Qtum

<p>Qtum is a unique player in the blockchain landscape and its native cryptocurrency, QTUM.</p><p>Much like the relationship between Ethereum and Ether, Qtum is the blockchain platform, and QTUM is the fuel that powers it.</p><h3 id="what-s-up-with-the-name-some-crypto-lore">What’s up with the name? Some Crypto Lore:</h3><p>The name “Quantum” was chosen by Co-Founder Miguel Palencia in late 2015.</p><p>The first iteration of the Quantum whitepaper was written in Mandarin and released in August 2016. This version refers to the project as the “Quantum Blockchain.”</p><p>Around that time, the team worked at a Shanghai blockchain incubator called BitSe.</p><p>While developing the VeChain prototype, the team encountered a few issues with Ethereum, so they decided to make a more scalable blockchain that didn’t rely on Proof-of-Work.</p><p>After the Qtum ICO in March 2017 and the dissolution of BitSe shortly after, the Vechain and Qtum projects became separate and parted ways in mid-2017.</p><p>While the project was originally called “Quantum” in the Mandarin whitepaper, most people and service providers referred to it by the ticker name “Qtum” in the Chinese community.</p><p>According to Patrick Dai, “Qtum” is easier and shorter to say in Mandarin.</p><p>By 2017 there were multiple projects like Quantum Resistant Ledger (QRL) or simply another project named “Quantum” (QAU) using some variant of the word “Quantum” in their name, which was becoming confusing.</p><p>Bundled with the fact that Quantum computer topics were mixing in with search engine results, the name Qtum made sense.</p><p>Even after the team completely exited China in 2019, referring to the project as Qtum stuck around in Chinese.</p><p>The Western portion of the team took over the development and direction of the project in 2020 and usually refers to it as “Quantum” because it’s easier to pronounce.</p><p>Still, the official name (and ticker) is Qtum.</p><h2 id="header-0">Qtum vs. Ethereum and Ether</h2><p>Drawing a parallel between Ethereum and Ether helps clarify the roles of Qtum and QTUM.</p><p>Ethereum is a blockchain platform known for its smart contracts and decentralized applications (DApps), while Ether is the cryptocurrency that facilitates transactions within the Ethereum network.</p><p>Similarly, Qtum is a blockchain platform that supports smart contracts and DApps, and QTUM is the digital currency used within the Qtum ecosystem.</p><h2 id="header-1">Understanding Qtum</h2><h3 id="a-hybrid-blockchain-based-platform">A Hybrid Blockchain-Based Platform</h3><p>Qtum is a hybrid blockchain platform that combines Bitcoin’s secure transaction model with Ethereum’s smart contract functionality.</p><p>Qtum’s unique approach to scalability and interoperability makes it a promising choice for blockchain development.</p><h3 id="smart-contracts-and-dapps">Smart Contracts and dApps</h3><p>One of the core features of Qtum is its support for Smart Contracts and dApps.</p><p>Smart Contracts are self-executing contracts with the terms of the agreement directly written into code, eliminating ambiguity and the need for intermediaries.</p><p>dApps, on the other hand, are apps that run on a decentralized network, leveraging the benefits of blockchain technology.</p><h3 id="how-the-qtum-network-operates">How the Qtum Network Operates</h3><p>The Qtum network functions as a comprehensive decentralized system that executes smart contract code and efficiently handles the value transfer function, enabling secure and seamless transactions across the network.</p><p>In the Qtum network, the node that wins the block reward executes the smart contract calls, creating a new “state” for the blockchain.</p><p>This “state” is a critical structure as it holds account information for every address.</p><p>All other nodes in the network also execute the smart contract calls, and if their results differ, they are discarded.</p><p>This process ensures data integrity and consensus across the network, eliminating the need for a central trusted party.</p><h2 id="header-2">The Role of QTUM</h2><p>QTUM is the native cryptocurrency of the Qtum platform. As Ether functions within the Ethereum network, QTUM is the fuel that powers the Qtum network.</p><p>The purpose of “Gas” or “Fuel” on a decentralized blockchain platform is so there’s an economic cost for each transaction and piece of information stored on the blockchain.</p><p>If it were free to do anything you wanted on Qtum, it would be incredibly easy to loop endless transactions on the chain, effectively bloating the network with spam and causing it to fail.</p><p>While operations on the platform are an essential part of the ecosystem, transactions are managed separately, each carrying its own transaction fee, much like Bitcoin.</p><p>QTUM is used to pay for transaction fees and computational services on the Qtum network.</p><p>This includes the creation and execution of smart contracts and DApps.</p><p>Developers need QTUM to create and run applications on the Qtum platform, making it a crucial resource for anyone looking to leverage the platform’s capabilities.</p><h3 id="generation-of-qtum">Generation of QTUM</h3><p>Initially, 100,000,000 QTUM were created in the first 5,000 blocks, which were proof of work blocks.</p><p>Starting at block 5,001, Qtum was proof of stake, and those staking block rewards added to the overall supply of QTUM, currently standing around 104,719,997 QTUM.</p><h3 id="how-to-obtain-qtum">How to Obtain QTUM</h3><p>There are several ways to obtain QTUM. Some are:</p><ol><li>Purchasing on Exchanges: You can buy QTUM on various cryptocurrency exchanges using fiat or other cryptocurrencies.</li><li>Receiving from Other Users: QTUM can be transferred from one user to another, allowing you to receive QTUM from other individuals or entities.</li><li>Staking: If you have the technical know-how and resources, you can stake QTUM. This involves validating transactions on the Qtum network and being rewarded with QTUM for your efforts and computational resources. <a href="https://github.com/qtumproject/documents/blob/master/en/How-to-Stake-with-Qtum/README.md" rel="noopener noreferrer nofollow">Learn how to stake.</a></li></ol><h2 id="header-3">Qtum Wallets</h2><p>For handling your QTUM, a Qtum wallet is required. This wallet provides access to your private keys, enabling you to manage the values of your crypto transactions, which are securely saved on the blockchain.</p><p>Setting up a Qtum wallet is a straightforward process:</p><ol><li>Download a Wallet: Choose a secure Qtum wallet that suits your needs. Wallets can be downloaded and installed on your computer or smartphone. <a href="https://qtum.org/use-qtum/qtum-wallet" rel="noopener noreferrer nofollow">Learn more.</a></li><li>Set Up Your Wallet: Follow the instructions provided by the wallet software to set it up. This usually involves creating a password and backing up your wallet by writing down a recovery phrase.</li><li>Receive Your QTUM: Once your wallet is set up, you can start receiving QTUM. Your wallet will provide you with an address that you can share with others to receive funds. Always double-check your address before sharing it.</li></ol><p>Remember, the security of your Qtum wallet is crucial. Always keep your private keys for yourself, and back up your wallet to protect your QTUM from potential losses.</p><h2 id="header-4">QTUM as an Investment and Tradable Asset</h2><p>Like other cryptocurrencies, the value of QTUM can fluctuate based on the demand for gas.</p><p>As stated earlier, there has to be a fiat-related price attached to the Qtum token for it to serve its purpose properly.</p><p>Another attack vector that’s not spoken about much in 2023 is a 51% attack.</p><p>This occurs when an attacker accumulates so much QTUM that they can stake it all at once and try to fork the chain, allowing them to do a “double-spend.”</p><p>Typically an attacker will need 51% of the total supply to attempt this on Proof-of-Stake chains.</p><p>If the price of Qtum is attached to a fiat currency, acquiring more Qtum gets expensive as the supply dwindles on exchanges.</p><p>This makes it highly unlikely that an attacker could pull this off.</p><p>The main question asked about Qtum in Google Search suggestions is: “Should I buy QTUM?”</p><p>The answer to this question is simple; you need QTUM to pay for gas if you plan to deploy a decentralized application to the blockchain.</p><p>If you plan to deploy contracts on Qtum, you can build on the test network for free, as the “testnet” tokens can be acquired from the Qtum testnet faucet.</p><p>Another reason you may require QTUM is to interact with deployed contracts on the blockchain.</p><p>For example, if you want to send an NFT or QRC20 token, you will require a few pennies worth of QTUM to pay for gas.</p><p>As of 2023, purchasing QTUM for any other reason is pure price speculation, also known as gambling.</p><p>We hope you enjoyed learning about Qtum and QTUM. It&#39;s always fun to share how everything works.</p><p>The team behind Qtum is excited to see more people get involved and start new projects with us. If you have any questions, just leave a comment down below.</p><h3 id="join-the-qtum-community">Join the Qtum Community</h3><p><strong>Qtum Discord</strong>: <a href="https://discord.gg/DCPGvUCms5" rel="noopener noreferrer nofollow">https://discord.gg/DCPGvUCms5</a></p><p><strong>Qtum Twitter:</strong> <a href="https://twitter.com/qtum" rel="noopener noreferrer nofollow">Qtum (&#64;qtum) / Twitter</a></p>

Defining Qtum and QTUM

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