Qtum cryptocurrency guide advises where to buy and how to buy Qtum. This guide also contains the markets, value, trading, investing, buying, selling, transactions, blockchain, mining, technology, advantages, risks, history, legislation, regulation, security, payment, networks and many other interesting facts about Qtum as well its status in the world of cryptocurrencies.
Qtum, Wednesday, 2018-05-09
- 1 What Is Qtum?
- 2 Beginner's Guide to Qtum
- 3 Where and How to Buy Qtum?
- 4 Qtum Markets
- 5 Where to Spend or Use Qtum?
- 6 How Does Qtum Work?
- 7 Qtum Regulation
- 8 Is Qtum Secure?
- 9 History of Qtum
- 10 Qtum Videos and Tutorials
- 11 See Also
What Is Qtum?
The world of cryptocurrencies has been evolving at supersonic speed. While the society thought it had seen all with the explosive prices of Bitcoin between 2017 and early 2018, it is now emerging that there is indeed more. The newer cryptocurrencies entering the market are targeting at enhancing the effectiveness and acceptance of cryptocurrencies. The first generation of cryptocurrencies simply opened the lid to the blockchain technology. Now, it is time to take the ideologies to the next level by rectifying shortcomings of the pioneers.
Quantum cryptocurrency (QTUM) is one of the new generation cryptocurrencies that are focusing on taking the application of blockchain technology to the next level. Qtum is a Chinese based cryptocurrency and open source blockchain network that allows application of smart contracts and decentralized application. The cryptocurrency is a hybrid of Bitcoin and Ethereum based on the advanced proof-of-stake consensus version three.
The main aim of Qtum founder was to come-up with a cryptocurrency network that all users could identify with at all levels. While Bitcoin is considered the standard cryptocurrency, a lot of concerns have emerged about its limited functionalities. The much that you can do with Bitcoin is sending crypto coins on its network. However, cryptocurrencies are more that sending value from one place to another.
Qtum targets ensuring that all people can send value, advance their enterprises, raise funds, and even operate startups on the network. The network targets creating a complete ecosystem that users can rely on to raise funds, launch startups, and grow to success. Can this become a reality? Here is a closer look at the Qtum system.
Beginner's Guide to Qtum
The world of cryptocurrencies is adrift. Starting from 2009 when Bitcoin opened the lid of cryptocurrencies, new cryptocurrencies have been competing to enter the space and demonstrate greater value than the pioneering networks. However, Qtum has outdone most of them by expressing its huge potential to becoming the next big cryptocurrency. Qtum was designed as an improvement of Bitcoin and Ethereum network. Because of this focus, investors and users are competing for the native Qtum coins in anticipation that it will take the projectile demonstrated by Bitcoin.
If you are a new crypto enthusiast, the question of whether this is the cryptocurrency to join no doubt keeps ringing in mind. Even though the indicators point at the high potential that Qtum is promising, it is important to understand every aspect of the crypto before making a move. You need to have all the questions answered and doubts cleared. This is what this guide is all about.
The guide is a deep analysis of the Qtum network to demonstrate the technology behind Qtum network. It answers the questions such as what Qtum is, where to buy, the markets, wallets and the expected profitability. The guide also helps you to understand the Qtum blockchain technology, associated advantages, risks, and its history. This is not all. The guide delves deeper into the Qtum network to help you appreciate why people are having a lot of trust in the network, transaction fees, security, and regulations. Everything you need to know about Qtum is in this guide.
Welcome to discover this unique crypto network that is promising to be the next Bitcoin.
Where and How to Buy Qtum?
For people who are interested in cryptocurrencies, the mind is always focused on identifying the best networks. Now, Qtum has demonstrated its potential to become the next Bitcoin. This brings enthusiasts to one question; where and how can one buy Qtum? By early 2018, Qtum had been in the market for more than one year, and the trading platforms had grown significantly. Here is the process of buying Qtum.
- Start by understanding Qtum. This is important because you will also know about its price and operations. You will also understand where the cryptocurrency is headed in the coming days.
- Acquire an appropriate digital wallet. This is a location that will hold the Qtum coins after the buyout is over. You should factor the ease of using the wallet, the cost and security of the coins.
- Look for an appropriate trading platform that is trading Qtum and open an account. Many platforms that trade in cryptocurrencies require users to register for personal accounts before they can purchase the digital assets of choice. Some great options include Changelly, Binance, Bittrex, KuCoin, and ShapeShift.
- Once your account is verified, you need to navigate to the personal account's dashboard and select Qtum in the purchase portal. Depending on the cryptocurrency exchange of choice, you might be able to pay with fiat currency, credit card, or with other cryptocurrencies.
- In addition to buying from the exchanges, you can also buy directly from those who already have the native coins. However, this will require the buyer and seller to meet and agree to their terms and conditions. To make a direct purchase, consider joining cryptocurrency clubs such as LocalBitcoins.com. It is a meeting place for cryptocurrency enthusiasts and has also become a good point to buy crypto coins from those who already have them.
When you decide to join the cryptocurrency industry, it is important to appreciate that transactions will be mainly in the native assets. In the Qtum network, the transactions will always be in the native Qtum coins. This means that you need the right place to store the coins. Whether you want to mine the Qtum network, hold the coins for speculation, or run smart contracts, you need an appropriate cryptocurrency wallet.
A cryptocurrency wallet is a location or facility that holds your digital assets. After purchasing the Qtum coins, they will be funneled into the wallet. However, it is important to appreciate the operation of the wallet from a deeper perspective. While the accepted definition of a digital wallet is a storage location, the description is indeed a misconception because the native assets such as Qtum coins do not leave the main network.
What the digital wallets store are special identifier codes that point at the number of coins you hold in the Qtum network. To be specific, the Qtum wallet stores private keys and public keys. The private keys is a special pass-code that you must use when making transactions in Qtum. The code, like the name suggests, is private and should never be shared.
The public keys, unlike the private keys, can be shared with other people in the network. The code is used to point at your wallet. This means that you provide the public address with payers who want to send Qtum coins to your account. The public keys are used by the miners spread in the network to confirm whether your account has ample coins when making payments.
The top Qtum wallets to consider include
- Qtum Core wallet
Qtum Core wallet is the recommended wallet in the Qtum network. The wallet was designed to help users access the Qtum network, store Qtum and other cryptocurrencies. This means that you will not need to use another wallet to store QRC20 tokens such as QABO, PLAYCOIN, BEECHAT, and INK. Note that the latest version of the wallet (Qt v0.14.7) is compatible with both the desktop and mobile devices.
- Ledger Nano S (hardware wallet)
- This is the leading cryptocurrency wallet today that has won the hearts of many people because of its special focus on security. The hardware wallet is designed by a French company called Ledger. As a hardware wallet, the Qtum private are always stored offline except when trading or making transactions.
- The architecture of the wallet helps to keep the Qtum coins well embedded deep in the wallet all the time. Even when you are making transactions, the native assets do not leave the wallet. But this is not all. Ledger Nano S has a physical button that the user must press to release the coins when making transactions. This means that even if someone manages to break into the wallet when it is connected to the computer, it will be impossible to siphon out the coins without having the hardware.
- Ledger Blue (hardware wallet)
- This is another hardware wallet designed by Ledger, the French company that also manufactures Ledger Nano S. It is referred as the most advanced hardware security gear that crypto enthusiasts can expect in the market today. It boasts of many application executions and further brings enterprise-level cryptocurrency capabilities to the user.
- It features a high-end touch screen that allows the user easily manage transactions in the Nano network. The manufacturer used a dual-chip architecture that utilizes an ST31 Secure Element as well as STM32 advanced micro-controller. This architecture helps users to keep their private keys in a completely isolated environment.
- The wallet allows the user to store up to 10 cryptocurrencies. This is a great improvement on Ledger Nano S that can only store 4-5 cryptocurrencies. When making a transaction, Ledger Blue can be connected to a computer via a USB or blue tooth.
- To guarantee users of extra security, Ledger Blue employs WYSIWYS that helps to mitigate threats such as malware, the man in the middle attacks, and proof of presence. Ledger promises users that they can rest assured of making secure Qtum transactions even if they are using a compromised computer.
Where to Buy Qtum with Credit Card?
When the term a cashless society is mentioned, what rings into the mind of many people are credit cards. However, these are only semi-digital currencies because they represent the actual cash held in bank accounts. The cards are the most widely accepted method of payment because users can buy products from both conventional and online stores. Now, you can also buy Qtum using credit cards using the following procedure.
- Start by finding out whether your credit company allows users to make payment for cryptocurrencies.
- Check the price of the Qtum online and load the credit card with ample funds. Note that the funds should be inclusive of the expected charges for the transactions. If you want to buy Qtum worth of $10,000, you need to load more than that figure.
- Open a cryptocurrency wallet. This is the location that will hold your Qtum coins after the transaction is completed.
- Select an appropriate cryptocurrency exchange that accepts payment with credit cards. There are markets out there that only allow cryptocurrency to cryptocurrency trading while a few accept credit cards and fiat currencies. Some good examples of exchanges that allow buyers to pay in fiat currencies and cards include CEX.io and Changelly.
- Register and verify a trading account at the selected cryptocurrency exchange. You will be required to provide name, proof of address, and telephone number in some cases. Some exchanges even ask users to upload their images.
- Go to the purchase section to select the quantities of Qtum you anticipate to buy. Then, select pay with credit card. This is all you need to have the Qtum go to your exchange trading account. Now, you can move the coins to your respective Qtum wallet.
Where to Buy Qtum with PayPal?
There is no direct method to buy Qtum with PayPal. PayPal considers Qtum and other crypto networks as direct competitors. If you are discovered to have paid for cryptocurrencies with PayPal, your account will be penalized. The best way to buy Qtum if cash is in PayPal is withdrawing to a credit card or direct cash.
How to Buy Qtum with Wire Transfer?
Many people have a lot of trust in the banking system. Even though the cryptocurrency networks are promoting a shift from the centralized banking systems, the attachment people have with them does not have any sign of ebbing out. Banks are trusted to provide financial advice, hold savings, and process salaries. If you have some cash in a bank and want to buy Qtum, simply follow these steps.
- Start by loading ample cash in the bank account. This should factor the cost of the transactions.
- Get a cryptocurrency wallet that will hold your Qtum after the purchase process is completed.
- Identify a good cryptocurrency exchange that accepts payment using wire transfer. Some great options include Changelly, CEX.io, and COSS.
- Visit the selected exchange and create a trading account. Depending on the selected exchange, you will be required to verify the account with some or all of the following details; personal email, phone number proof of location, a passport photo.
- Select the Qtum quantity you want to purchase and select pay with a wire transfer. Note that wire transfers take longer to process because the exchange has to make a claim before the coins can be loaded to your account.
Where to Sell and Trade Qtum?
After joining the Qtum network, many people develop an interest in trading the native coins to maximize profitability. However, you need to know where to trade the coins for other cryptocurrencies. After the debut of cryptocurrencies in 2009, the platforms for trading cryptocurrencies have been growing rapidly to keep pace with the rising demand. However, their growth is limited by the fact that they are required to adhere to local laws.
It is important to appreciate that trading platforms have become the soft target of cybercriminals who want to steal the native coins from investors. It is not uncommon to hear cryptocurrency exchanges that have been hacked and millions of dollars in native coins siphoned away. The latest case was the South Korean exchange that got hacked late in 2017, thousands of altcoins siphoned away, and forced to file for bankruptcy.
- Look for the platform that has a good reputation. The past users should have had a great experience after trading in the platform for some time.
- The platform should have ample security measures to protect users’ digital assets. You should particularly consider the exchanges with no hacking history.
- Pick the platforms that trade in multiple cryptocurrencies. This will always provide you with a profitable option if the current trading pair is not working well.
- Only select the trading platforms that have low trading fees. This will ensure that all your profits do not end up paying the transaction fee.
How Much Are the Transaction Fees of Qtum?
Unlike networks such as Bitcoin and Bitcoin Cash that have a standard transaction fee, Qtum charges are determined by the nature of the transaction. This model was adopted to ensure that those who want to send very small amounts are not forced to pay a lot of money. The model also helps miners to make sense of all transactions no matter the involved volume. The value of transaction fee is determined by existing prices in Ethereum and their comparison to the amount of processing and blockchain resources required for every operation code, in comparison to Qtum.
The cryptocurrency markets are platforms that bring together buyers and sellers who want to trade different digital assets. The markets operate like standard forex trading platforms though they deal with cryptocurrencies. Note that while cryptocurrencies allow users to operate anonymously, the markets require full disclosure of personal information. To trade in the markets, you are required to open accounts and verify your personal information using proof of address, email address and phone number in some situations.
NOTE: The market requirements can vary depending on the founders and management team. For example, there are exchanges that insure the traders’ assets while some move them to cold storage for extra safety. Here are some of the top Qtum markets you should consider.
- Though Binance is a very young cryptocurrency exchange, it has grown rapidly to become the leading market in the globe. The market was started in July of 2017 by a computing developer called Changpeng Zhao. They also launched a cryptocurrency network and a token referred as BNB. The demand for the token and growing crypto community are the main drivers for the Binance's fast-growing popularity.
- The Binance market provides users with many trading pairs. This implies that you will always have a trading pair to look for and trade profitably. Besides, Binance trading fee is very small. By charging traders only 0.1% of their trading volume, it means that they can keep most of the profit or grow their investments.
- The biggest shortcoming of using Binance is that it only allows crypto-to-crypto trading. If you have cash in the credit card or bank account, you will be required to start from another exchange. This is a great setback for newbies who target making direct purchases.
- Changelly is one of the leading cryptocurrency exchanges that have won praise across the globe for minimal verification procedures. The cryptocurrency was launched by MinerGate Team in 2015, and its headquarters are in Prague, Czech Republic. The MinerGate Team is the same group that created the famous mining group called MinerGate.
- To help traders in its platform to trade profitably, Changelly uses automated trading bots that integrates it with other top trading platforms such as Poloniex and Bittrex. This model of operation and advanced analytics ensure that users have a clear view of the emerging trends in the crypto industry for good decision making.
- Unlike other cryptocurrency exchanges that require a lot of verification from users to start trading, Changelly is different. You can start trading at the platform by registering only with the email address. Though this level of verification comes with limitations on the trading and withdrawal volumes, it is a great point for starters.
- The biggest disadvantage of using Changelly is its high trading fee. Though the exchange management insists that the 0.5% levied on every transaction is low, it is very high, especially when trading large volumes of Qtum. To enjoy lower rates, users are encouraged to be more active and trade in multiple cryptocurrencies.
- Bleutrade is a Brazilian based cryptocurrency exchange that was started in 2014. By early 2018, the cryptocurrency had grown and entered top 100 cryptocurrency exchanges based on trading volumes. Its main selling point is the high number of trading crypto assets. There are hundreds of cryptocurrency asset options to trade for your Qtum coins on the platform.
- The architecture of the Bleutrade is carefully positioned to allow API (application programming interface) support. This means that you can create bots to automate the trading Qtum at the exchange. For example, you can set the bots to monitor and make a move when the target crypto asset hits a specific value. You can also program the bots to stop your account trading when the price falls to a specific point. This is a great way to ensure that no investment opportunity surpasses you.
- The transaction fee at the Bleutrade is 0.25%. Though it is relatively low because there are other exchanges with higher charges, the platform can grow faster by lowering the rates. Besides, its user interface is also relatively complex, especially to new entrants.
- KuCoin is a Hong Kong Based exchange that has won the hearts of traders because of its unique features. It particularly stands out for its focus on listing the latest assets in the market. This means that users on the KuCoin have the best opportunity to know about new crypto entries and buy them before the price goes up.
- It provides users with advanced analytics on every market pair they select to help make the right decisions. This coupled with a wide range of the cryptocurrencies available for trading means that that you are sure of always getting a profitable pair. For example, if Qtum/Bitcoin is not yielding high profits, consider shifting to other listed alternatives such as Dash, Monero, NEO or VEN.
- The transaction fee at KuCoin is 0.1%. This makes it one of the most affordable platforms to trade in the market. Once you join the crypto exchange, you are sure of enjoying regular discounts on the trading fees. You will also enjoy special offers if you opt to trade using the KuCoin shares.
- The main setback of KuCoin is that it only allows trading in cryptocurrencies. If you have fiat currencies, it implies that you need to buy crypto coins from a crypto exchange that allows fiat currencies or credit cards. Then, move the coins to KuCoin to start trading.
Value of Qtum
The term cryptocurrency has often been associated with Bitcoin because of its rapid value growth especially in 2017 and early 2018. However, other cryptocurrencies have also demonstrated huge potential for growth. In June of 2017, the value of the Qtum was $11.77. This value remained within the same range up to early December of 2017 before starting to rise exponentially. At the onset of 2018, the value of Qtum grew by more than 700% to hit $100. After the January's $100 spike, the Qtum value started to fall back to around $20 till the end of the first quarter.
Though the price of Qtum shifted downwards to about $20, it is still a significant mark of improvement from the price level at inception. The price of Qtum is expected to continue growing in the coming years as investors consider it more affordable compared to Bitcoin, Bitcoin Cash, and Ethereum among other top cryptos.
Is It Profitable to Invest in Qtum?
The interest in cryptocurrencies especially for investors is driven by the anticipation to get high ROI (Return on Investment). Qtum has demonstrated the huge potential to deliver high profitability to users. If you invested in Qtum when the coins were valued at $11, the profitability would have grown progressively by January 2018 when the value hit $100. However, can this profitability be maintained over the next couple of years?
Cryptocurrency experts have indicated that Qtum profitability is likely to continue growing over time. Because Qtum builds on the successes of Bitcoin and Ethereum, it is only a matter of time before people appreciate its huge potential. Here are more indicators showing that Qtum is a highly profitable investment.
- The cryptocurrency network is attracting even big multinationals such as Digital Media Pioneer and Chronicled Inc. If such multinationals have trust in Qtum, you should not be left behind to invest in the network.
- The cryptocurrency is led by a highly committed and tech-savvy team. Their commitment to progressively improve the Qtum core, forge partnerships, and bring aboard new features can only raise the demand and value of the native coins.
- Qtum is a great option for investors who are finding it difficult to invest in top cryptos. For example, instead of investing $10,000 to buy one Bitcoin, many people prefer to join high potential networks such as Qtum that allow them to buy a lot of coins. This is likely to continue increasing the demand, value, and profitability of Qtum coins.
- The demand for Qtum is growing progressively as investors consider offloading from the cryptos thought to have hit their peak growth. For example, many people are arguing that Bitcoin has reached the peak and that its downward trend experienced early in 2018 will continue. These investors are targeting high potential cryptos that can help them make huge returns over time. Qtum is among the best bets because it is considered better than Bitcoin and other networks.
If you are an investor and target joining the Qtum network, do not hold back. Most people appear in agreement that the cryptocurrency will soon take the projectile that was followed by Bitcoin to become the dominant crypto in the market. However, you should always observe the rule of the thumbs that indicates you should only invest what you can afford to lose. Besides, it is advisable to spread the investment to other cryptos and even hard assets.
Where to Spend or Use Qtum?
Now that you have some Qtum coins, where do you spend them? The acceptance of a cryptocurrency in the market can be partially evaluated based on its acceptance as a payment method. This is the route that all crypto networks follow from inception. However, Qtum lags behind when it comes to acceptance as a direct payment method. Though Qtum has been working extra hard in crafting new partnerships, it is important that it also puts the same effort in ensuring users can walk into stores and pay with Qtum coins.
Note: Though Qtum is not accepted for direct payment in most stores, you are only a step away. Consider changing Qtum into the accepted coins such as Bitcoin whenever you see the sign of Bitcoin as an accepted method of payment.
Can Qtum Grow to Become a Major Payment Network?
Qtum is positioned perfectly to become a major payment network. Since Qtum entered the cryptocurrency niche, the community appears in agreement that it is the network to watch in the coming months. It has particularly positioned itself as a payment network as more businesses join in to run their smart contracts. Here are more reasons why Qtum is likely to become a major payment network.
- The value of Qtum has continued to grow since it was launched
- When Qtum was launched, its value was about $11. The value of the Qtum native coins has appreciated over the months to hit a sudden high of $100 by early 2018. This growth is what many people have been looking at to gauge the popularity and progressive use crypto assets. Although the crypto is showing a sign of slowing down, there is a high possibility it will become a major payment network.
- It has demonstrated high affinity to craft partnerships
- To become a major payment network, a cryptocurrency network should be willing to partner with other enterprises. By allowing the implementation of smart contracts, Qtum has created the opportunity for all organizations to come and partner for faster growth. This means that even banks can come to the network and grow together as opposed to looking at it as a direct threat. Other organizations that Qtum has already entered into partnerships with include Cosima Foundation, SpaceChain Foundation, and Digital Media Pioneer and Famed Serial Entrepreneurs.
- The cryptocurrency network allows businesses to implement smart contracts
- The invention of blockchain technology saw a lot of adjustments of the way users operated in their networks. However, the initial cryptocurrencies such as Bitcoin had so many bottlenecks because they only required users to run as nodes to send payments. Now, Qtum has cleared these challenges to allow enterprises to run their operations normally while plugged into the network using smart contracts. This means that the Qtum network is adding value, extending the business reach, and channels for payment. Because all the payments have to be made in Qtum coins in its network, it is only a matter of time before it becomes a major payment network.
- More businesses are likely to see value in DApps
- When Patrick Dai explained about the focus of the cryptocurrency in enhancing integration with the business community, he indicated that most enterprises needed a platform allowing them to run DApps on familiar grounds. Now, the Qtum core allows traders and developers to craft applications in their niches and plug them into the Qtum system using the Account Abstract Layer. This means that you do not have to leave what you have been doing. The business community is excited because it only needs to follow the Qtum accepted programming language to become part of the network.
- The community around Qtum has been growing very fast
- The Qtum Foundation, the founder, and development team have worked extra hard in relaying the good news about the cryptocurrency. This has helped to grow trust and the community. These factors are expected to help take Qtum to the next level of becoming a major payment network.
- Though every indicator points at the high potential depicted by the Qtum network, it is important to appreciate the many challenges that can compromise its ability to become a major payment network. Therefore, the development team should work extra hard to prevent hacking, motivate the nodes, and keep the value of the Qtum coins growing.
How Does Qtum Work?
The architecture of Qtum cryptocurrency merged the Bitcoin Core and Ethereum Virtual Machine to allow users to execute smart contracts on a proof-of-stake consensus model. It is, therefore, advisable to consider Qtum as an ecosystem because it provides many tentacles that users can use either as individual or businesses. The cryptocurrency network operates in three main ways.
- The native Qtum coins for sending value on a peer2peer basis
- Sending value is the primary focus of the Qtum cryptocurrency. The Qtum coins are the native assets that people use to transfer value on the network. If you want to send cash on the network, you are required to acquire some Qtum coins and send them to the target client directly without involving third parties. Then, your target recipient can change it to the preferred fiat currency or use it for direct purchase in stores.
- The Qtum coins are also the principal assets for investment and trading. People who target to invest in the network can acquire the coins and hold them waiting for the value to grow or trade them for other altcoins on the markets. Note that you will need an appropriate wallet to store the coins held in the Qtum network.
- The implementation of decentralized applications (DApps)
- Every time that a business creates an app, it is stored in a database. Note that whether it is on one server or several, it is still centralized storage that poses huge risks. In case of an attack or damage to the server/s, the app can be damaged or changed completely. Now, Qtum provides a platform for Decentralized applications. This means that the applications are stored in the users’ systems, and there is no risk of attack
- To use the apps, your clients will have to get the requests verified by nodes spread in the Qtum network. If an attacker attempts to gain entry, the system will notify all users spread in the network and access will be denied. It is a great way to solve the problems of storage, big data, security, and distribution.
- Application of smart contracts in the Qtum core
- Smart contracts are referred as the contracts of the future. Consider them like the standing orders that clients use to make regular payments through banks. Now, smart contracts in the Qtum network allow users to set conditions for their operations so that transactions can take place all the time. It is a great way to set your enterprise in a 24/7 operation mode.
- To run smart contracts, you have to join the Qtum network and define the requirements that the target clients must follow. This means that though the transactions run on the Qtum network, every detail is business specific. Qtum provides its users with a scripting language for the faster creation of smart contracts.
Does Qtum Use Blockchain Technology?
Qtum is one of the latest cryptocurrencies in the market that employs blockchain technology. The cryptocurrency is a public ledger network comprising of chains of blocks with information about every transaction. The cryptocurrency is made of nodes spread across the globe that help to confirm transactions and add new blocks to the public ledger.
The size of the blocks added to the Qtum network is 2MB. After every 120 seconds, a new block is added to the Qtum public ledger. Remember that once a transaction is confirmed and added to the network, it becomes permanent. Other important components of the Qtum blockchain network include.
- The Account Abstract Layer (AAL). This is a special point of contact or bridge between the Bitcoin Protocol and Ethereum Virtual Machine. Because of this bridge, it means that apps that were previously only executable in mobile devices can now be linked to the Qtum blockchain.
- The Simple Payment Verifications (SPVs). This is a unique protocol that allows the user to interact with the Qtum blockchain without downloading it. The protocol is the main method used by Qtum to run their Go-Mobile wallet.
Mining is the process of confirming transaction used in most cryptocurrencies. In the Bitcoin network, mining is used to confirm transactions, hold consensus and release new coins to drive the network. However, concerns were raised about the centralization of mining in the Bitcoin system and other networks that use Proof-of-Work consensus algorithm. To address the problem, Qtum opted for the latest version of the proof-of-stake consensus algorithm.
The proof-of-stake version three in use at Qtum is a great improvement over the previous versions. In version two, the power required by nodes to confirm transactions was still relatively high. Now, the Qtum version three cleared the requirement of previous block time and helped to reduce short-range attacks that made it possible to mine alternative blocks through iteration of previous block times.
How to mine Qtum wallet
The good thing about Qtum cryptocurrency is that you can mine it with standard computers. This means that you do not need special ASIC equipment to start mining the network. Here, you only need to hold some Qtum coins and remain active in the network. The more the Qtum you hold (stake), the higher the chances of winning the opportunity to confirm a new block.
Once you meet the above requirements, you simply need to be on the network to confirm transactions. Everyone in the Qtum has an equal opportunity to confirm transactions and get rewarded with part of the fee charged on those using the network.
What Are the Advantages of Qtum?
The notion of cryptocurrencies has made people reconsider their priorities. Unlike in the past when people with several thousand dollars would rush to real estates, the ground has shifted so much. Now, cryptocurrencies such as Qtum, Bitcoin, and Ethereum promise higher returns. For example, a person who invested in Bitcoin around 2009 when the value was less than one US dollar enjoyed more than 1,000,000% growth by early 2018. Now, Qtum is presenting the same prospects to investors. Here are additional benefits of Qtum.
- It allows users to operate without worrying about third-party seizures
- If you have kept all the savings in a bank, it is important to appreciate that the risk of getting frozen is always a step away. In the case of a court battle, the bank account is usually the first target by courts. However, you can easily avoid seizures from third parties by putting some investment in Qtum. As an anonymous network, no one will ever know about your investments or even freeze them.
- Qtum has demonstrated the potential to become the next Bitcoin
- Since Qtum entry into the cryptocurrency network, it has demonstrated the capacity to become the next Bitcoin. Its value has been growing rapidly, and the community is very enthusiastic. The fact that it combines progresses from the Bitcoin and Ethereum network means that it is better than both. You can, therefore, expect to get more from Qtum compared to other networks in the cryptocurrency industry.
- The best way to use and own a cryptocurrency network
- When users join the Qtum networks as nodes, they can send cash on a peer-2-peer basis. In addition, they also become part of the network that helps to build consensus. This means that you are one of the owners who will be consulted in making crucial decisions in the future. This is very different when it comes to banks where users are passive. You only send payments, receive payments, or get advice, and walk away.
- The network is a unique platform for startups to launch and catapult to success
- Unlike other cryptocurrencies that are designed only to assist sending cash on a peer-2-peer basis, Qtum has expanded its mandate to assisting businesses to realize faster growth. By allowing enterprises to use the platform for dApps (decentralized applications) and running smart contracts, it means that businesses are now sure of racing to success with ease. You do not have to stick to the traditional business model that greatly limits success. Join Qtum to diversify the products and reach more clients with smart contracts.
- It presents users with total anonymity
- For many years, people struggled with the reality that their investments in banks were not a secret. The bank staff and administrations could easily pull out their details. However, you can now save and trade in full anonymity in the Qtum network. This is important in growing your portfolio and safety.
- It is a highly secure network
- When reports of networks such as Bitcoin Gold getting hacked days after launch hit the news headlines, every investor in the cryptocurrency industry feels uneasy. However, the Qtum development team has been working extra hard to ensure that the network and users are secure. It is also important for users in the Qtum network to appreciate that safety in the cryptocurrencies requires a lot of personal input. You need to be extra careful with private keys and the exchanges you trade the native coins.
- A cheap way to send and receive cash instantly
- Like other networks, Qtum allows users to send the value on a peer2peer basis. By eliminating third parties from the process, it implies that the charges levied on users to raise the profitability of banks can be revised downwards. Qtum allows users to send cash at a very small fee. Besides all the payments made on the Qtum network are effected immediately.
What Are the Risks of Qtum?
While the benefits of joining Qtum are very many and appealing, it is important to appreciate that it also comes with many risks. Like other cryptocurrencies, the enhanced anonymity makes it easy for users to get involved with criminals without knowing. A trader dealing with counterfeit products and insists on being paid in Qtum can cause huge losses to clients. Remember that once such transactions are completed, they cannot be reversed. Here are other risks associated with Qtum cryptocurrency.
- It is relatively new in the market
- Since 2009 when Satoshi Nakamoto introduced the blockchain technology, newer networks have been competing to join and outdo each other. However, it takes time to demonstrate their stability. Qtum is one of the youngest cryptocurrencies in the market by early 2018. This means that most of its features are still being tested before their stability can be confirmed. This means that the current high popularity, growing value, and appeal could easily change if the stability of the network comes into question.
- Risk of getting lost
- If you have some Qtum in a wallet, it is important to appreciate that the risk of loss is never far. In many cases, Qtum users complain of loss after sending Qtum coins to the wrong addresses. The Qtum coins are also at risk of getting lost in case the wallet gets damaged, or owner forgets the private keys.
- Danger of getting hacked by cybercriminals
- The growing interest in cryptocurrencies and their popularity have made criminals to work extra hard in targeting individual and corporate entities with digital coins. You are likely to be a direct target right from the wallet to the Qtum network level. However, most successful hacking takes place at the exchange level. It is, therefore, crucial to ensure that only the cryptocurrency exchanges that have advanced security features are used when trading Qtum.
- The looming regulation
- When the cryptocurrencies entered the finance sector, many governments indicated that their ability to collect taxes was compromised. The administrations felt that the cryptocurrencies facilitated peer-to-peer operations that bypassed banks and compromised their ability to control inflation. This coupled with the enhanced anonymity that encourages people to skip paying taxes has prompted governments to threaten to pass harsh regulations on them. If such laws are passed, there is a serious risk of Qtum losing its value and appeal in the coming years.
- The threat from newer cryptocurrencies
- When Qtum entered the market, it targeted addressing key shortcomings reported in the previous networks. It also consolidated the gains from Bitcoin and Ethereum among other cryptos to deliver a better network. In future, Qtum is likely to face the same fate as new cryptocurrencies join the industry. The newer cryptos are likely to be more appealing and make users shift from Qtum. This could reduce the value of Qtum by a huge margin.
- High volatility
- Since Qtum was launched, its value has been relatively stable. However, it always fluctuates when something happens in the cryptocurrency network. For example, the value of Qtum shifted downwards when a South Korean cryptocurrency exchange was hacked in the last quarter of 2017. With many occurrences such as looming regulations and entry of new cryptos waiting on the path of Qtum, users cannot be sure of future growth projectile.
What Happens if Qtum Gets Lost?
After working very hard in the Qtum network to earn the native coins confirming transactions, it can be very sad to lose them. For others, Qtum coins are the ultimate investments they anticipate to grow and become successful in life. Despite these anticipations, it is not uncommon to hear people crying that they have lost their Qtum. Therefore, how does this happen? What does the loss mean?
One thing that you should appreciate after joining the cryptocurrency networks is that the native coins do not leave the main platform. Unlike the standard coins that can be lost or even destroyed, the Qtum coins are digital and only reside in the Qtum platform. To understand what happens when Qtum gets lost, you need to follow the channels of loss.
- If you lost Qtum coins through hacking or sending to the wrong address, it means that they have changed hands. They are still in the network but under a new owner. The bitter thing about cryptocurrencies is that the transactions cannot be reversed.
- If you lost Qtum coins through damage to the cryptocurrency wallet or forgetting the private keys, it means that the coins are still in the network. However, they will still be in a dormant state. To recover the Qtum coins, you need to restore the wallet and generate the private keys.
Every time that the name cryptocurrency is mentioned, there is a great sense of mistrust from administrations. Since 2009 when Satoshi Nakamoto introduced the blockchain technology, most governments feel that their roles have been usurped and all operations could be rendered impossible. But there is a suspicious disquiet or lack of commitment to passing crypto related regulations.
In the United States, the Federal Bureau of Investigation was the first to note the dangers that cryptocurrencies pose to administrations. In one of the communiqué from FBI in 2009, the cryptocurrencies were cited to pose a huge risk of supporting criminals and terrorists. Despite this, the Federal Administration had not passed any regulation to guide cryptocurrencies by the first quarter of 2018.
It is not just the United States that does not have a legal framework in place. No country had crafted and made crypto laws by early 2018. Even the countries that have been extra harsh to cryptocurrencies still lack supporting regulations. In China, the crackdown on cryptocurrencies such as Qtum is done through direct orders. It is now evident that passing legal frameworks to guide cryptocurrencies is not simple. Here are the main reasons why many jurisdictions do not have regulations on cryptocurrencies.
- Most of the countries lag behind when it comes to cryptocurrency technologies. Even though most countries have the intent to craft legislation on cryptocurrencies, they find themselves playing catch-up on respective technologies. In many of the cases, the new technologies get the administrations off guard.
- The Qtum and other cryptocurrencies do not belong to any single party or individual. Unlike banks that are owned by specific persons or known entities, it is different when it comes to cryptocurrencies. Once the inventor releases the cryptocurrency core code, the network ownership is transferred to the users spread in the globe. This means that you do not have a specific person or party to implement the regulatory requirements.
- The Qtum and other networks have demonstrated the capability to solve key problems in the society. For example, many administrations have been suffering from the issue of Big Data for years. Now, Qtum and other networks have come up with a reliable and workable solution. This means that the governments are unwilling to suppress the growth of the best solutions.
- The regulation of cryptocurrencies is taking a political dimension. As more people troop to networks such as Qtum because they are more reliable in supporting investments and are cheaper when sending cash, the popularity is crawling into the political realms. Many governments do not want to be seen going against the will of the society. In Russia, the opposition has strongly objected to the draft bill that aims at regulating cryptocurrencies.
While it is true that there are no regulations to guide the application of cryptocurrencies in most countries, the agitation by governments means that such laws are on the way. This means that you should focus on cryptocurrencies with a lot of care because the expected shocks might have far-reaching impacts. If the laws put the cryptocurrencies in a bad light, your investment in Qtum could be affected negatively.
Is Qtum Legal?
Qtum is legal in most countries. Even though the dangers that jurisdictions often associate with cryptocurrencies are known, very few are willing to pass laws to guide design and application of Qtum and other cryptocurrencies. Most of them have resorted to issuing directions on what users should do for tax compliance. In the US, the Commodities Futures Trading Commission (CFTC) has indicated that all cryptocurrencies be categorized as commodities and respective traders should, therefore, pay taxes as appropriate. Here is a closer look at the legal status of Qtum in other jurisdictions.
- Russia is one country that has decided to pioneer the regulation of Qtum and other cryptocurrencies. Though it had initially indicated the unwillingness to regulate cryptocurrencies, the focus changed drastically between October of 2017 and early 2018. Following the Russian Federation ministry of finance’s assertion that there was a legal vacuum regarding cryptocurrencies in September of 2017, the Central Bank went ahead and drafted a bill to regulate the entire crypto landscape.
- In January of 2018, the ministry of finance indicated that it had finalized the bill that would only allow qualified investors to enter the crypto market. The new law also lays down the rules for ICOs, mining, exchange, and use of Qtum and other cryptocurrencies. Note that this bill is not yet law. Therefore, Qtum remains legal in Russia.
- South Korea
- Qtum is legal in South Korea. South Korea is one jurisdiction that has seen immense growth in cryptocurrencies. Cryptocurrency trading has particularly proliferated because of the large and enthusiastic community. Notably, the South Korean administration appears undecided about the route to take when it comes to regulating cryptos.
- Initially, the country had taken a hands-off approach on cryptocurrencies. This made most cryptocurrencies including crypto exchanges to find the jurisdiction one of the best in the globe. However, the recent hacking and huge loss in one of the local cryptocurrency exchanges saw the administration change the approach.
- Starting from January 2018, the South Korean administration issued a new guideline that required all people trading in the exchanges to authenticate their details. The administration is also following with banks to ensure that all those with accounts are well known. This is seen as the first step that will lead to the drawing of appropriate legislation.
- Qtum is legal in China. Notably, China is one jurisdiction that has shown open hostility to cryptocurrencies. The Chinese administration noted the disruptions that were emerging from cryptocurrencies and went ahead to gag them. Note that the administration does not appear in a hurry to pass legislation.
- The first crackdown was aimed at the ICOs (Initial Coin Offerings). The country felt that they were misguiding the community and funneling investment to risky ventures. Because of this view, it banned the ICOs. Then, it froze bank accounts associated with some crypto exchanges and even kicked out miners.
- Despite the clampdown, Cryptocurrencies in China have continued to blossom faster than most countries around the globe. Mining pools, cryptocurrency exchanges, and new cryptos such as Qtum are all based in China and growing rapidly.
- European Union
- European Union is one jurisdiction that has taken a unique approach to Qtum and entire cryptocurrency regulation. Though the giant union has not passed a law to guide cryptocurrencies and is even cautioning members about them, it appreciates the inherent benefits. The EU Parliament is reported to be working on its own blockchain technology to ensure that the benefits trickle down to all members. Because the union does not have regulation on cryptocurrencies, it means that individual members are left to craft individual laws.
- While many countries are looking at cryptocurrencies as obstacles, Switzerland is one jurisdiction that is attracting everything crypto. The country has indicated expressly that it wants to be a crypto nation. Mr. Johann Schneider-Ammann, the Swiss Economic Minister expressly said that they are repositioning the nation urgently to provide the best platform for cryptocurrencies and ICOs. It is because of this focus that over 30% of cryptocurrency foundations are located in Switzerland. One thing that is coming out clearly about crypto regulation is that Switzerland will be a special oasis for growth and success.
Qtum and Taxes
The subject of taxes and cryptocurrencies is complex and at times confusing to many. One of the main attractions of cryptocurrencies is their anonymity. Many investors going to cryptocurrencies such as Qtum indicate they anticipate operating tax-free.
The argument is borrowed from the view that the cryptocurrencies are anonymous and free from access by third parties including authorities. To some, the cryptocurrencies are the next best tax havens. However, this argument can only be half-correct.
Tax experts have indicated that investors and traders in cryptocurrencies should take a lot of caution when operating in the network. In 2009 when Bitcoin entered the market, the excitement of being fully anonymous was overwhelming. However, it emerged that the network is not as anonymous as many thought about nine years down the line. The advancing technology makes it possible to follow transactions and uncover the users. Because of this advance in technology, even Wannacry cybercriminals were unable to withdraw their Bitcoins.
Tips for operating on Qtum and being tax compliant
The advancing technology will make it very easy to unmask the current encrypted networks. This means that you risk being exposed. Note that when such discoveries are made, you are likely to be exposed and prosecuted. But this need not be the case. Here are some unique tips users can apply to be tax compliant.
- Ensure to consider every income from trading Qtum to be taxable.
- Make sure that the details of transactions are captured well.
- Note the value of fiat currencies when trading in Qtum.
- Always seek expert assistance if you have a business that accepts payment in Qtum.
Does Qtum Have a Consumer Protection?
Qtum does not have consumer protection. Like other cryptocurrencies in the market, Qtum is not owned by any one single entity. Rather, nodes spread in the network across the globe own the crypto system. This model of operation is meant to help empower the nodes and ensure that users get a total sense of identity. The model also helps to promote the security of the network and enhance consensus building when confirming transactions.
The closest that Qtum goes to providing consumer protection is the Qtum Foundation. This is the organization that directly supports the development of the network. Despite this design and notion that the Qtum founder is the chairperson of the foundation, the organization is an entirely separate network. Indeed, it is registered as a not for profit organization.
Because Qtum does not have consumer protection, it implies that nodes and users spread in the network are on their own. It also means that if you send funds to the wrong address, there is nowhere to seek help. You can neither complain to the foundation nor the local authorities. To operate safely in the Qtum network, you should consider the following these tips.
- Always triple check the public address of the target payee before flagging payments in the Qtum network.
- Ensure only to use one computer to access and trade Qtum.
- Only trade Qtum in exchanges that have demonstrated the commitment to providing a safe trading platform for users.
- Make sure to maintain a backup of your wallet all the time to avoid loss of Qtum in the case of wallet damage.
- Ensure to get the private keys seed phrase and protect the private keys with zeal.
Illegal Activities with Qtum
The entry of cryptocurrencies was seen by many criminals as a perfect opportunity to advance their illegal activities. Most criminals saw the anonymity provided by cryptocurrencies as perfect platforms to hide from authorities. The most preferred method is carrying criminal activities and insisting on being paid in cryptocurrencies. Other criminals create Ponzi schemes and siphon clients cash away. While these illegal activities are not uncommon to hear of in many cryptocurrency networks, none of them has been associated with Qtum.
Note that though there is no case of illegal activity was reported in Qtum by early 2018, it does not mean that attempts are no made. The development team has been extra cautious while the proof-of-stake version three used in Qtum has helped to weed out most criminals. As criminals become equally tech-savvy, here are some useful tips to help you avoid falling to scammers.
- Avoid working with traders you are not sure about.
- Only use the exchanges that have a good reputation.
- Though the urge to participate in ICOs (Initial Coin Offering) is at times too much, make sure only to buy tokens of networks with an excellent reputation.
- Be part of a vibrant crypto community to easily tell between good deals and scams.
- Only commit a small portion of your investment when targeting new projects.
- Only invest what you can afford to lose.
Is Qtum Secure?
When Qtum network was designed, the notion of security took the center stage. The Qtum team targeted creating a network that was free from attacks especially at the core code level. It took some time to study Bitcoin and other cryptocurrencies to understand the threats and craft the most secure network. Here are the main components used to secure the Qtum network.
- The network uses the latest proof-of-stake version three that helps to prevent attacks. The algorithm omits block-time that was included in the previous version-2 of proof-of-stake. This has proven to be a great method of preventing short range attacks.
- The Qtum network has also been carefully designed to prevent time-warp attacks. This is achieved through a simplified mechanism that factors the age of UTXO (Unspent Transaction Outputs) based on and determined by its depth in the Qtum blockchain.
- The Qtum development team has also been very aggressive in identifying flaws and addressing them before any attacks are reported. This is the reason why no successful attack has been reported in the Qtum network since inception.
Despite this carefully thought about security in the Qtum network, it is important to note that no blockchain is completely secure. Therefore, you must be extra careful when in the network and away. For example, you should always be extra careful with the private keys to avoid access to third parties. You should also select exchanges with no history of hacking, triple check the public address when sending payments and keep the Qtum client up to date all the time.
Is Qtum Anonymous?
The fast-growing popularity of Qtum has been pegged to its ability to provide users with complete anonymity. By improving on Bitcoin system, Patrick Dai also ensured that users joining the Qtum network were assured of total anonymity. This implies that you can now send transactions without worrying of getting unmasked by third parties.
The main model of anonymity used in Qtum is encryption. When clients flag off transactions, they are encrypted at the node level to ensure that no one can follow back and discover the users’ identities. Even the miners spread in the network can only confirm the transactions of every transaction but cannot uncover the users.
Has Qtum Ever Been Hacked?
One of the factors used to tell whether to join a crypto network or not is its security history. The fast-growing demand in cryptocurrencies is an indication of acceptance and expectations that come with owning crypto coins. The tough and lengthy road of mining cryptocurrencies such as Qtum and Bitcoin has emboldened criminals to look for shortcuts to own the highly placed coins. Even though reports of hacking especially at the exchange level are very many, no case of successful hacking has been reported in the Qtum network.
At inception, Patrick Dai explained that he dedicated most of his time to evaluate security lapses that resulted to hacking in other networks such as Bitcoin Gold. This coupled with a tech-savvy Qtum development team has enabled the network to stay ahead of hackers in preventing attacks. The team is always learning about new threats and working on new ways to address them before they strike.
Note that saying the Qtum network has not been hacked does not mean it is completely secure. None of the networks can be 100% secure. Therefore, you need to also do your part in keeping the network safe and preventing theft of your coins. Here are the best tips you can use to avoid attacks.
- Only use exchanges with high levels of security.
- Always move the Qtum coins to cold storage when not in use.
- Consider using hardware wallets that are considered extra secure.
- Ensure that the Qtum core, the wallet, and your computer are always up to date.
- Secure the private keys away from all third parties.
How Can I Restore Qtum?
When the loss of Qtum strikes you, the impact can be heartbreaking. Some members of the crypto community indicate that they were reduced to zero after their wallets got damaged. While it is very important to take precaution when entering the cryptocurrency niche, the good thing is that some losses can be reversed.
If you lost Qtum by losing the cryptocurrency wallet, you could restore the cryptocurrency by reinstalling the backup. However, those who had not kept backups can still restore their Qtum by getting another wallet that is ERC20 compatible (capable of holding Ethereum tokens). Once you install the new wallet, use the private keys to reconcile with the Qtum network.
For those who lost their Qtum through forgetting the private keys, success in recovering the coins requires the use of the private keys recovery seed phrase. This is a special 12-24 phrase that is used to regenerate the private keys. Most wallets generate this phrase the first time they are used.
Success in restoring Qtum coins is dependent on how prepared you were before the loss. You should ensure that private keys are kept safely and away from third parties. You should also generate private keys recovery seed phrase and store it preferably away from the main computer. All Qtum users are also required to back up their wallets regularly as a fall-back platform.
NOTE: If you lost Qtum through hacking of sending to the wrong address, no method can be used to recover them. This implies that the Qtum coins have changed hands and they cannot be restored.
Why Do People Trust Qtum?
Since 2009 when cryptocurrencies entered the markets, the trust that the community had in them has been shifting upwards. Initially, many people looked at them with a lot of suspicions because of the limited information about them. Though Qtum is one of the new cryptos, it is attracting a lot of interest and trust from the people. Here are the main reasons why many people trust Qtum.
- It is one of the most secure blockchains out there
- When people look at the blockchain networks, they want to get the most secure platforms for investment. The special focus on security by the Qtum development team has made this new crypto to win the tag of the most secure platform. This focus has been confirmed by the fact no successful attack has been reported in the network since its launching.
- The network is led by a highly tech-savvy team
- A crypto network is as good as the people who are leading it. Since Patrick Dai came up with the idea of a cryptocurrency, he has put a lot of effort in getting the best minds into the development team. This team has demonstrated its zeal in driving the crypto to heights never realized by other cryptocurrencies.
- Qtum consolidates the benefits of the previous network
- The definition of Qtum articulately captures the fact that the network was developed as an improvement of the previous networks. By building on the successes of Bitcoin and Ethereum, many users have indicated they are expecting to get higher ROI over time. This notion was evident from the high demand of the Qtum token even at the ICO stage.
- It provides users with an opportunity to advance their businesses with smart contracts
- While other crypto networks are mainly designed to handle only one main component such as sending of value or data storage, Qtum is different. The platform is created to operate as a complete ecosystem. Because users can run smart contracts and decentralized apps, it means that the network will be more valuable compared to others. From investors to users, the expectation is that Qtum will grow to surpass the levels reached by Bitcoin.
- It allows all users to join and mine the network
- While Bitcoin has won the hearts of many because of its fast-growing value, the structure can easily cause it to crumble. By employing the proof-of-work consensus model, it means that mining can only be done by the super rich who can afford the expensive ASIC mining equipment. However, Qtum uses proof-of-stake algorithm that allows even people with standard computers to mine the network. This means that the popularity, support, and community of Qtum will be bigger compared to other networks.
- The price of the Qtum started at a very high level and kept growing steadily
- Since Qtum was launched, its value has demonstrated the potential to grow to very high levels over time. Though it is still very far from the levels hit by top networks such as Bitcoin, there is no doubt that it is edging closer step by step. In June of 2017, the price of Qtum was $11 before growing steadily to hit a sudden $100 by early 2018. Since the sudden $100 peak and steady $40 value in early 2018, the value of Qtum has been falling slowly for around $20 in the end of the first quarter of 2018.
- It has attracted a very large community
- Within a very short time, Qtum has won a lot of support and a big audience. The crypto communities both in specific networks, social media, and blogs are excited about the network. This enthusiasm is growing the network rapidly and making users to develop a lot of trust.
- It has entered into many great partnerships
- Since Qtum was launched, it has entered into very many partnerships that make users to see the greater value in its network. Even those who might have been skeptical are now changing their minds when they see Qtum working with brands such as Pricewaterhouse Coopers, Chronicled Inc, and Cosima Foundation. The partnerships indicate that even big multinationals also have trust in the new network.
History of Qtum
Though the history of Qtum is mainly traced to March 2016 when its core code was released, it is important to mention two other blockchain networks it borrows from; Bitcoin and Ethereum. To put it differently, if Bitcoin and Ethereum had not come to be, Qtum could probably have taken a completely different architecture. The Qtum core is an improvement of the Bitcoin Core and the Ethereum’s smart contracts.
- In March of 2016, the initial release of Qtum. This was a pre-trial version before the ICO and launching of the main network.
- March of 2017, the Qtum crowdsale took place. A total of 51 million Qtum tokens were sold in more than six exchanges. Note that most of these exchanges were in Asia. During the Crowdsale, a total of 14,000 Bitcoins were raised.
- In November of 2017, the Digital Media Pioneer and Famed Serial Entrepreneurs announced the CFun project that would run on the Qtum blockchain.
- The Qtum Foundation, Chronicled Inc and Trusted IoT Alliance entered into a partnership to create secure IoT use cases.
- Qtum Foundation partnered with SpaceChain foundation to launch Satellite for blockchain benefits.
- Cosima Foundation launched digital advertising blockchain called DATx in partnership with Qtum.
Who Created Qtum?
Qtum was created by Patrick Dai. Dai is a graduate of Draper University and Chinese Academy of Sciences. However, he dropped from the Chinese Academy of Sciences. Dai is also a former employee at Alibaba where he got the strong urge to help advance the blockchain technology and ultimately make the bold move to make something better than Bitcoin and Ethereum.
Before launching the initial Qtum phase in 2016, Dai took a lot of time learning about Bitcoin and Ethereum networks. He also brought other important personalities and experts in blockchain technologies who helped him to complete the early developments. Some of these personalities include Neil Sakr and Jordan Earls.
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