Perhaps the most hyped and interesting cryptocurrency to come out from China during the past 3 years is Qtum. It has went through its share of ups and downs but it would not be wrong to say that this cryptocurrency has gained a new life in light of the renewed push for blockchain adoption that has emerged in China.
Qtum is pronounced as Quantum, and has been around in the crypto-world since 2016. It came into being after a fork of Bitcoin. What the developers did interesting with the forked version is that they combined the Bitcoin’s core with Ethereum’s Virtual Machine (EVM). Soon enough, it gained recognition and was dubbed as the “Ethereum Killer”. Qtum combined the best features of both the networks using a third layer to bridge the gap which is named as the “Account Abstract Layer”.
The project was launched with this three layered working model to serve the business community by providing them the transaction model of Bitcoin along with the decentralized application support capability of the Ethereum network. The model is then incorporated in a Proof of Stake methodology to avoid the energy intensive mining process of the Proof of Work consensus methodology. While the use of Ethereum VM brings about some obvious benefits, at also brings its own share of issues linked with security and transactional capacity. To minimize these issues, Qtum has launched its own native wallet, smart contract management application, and oracles that allow real-world data to be used with in the Qtum network.
Qtum was founded by Patrick Dai. Patrick was a cryptocurrency enthusiast and was an early adopter of the technology while he was an employee at Alibaba. The team is quite a large one, including almost three dozen developers, some of whom have decades of experience in the cryptocurrency field. The team also consists of professionals who have command over telecommunication, cybersecurity, full-stack software development and blockchain domain.
The year 2017 saw the Initial Coin Offering of Qtum which lasted for only 5 days. Each token was priced at $0.3 USD and $15 million USD were raised in total at the end of the ICO. Currently, Qtum is being exchange at around $1.3 USD with a total market capitalization of about $120 million. It is ranked at 34th in the cryptocurrency market rank charts.
One of the reasons why it has managed to gain widespread support is because of its marketing and partnership strategies. Qtum has been very quick in developing partnerships with companies both from inside the crypto-sphere and other traditional businesses. Notable partnerships include Energo, a Philippines based company aiming to produce clean energy, Qihu360, China’s largest and leading software company, Celer Network, and Amazon Web Services.
Qtum also boasts one of the most integrated and supportive community. It has over 1.8 million followers in Twitter, while Facebook, Reddit and Telegram have pretty decent representation on Qtum forums. It is being offered at different cryptocurrency trade exchanges including Binance, Changelly and KuCoin.
Although, Qtum claims to have combined the best of both Bitcoin and Ethereum in one single technology, it is still in an early phase of its life. Nevertheless, it has managed to garner some serious attention from the crypto-community. Considering that its five-day long ICO was very successful and the current market capital looks equally impressive, Qtum’s future looks really promising and bright.