Qtum

Qtum is BetterIn 2016, the Qtum founders envisioned a new type of Bitcoin that was energy-efficient with smart contract functionality. The development of the Account Abstraction Layer (AAL) was the key infrastructure that connected the Ethereum Virtual machine to Bitcoin&#39;s UTXO model creating Qtum&#39;s QRC token economy. They took the UTXO model of Bitcoin to accomplish energy efficiency and modified it to use a proof of stake algorithm. This was the first ever blockchain to combine smart contract capabilities using Bitcoins UTXO model on a proof of stake consensus algorithm.Let&#39;s take a look at how Qtum development evolved over the years. After two successful testnets called Sparknet and Skynet, Qtum mainnet went live for the first time on September 13, 2017.<h3 id="strong-october-17-2020-first-ever-hardfork-called-qtum-2-0-strong">October 17, 2020: First ever hardfork called Qtum 2.0.</h3>Qtum 2.0 included four consensus-related upgrades.<ol><li>Add signature verification to the output script of the contract transaction</li></ol>This upgrade allows users to sign and prove their identity to a contract without owning any UTXOs/coins. This would primarily be useful only to contracts so that msg.sender can be set to an address with no coins or UTXOs. This would not allow free transactions. Someone must pay for the transaction to be placed into the blockchain<ol><li>Add btc_ecrecover precompiled contract to the Qtum EVM</li></ol>btc_ecrecover is a new precompiled contract added to Qtum&#39;s version of the EVM, included with a library. This contract allows easy access to the precompiled contract function within contracts. Precompiling contracts can simplify the contract development process, save gas, and reduce costs.<ol><li>Upgrade the Qtum EVM to the latest Ethereum EVM Constantinople</li></ol>Qtum stays up to date with the latest EVM updates and releases. This EVM release enabled more complex smart contracts and applications.<ol><li>Modify the difficulty adjustment algorithm</li></ol>This made Qtum&#39;s block timing more stable and gave more accurate readings of the network weight.<h3 id="strong-august-28-2020-hardfork-qtum-offline-staking-protocol-strong">August 28, 2020: Hardfork - Qtum Offline Staking Protocol</h3>In August 2020, Qtum had its second hardfork enabling the Qtum Offline Staking Protocol. Qtum Offline Staking Protocol allowed people to stake QTUM without losing custody of their coins or having to run a Qtum node. Instead, people can delegate their QTUM to a superstaker and earn rewards.<h3 id="strong-april-30-2021-hardfork-qtum-fast-lane-strong">April 30, 2021: Hardfork - Qtum Fast Lane</h3>Qtum Fast Lane reduced block time from an average of 128 seconds to 32 seconds. Qtum Foundation accomplished this by slashing the block spacing, changing the difficulty adjustment algorithm, modifying the block rewards, and updating staker mining efficiency to keep up with the fast blocks. This was a much-needed hardfork. As the Crypto ecosystem evolves, a faster Qtum will be more responsive for DeFi, NFT, gaming, and other developments.<h3 id="strong-july-31-2022-hardfork-qtum-enables-taproot-and-evm1-strong">July 31, 2022: Hardfork - Qtum enables Taproot and EVM1</h3>Taproot upgradeQtum stays true to Bitcoin&#39;s UTXO model by staying up to date with each version Bitcoin Core published. When a new version of Bitcoin Core is released, Qtum always starts working on updating Qtum Core to the latest version.Taproot aims to improve the privacy and efficiency of the Bitcoin network significantly. It will also simplify the creation and execution of smart contracts on the Bitcoin blockchain, paving the way for Bitcoin DeFi.EVM1 upgradeThis upgrade switched the EVM implementation to EVMone Fast Ethereum Virtual Machine. This codebase of evmone is improved to provide efficient and fast execution of EVM smart contracts.<h3 id="strong-ongoing-developments-strong">Ongoing developments</h3>JanusTowards the end of 2021, Qtum released one of its most important implementations – Janus. Janus is a wrapper that allows developers to access an Ethereum-compatible environment on Qtum. The Janus wrapper will empower developers to easily port these apps over to Qtum and benefit significantly from reduced gas fees.QnektThe Qnekt wallet is a MetaMask clone for Qtum. It will be a simple-to-use browser wallet that can be used to access Qtum apps and store Qtum NFTs.<h2 id="header-0">Conclusion</h2>By combining the security of Bitcoin and the functionality of Ethereum, Qtum provides a platform that’s the best of both worlds. Moreover, Qtum’s innovativeness, backed by a highly technical team, makes it one of the world&#39;s most promising smart contract platforms.

What is Qtum?

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