What is Qtum (QTUM) in simple words: history, course and how to buy


2019-08-22 00:00:00:

Qtum is a platform designed to work with a smart contract based on Bitcoin encoding and PoS algorithm. The general concept of the site allows you to exploit contracts in the public domain without creating a personal account. In addition, every program based on a platform such as Ethereum can be seamlessly transferred to the Blockchain of any smart contract or project.

What is Qtum

Many newcomers to the cryptocurrency world, when faced with little-known currencies, including Qtum, wonder what is Qtum? Its worth noting that Qtum is a cryptocurrency from an Asian developer. Today she is trying to solve two main problems:

  • technical;
  • financial and economic.

The technical problem is quite complex. In order to understand it, you need to have a large amount of knowledge and skills in working with blockchain technology. That is why we will go straight to the financial and economic problem. The main goal of Qtum is the process of integrating blockchain technologies into a number of industries, including financial, social, gambling, online materials and others. Because of this, the QTUM developers decided to create a flexible, easy-to-use network. The main advantages of blockchain are the ability to use smart contracts, which are both off-chain and on-chain.

The creators of the trading platform managed to significantly expand the script languages from Bitcoin Core, which, in turn, made it possible to launch smart contracts that operate on the basis of the UTXO protocols. By the way, in order to conclude an agreement between both interested parties, from now on there is no need to have a personal registered account. It is also worth noting that today all existing Ethereum systems can synchronize with Qtum with minimal coding edits.

Finally, a number of the following technical points should be highlighted:

  • the project base is the general architecture of Ethereum, which operates using the Bitcoin protocol called UTXO;
  • availability of an effective system that ensures complete security, which is called Black Coins Proof Of Stake (version 3.0);
  • the use by the trading platform of a number of the latest developments in Bitcoin, as well as all available extensions that in one way or another relate to blockchain technology;
  • availability of fast synchronization with programs from Ethereum, which, in turn, makes it possible to transfer existing projects directly to QTUM;
  • providing the opportunity to perform any monetary transaction directly from your smartphone, without specifying personal account data;
  • at the end of the year, the developers have promised to add a large number of other additions.

It is worth considering that the main role of proof of ownership algorithms is the compilation of classic Proof-of-Stake (PoS) protocols, which reliably protect blockchains from possible hacker attacks, and also reward all users who have digital coins.

Qtum history

A Chinese organization called Ktum is located in Asian countries, which allows it to become the owner of a large trading platform support group among all clients in the region. The company was able to quickly establish excellent partnerships with two of the largest companies in China:

  • 360 Finance (a subsidiary of Qihoo 350 Enterprise);
  • baofeng boko cloud.

The history of Qtum began in the spring of 2016. More than one year later, in July 2017, the developers created the first digital tokens of the same name Ktum. A team of thirty people took part in the creation of the cryptocurrency. Among them, the following workers played the main role.

  1. Patrick Dave. He is the founder of the company, graduated from the University of Draper. Before that, he was an employee of Alibaba, and also tried himself in the field of blockchain development. He has a wealth of knowledge and skills in the industrial sector, including blockchain technology.
  2. Neil Mahi. He has twenty years of knowledge and extensive experience in developing the best software. He has been working in the blockchain technology industry for four years. Previously, he received the title of Master of Business Administration from ISCAE. He is also the best computer scientist and is fluent in four different languages.
  3. Giordano Earl. This is one of the famous members of the group of virtual currency enterprises. He mastered the software development process from adolescence (from 13 years old).
  4. Youngce Owen. He is a web developer who has extensive experience in the information field. Today he is an employee of Baidu.
  5. Bitz Young Dong. At one time he was able to graduate from the University in Beijing. The training took place in the specialty "Theoretical Mechanics". Previously, he worked at several large enterprises, including Cheetah Mobile.
  6. Su Xiao Long. Graduated from the Chinese Academy of Science, where he was able to obtain a masters degree. Previously, he gained experience with Microsoft and Tencent, where he was involved in software development.
  7. John Szianna. He began to get involved in blockchain technologies seven years ago. He was a virtual currency earner, worked in the field of the cryptocurrency world as a journalist. He has also been involved in a number of startups, including CoinIMP and the Chamber of Digital Commercial.

Distinctive features of Qtum

The open source blockchain system Ktum is a hybrid of two main projects:

  • Bitcoin;
  • Ethereum.

From bitcoin, the crypt was able to get the technology of a powerful core, as well as a number of different levels of abstraction of the account, which together make it possible for the site to be implemented on different types of networks, including the Ethereum virtual machine EVM. These levels are aimed at connecting EBM, as well as one of the UTXO transaction models with each other, thus providing an opportunity to create a trans-platform smart contract, as well as completely new master projects (among experienced users there is a name - oracles).

Proof of Stake consensus protocol modules ensure support for Ktum and other blockchain networks thanks to mobile devices. It is also worth noting that the Proof of Stake protocol absolutely excludes independent production of on-net digital coins (KTUM tokens) in large quantities due to the confirmation of monetary transactions with the help of "live" users.

Among the distinguishing features of the project should be highlighted:

  • availability of a mobile application with which you can conduct various monetary transactions 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 is focused on doing business and supporting a number of projects, including scientific, technical, educational.

Protocols of simplified checks of payments SPV provide the ability to instantly settle transactions performed within the system. To do this, you need to use a dispersed mobile program. This moment was realized for the first time. That is, from now on, there is no need to seek help from a stationary personal computer. There are also no problems associated with processing full Ethereum blocks - from now on, one segment will be enough for everything. This strategy is called "Go Mobile".

Today, a cryptocurrency trading platform called Ktum operates in beta mode. At the beginning of this summer, its creators decided to test their programs and new systems "Spark.net", "Sky.net", which today have a restriction on the entire Chinese market. However, it should be noted that their optimization can occur in other regions as well. Proceeding from the perspective, in the future it is planned to combine a number of the most widespread large blockchain technologies.

How Qtum works

Today, the Ktum trading platform is still in an active development process. However, its main principles of successful work have long been declassified. This platform is based on the following points:

  • virtual machine from Ethereum (VME);
  • blockchain from Bitcoin and its main protocol Unspent Transaction Output (UTXO);
  • personal proprietary network called "Account Abstraction Layer" (abbreviated AAL).

The creators of the Qtum cryptocurrency made their choice towards Bitcoin due to the fact that it was able to amaze them with a high level of reliability, as well as the presence of the above Un spent Transaction Output protocol. To put it more succinctly, the UTXO protocol plays the role of ensuring security from duplicate monetary transactions. That is, this type of protocol allows for reliable, secure procedures associated with the execution of any kind of transaction. That is, it is not possible to cancel or completely replace the operation performed. Based on this, we can conclude that the contracts or agreements being concluded do not change.

At the same time, the Ethereum Virtual Machine can be used as a base in order to create distributed programs (abbreviated as dApps). It is from here that the consensus protocol called Proof of Stake (PoS) was borrowed. With its help, you can completely abandon the constant production of virtual digital coins and significantly simplify the entire process of crafting new blocks, as well as verifying monetary transactions. By the way, due to the fact that the developers abandoned the process of extracting the crypt, each KTUM token was created during the launch 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 the Qtum Foundation is actively used.

The developers clarify that the Account Abstraction Layer (ААL) component plays the role of providing interaction between such a blockchain as Bitcoin and the Ethereum Virtual Machine. And it is here that you need to understand in more detail the differences between the principle of storing digital currency in Bitcoins and Ethereum.

  1. 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, crackers of cryptocurrency exchanges will have difficult activities, however, despite this, using the wallet is quite inconvenient and problematic.
  2. Ethereum uses the principle of registering a personal account. Here, users store all mined digital (cryptocurrency) coins only on one, personal account. Although its use is simplified, the level of security is an order of magnitude lower than that of the previous version.

The above Account Abstraction Layer element simulates personal Ethereum accounts with free access to each set of personal addresses from the Bitcoin blockchain. Using such an account is simple enough and the level of security is within the same limits as that of Bitcoin. The result is a successful combination of comfortable use, functionality and a high level of reliability.

Qtum advantages and disadvantages

Based on the technical component of the Ktum cryptocurrency, it has practically no negative sides. However, why is it so? The developers from the Qtum company, together with their entire team, have been analyzing all the negative nuances that are present in the Bitcoin and Ethereum blockchain for a long period of time, thereby obtaining a very useful tool with almost no flaws.

The main positive aspects include:

  • fairly young, progressive, reliable virtual currency;
  • the presence of all the main positive aspects of both the largest cryptocurrencies - Bitcoin and Ethereum;
  • the ability to apply (scale) the crypt on practical experience;
  • up-to-date tools that provide the ability to develop smart contracts, as well as distributed programs;
  • benefits both businessmen, legal entities and private investors;
  • the ability to freely exchange Qtum;
  • rapid growth in the exchange rate;
  • integration into a new cryptocurrency exchange, programs and software.

Despite its many advantages, Ktum has a number of minor disadvantages. These should include:

  • the presence of a sufficiently high variability;
  • the news background significantly influences;
  • not everyone can appreciate the practical value of cryptocurrency;
  • the presence of a strong location of the virtual currency Ktum in the Asian market, including South Korea, China;
  • availability of an individual Ktum emission methodology, which implies additional placement of digital coins by details (except for mining).

Does Qtum mining exist?

First of all, it should be noted that mining in the traditional sense is completely absent in this case. With regard to the unconventional option, it should be noted that this type of mining is entirely based on the already mentioned technology called Proof of Stake. This technology is considered the simplest option. In order to start receiving rewards for servicing transactions made within the network, you need to go through a number of simple stages.

  1. Selection of a specific "Wallet" digital token.
  2. Transfer of digital money to the selected wallet.
  3. Waiting for the completion of the formation of half a thousand new blocks.

Each operation of the system, which is associated with the execution of a money transfer, implies the presence of five hundred confirmations (or new blocks). After a while, they will be able to bring good income to the owners of the crypt. The total mass of the system is ready to make the total number of possible rates of KTUM. Mass implies the use of the theory of probability, where each user using one coin will be able to mine the next block in the blockchain. The larger the mass, the lower the indicator of the probability theory goes.

To date, it takes about two minutes to form one block. All links in the blockchain chain reward the miner in the form of coins, representing four units of virtual currency. The total income also includes all cash bonuses for the completed transaction indicated in a specific block. In the trading platform, there is no such thing as "progress" at all. The formation of each block directly depends only on the theory of probability. This approach from the developers is somewhat similar to the well-known lottery. All currency units available on the system users wallets act as a kind of lottery tickets.

How do I buy or sell Qtum?

The best way to buy or put up for sale a crypto called Qtum is a virtual exchange. It is worth noting that the online exchanger rarely accepts digital coins from Ktum. For sales, it is best to use a cryptocurrency exchange called Binance, and for exchange for fiat money - EXMO or Life coin.

In order to purchase virtual digital currency without any problems, you must follow the following instructions.

  1. Register on the official website of the Binance cryptocurrency exchange. It should be noted that you can verify your account if you wish. It is enough just to include two-factor safety 2 FA.
  2. A large number of currency pairs are available on the cryptocurrency exchange, including Qtum / bnb, Qtum / bitcoin, Qtum / Ethereum, Qtum / USDT. That is, such currencies as Bitcoin Cash , Bitcoin, Ethereum and Teser stablecoin are quoted.
  3. Top up balance. You can transfer any virtual currency included in the listing, and subsequently exchange it for any that is quoted on the crypto exchange. In order to buy crypto for fiat funds, you need to use an online cryptocurrency exchanger. The addresses to which the funds will come can be found in the "funds-deposit" category.
  4. Go to the category called "exchange". On the right side of trading terminals, the quoted digital currency is selected. The name of the virtual currency coding - KTUM is entered into the search line, then you should click on the appropriate trading pair.
  5. In order to find the best moment of entering / withdrawing to / from a transaction, it is imperative to study the price chart, as well as the order books of limited orders, the history of executed transactions.
  6. A purchase or sale request must be filled under this schedule. Then you should select the order option - limit, stop-limit, market, specify the number and value.
  7. Market orders are executed every minute, limit orders only after they have been bought back by opposite orders.

After purchasing a crypt, it must be stored exclusively on an exchange wallet. The current balance can be found in the "Balance" category. In the event that the sale of a crypto or its asset was carried out, the user becomes the owner of the quoted virtual coin. For example, in the KTUM / Bitcoin trading pair, the result will be Bitcoin. In order to receive fiat money, the crypt can be exchanged on a Bitcoin exchanger , for Local Bitcoin, or transferred to an exchange called BiMax and trade using leverage.

Qtum to ruble rate

Ktum is a fairly young cryptocurrency, as a result, its rate may not be constant and change very often. To date, the Qtum rate to the ruble is: 1 KTUM = 171.73 rubles. In order to always know the current exchange rate, you need to use currency converters, as well as charts with crypto changes.

Qtum to dollar rate

KTUM is a trading platform that combines within itself all the useful, positive properties of Ethereum and Bitcoin. In terms of functionality, it is very similar to Ethereum, namely, the use of blockchain technology in a number of business sectors, industry and trade. The platform was launched in 2117, and today it is actively developing. Based on this, it follows that the exchange rate changes very often. Thus, the Qtum rate to the dollar is: 1 KTUM = 2.61 US dollars.

Qtum to Euro

The digital coin KTUM is a virtual currency that is built on open source blockchain technology and the Ethereum trading platform. Its main feature is a high level of security, as well as the ability to cooperate with Bitcoin and the presence of great development prospects. The creators of the crypt believe that Ktum will have a great future due to the fact that the rate of Qtum euros, dollars will be able to rise in the near future. And today the rate of Ktum to Euro is: 1 KTUM = 2.32 euros.

Where to store Qtum

Many owners of virtual currency often wonder where to store Qtum. To begin with, it is worth noting that in order to store coins called Quantum (Qtum), you need to become the owner of a personal KTUM address. By the way, it is in this moment that the most important difference between the trading platform and a large number of similar cryptocurrencies lies. In other words, in order to store mined / received coins, there is no need to open a separate, specific wallet, even there is no need to enter an address. All you need to do is specify any wallet option. However, there is a main condition that must be taken into account when storing this variant of digital coins - wallets must necessarily support the Quantum digital currency.

Often, experienced users use storage options that support the ERC20 standard. It is also worth noting that another storage method is the use of the projects official wallet of the same name. Today, there are three main options for this repository in the public domain. These include:

  • version for mobile phones;
  • version designed for using the wallet on a personal computer;
  • version available online.

However, its worth noting that besides the official versions, there are a number of other wallets, including:

  • a hardware wallet such as the Ledger Nano S and others;
  • ordinary multicurrency wallets.

A large number of experienced users, owners of cryptocurrency coins, prefer the last option for storing digital currency. For example, Exodus. It should be noted that it is quite convenient to keep the crypt here. In order to use it normally, you just need to download the "Client" from the official site of the same name called "exodus.io". After that, it is enough to simply install the application and you can actively use it for the subsequent storage of digital coins.

After examining all the above options, each user will be able to choose the most suitable type of wallet for himself, in which he will store the mined digital coins. 

How much is Qtum in total?

Many people, before investing in any cryptocurrency, including Ktum, wonder what the capitalization of the crypto is. The answer to the question, how much Qtum, is very simple to give. To date, the total is US $ 2.68 billion. It is not surprising that immediately after the token appeared on the cryptocurrency exchange, its value in the market began to increase significantly. In July 2018, one KTUM was sold for 6-7 US dollars, and a month later (in August) the digital currency was able to overcome the border of ten US dollars. And this is given the fact that the starting price was able to be only fifteen US cents.

True, in September the rate was able to drop significantly. It was at this point that the Chinese authorities were able to pass a law that prohibited any transactions involving virtual currency. As a result, KTUM lost a significant half of its audience. But already in mid-September, when the system began to work in full, the digital currency was able to restore its previous position in a matter of days. At the end of the year, market indicators were able to jump up very quickly. The cost increased up to thirty US dollars, and the total capitalization was able to overcome the threshold of two billion US dollars. Such positive results were able to hold out until mid-January 2019. Moreover, at the beginning of this year, the digital currency was able to significantly strengthen its position, namely, it managed to reach a historical price maximum of about 90 US dollars per 1 KTUM, as well as increase its capitalization up to 3.8 billion US dollars, while taking the twelfth place in the top rankings compiled by CoinMarketCap.

But, despite the sharp jump, unfortunately, the currency was expecting the same sharp, instant drop. Already in March, the rate dropped to eleven American dollars, and the value of the digital currency for one day constantly varied from two hundred to three hundred percent. At the moment, the cost of KTUM is about twenty US dollars, and the market capitalization has dropped to 1.8 billion dollars. With regards to the world ranking, the virtual currency went down to the eighteenth step.

So why has the amount of KTUM cryptocurrency decreased on the exchange market ? Leading experts identify three main factors that caused such a sharp drop in the market index of Quantum:

  • the consequences of the general fall in January indicators on the cryptocurrency exchange;
  • negative influence of external circumstances;
  • the presence of some shortcomings in the virtual digital currency.

As everyone knows, a large number of well-known top virtual currencies dropped in winter. However, for Quantum, the beginning of this year has become quite difficult also because the Republic of South Korea has decided to ban absolutely all types of transactions related to virtual currency. Most of the project was based precisely on the territory of South Korea.

Due to the fact that the digital currency was banned, it was able to lose a large amount of its power, which had a negative impact on the market performance of the virtual coin. In addition, the virtual currency community scouted the technical and reputational shortcomings of Quantum, which caused many potential investors to question the projects success. Quantums reputation could have suffered due to a major scandal involving the main founder of the project named Patrick Dave. There was a rumor on the Internet that Patrick decided to leave the Beat Bay project, where he really worked in the past years and grabbed about twenty thousand Bitcoins from the companys total budget. The showdown between Patrick and the Beat Bay company has not stopped yet.

Food for thought was provided by professionals from Vitalik Buterins group. They decided to designate the UTXO protocol as a technical dead end and said that they decided to abandon this technology due to the fact that they doubted the normal interaction with Ethereum, and they were also embarrassed by the constant decrease / jump in the total number of coins.

Issuing Qtum

Little is known about Qtum emissions today. It is only known that, as part of one of the emission processes, about twenty-two million coins of Quantum were sent to a specialized community that supports the development of a cryptocurrency project. Approximately twenty million more cryptocurrency coins were distributed among contributors, developers, and a large number of partner companies that supported the cryptocurrency project.

What is provided with Qtum

Quantum is backed by distributed programs. Developing software for business projects, programs, or websites helps to create a reliable database on the server (centralized repository network). The Quantum platform is a tool that allows you to develop smart contracts and dispersed applications, where the information base is stored inside blocks (records).

Smart contracts provide payment of a certain monthly amount to users, however, all funding is allocated to those areas that are needed in order to close financial issues with bank branches. This is, of course, a complex mechanism, but very promising.

Due to mobility and a simple payment verification protocol, the integration of the trading platform into any program is ensured. In fact, Quantum unites all the dispersed programs around the world into one common blockchain chain.

The future of Qtum

What is the future of Qtum? In December 2017, a large number of specialists and professional observers of the cryptocurrency market considered the KTUM digital coin as one of the most promising digital assets (assessment and forecasts of future cryptocurrencies are here ). It is because of this that they believed that the development of these coins would be promising and popularize them among a large number of users. At the beginning of last year, the digital currency Quantum was able to show an incredibly abnormal growth rate, thus it managed to reach its peak value, namely, one hundred American dollars for one digital coin. At the same time, the average statistical price during the entire existence of the projects could not exceed ten US dollars. Such a sharp, instant jump in the exchange rate quotes could indicate the ideal future of the virtual currency Quantum in the current 2019.

After the digital coin was able to reach its peak, it immediately became clear that its total value was significantly overvalued in the cryptocurrency market. This is a fairly standard, classic situation that occurs among virtual currency assets. After the coin jumped to one hundred American dollars, a stage called "Correction" took place. This, in turn, could be marked by a historical moment - the fixation of the value of the coin at the border of twenty American dollars.

In general, the further growth of the virtual currency will directly depend on the activities of its developer. Only on the basis of well-thought-out advertising campaigns, as well as due to the elimination of all the problems that arise within the cryptocurrency system, the Quantum coins can get a huge opportunity to become one of the largest and most popular virtual crypto assets.

Also, many are beginning to wonder whether it is necessary to purchase the Quantum cryptocurrency in the future? If you study the chart of the exchange rate quotes of the coins, you can understand that the period of the current rate correction will end the day before, which, in turn, indicates the imminent stage of new growth. That is, the coin can act as a good tool in order to invest money there and get a financial profit. Based on the forecast for next year, it follows that the currency will be able to firmly gain a foothold at the price threshold of thirty American dollars, which will attract the attention of a large number of users who are interested in making money on the cryptocurrency exchange.