin, Qtum/Ethereum, Qtum/USDT are available on the cryptocurrency exchange. That is quoted currencies such as Bitcoin Cash, Bitcoin, Ethereum and Stablecoin Tezer.
- Replenish balance. You can transfer any listed virtual currency, and later exchange it for any that is listed on the crypto exchange. In order to buy crypto for fiat money, you must use an online cryptocurrency exchanger. Addresses, to which funds will come, can be found in the "funds-deposit" category.
- Go to the category called "exchange". In the right side of the trading terminals, select the quoted digital currency. In the search line enter the name of virtual currency coding - Qtum, then click on the appropriate trading pair.
- In order to find the best moment to enter/exit to/from a trade, it is imperative to study the value chart, as well as the stock market stats of limit orders, the history of executed trades.
- Under this chart you must fill the request for purchase or sale. Then you should select the option of the order - limit, stop-limit, market, specify the number and the value.
- Market orders are executed every minute, limit orders are executed only after they are bought out by counter orders.
Once you purchase cryptocurrency, it must be stored only in the exchange wallet. The current balance can be found in the "Balance" category. If there was a sale of a crypto or its asset, the user becomes the owner of the quoted virtual coin. For example, in the trading pair Qtum/Bitcoin - the result will be bitcoin. In order to get fiat money, crypto can be exchanged at Bitcoin exchanger, Bitcoin Local or transferred to the exchange and perform leveraged trading.
Where to store Qtum?
Many virtual currency owners often wonder where to store Qtum. To begin with, it is worth noting that in order to store coins called Qtum, it is necessary to become the owner of a personal Qtum-address. By the way, this point is the most important difference between the trading platform and a large number of similar cryptocurrencies. In other words, in order to keep the mined/received coins, there is no need to have a separate, specific purse, there is even no need to enter the address. You are only required to specify any wallet option. However, there is a major condition that must be considered when storing this digital coin option - wallets must necessarily support the digital currency Qtum.
Often, experienced users use such storage options that have support for the ERC20 standard. It is also worth noting that another method of storage is the use of the official, project wallet of the same name. To date, there are three main variants of this storage freely available. These include:
- The version for cell phones;
- The version designed for using the wallet on a personal computer;
- The version available in the Internet mode.
It is worth noting, however, that in addition to the official versions, there are a number of other wallets, including:
- application wallet;
- common multi-currency wallets.
A large number of experienced users, owners of cryptocurrency coins, give preference to the latter option of digital currency storage.
Having studied all of the above options, each user will be able to choose the most suitable type of wallet in which they will store the digital coins they have created.
How to invest in Qtum in Pakistan?
It is possible to invest Qtum profitably through an CFD contract.
CFD is a unique financial instrument denoting a "contract for difference" in which the difference in the settlement of futures contracts between counterparties is done with cash rather than physical delivery of the asset.
How to get started with cryptocurrency CFDs?
- Choose a platform for margin trading.
There are various platforms that offer cryptocurrency CFDs. The success of your trading is largely determined by the parameters, unnoticeable in a superficial analysis, when you pay attention to the platform's features and even its popularity. When choosing, pay attention to how the liquidity issue is implemented, how the logic of order execution is implemented, what is the configuration of the product itself.
The first 3 steps for working with CFDs:
- Open an accountYou will need an account on the platform for margin trading. If you are not confident in your abilities and you want to practice, you can try a free demo account without registration so you can test the service in the current market conditions without using real money. If you are ready to work on the real market, open a trading account.
- Refill your trading account.
The funds you have deposited on your trading account are the collateral for opening positions. They ensure that if you use leverage, you will get back the capital you borrowed, even if the price moves against you.
- Open positions.
As long as the funds are just in your account, they will not begin to make you a profit. It's important to start opening positions to make the funds deposited work for you.
Cryptocurrency CFDs allow novice and professional investors to participate in the crypto economy and earn, even without owning the assets themselves.
The minimum entry threshold provides the opportunity to diversify your trading strategy and your portfolio with instruments that give you access to one of the world's most dynamic financial markets.