Recently, Qtum partnered with Baofeng. a huge video service provider that has over 200 million users. This is big news because, together, both parties will be developing the very first Blockchain Consensus Network (BCN). The goal is to set up 50,000 nodes on the network, larger than any current blockchain. This would make it by far the most decentralized blockchain. Why so large? According to the companies, this should beef up security, offer an increased level of stability, and improve response times. Baofeng will be utilizing this powerful blockchain to develop better copyright features and modes of payment. This initiative brings the video industry to the world of blockchain.
Qtum: What is it & Why?
Qtum (pronounced Quantum) is a Chinese open-source blockchain platform that aims to help businesses utilize blockchain technology. Its blockchain shares some similarities with Ethereum’s blockchain in that it can execute smart contracts and run decentralized applications. However, it prefers to make use of the UTXO transaction model. This is the same model that bitcoin uses and it is widely thought to have a more reputable track record.
Before delving into more details, it’s worth noting that $10 million worth of Qtum tokens were sold within 90 minutes. This happened in early 2017, solely from crowdfunding. Events like this can be partly attributed to the overwhelming craze surrounding cryptos, but it’s still impressive nonetheless. Currently, it ranks 15th among all cryptocurrencies with a market cap of over $6.5 billion, trading at $89.37 (CoinMarketCap).
What Makes it Different from Other Cryptos?
What sets Qtum apart from all the other cryptocurrencies? Well, most cryptocurrencies attempt to “specialize” in a certain area. For example, bitcoin is becoming more and more accepted as a good store of value. Ethereum is known for its smart contracts. Monero and ZCash claim to work on maximizing privacy. With every cryptocurrency having its own niche, one could argue that this could pose interoperability issues. How can it be possible to harness the best features of each crypto, at once?
This is where Qtum steps in. It claims to offer a unique platform that is designed to incorporate the most attractive features of the leading cryptocurrencies. For instance, it aims to improve the interoperability and scope of Ethereum’s smart contracts, while custom-tailoring them to be able to handle the specific needs and requirements of businesses. Furthermore, taking into account that the bulk of internet access is via smartphones or mobile devices, Qtum’s blockchain is designed to be more mobile-friendly. This can be a very useful thing considering that the full set of features of most cryptocurrencies and their platforms can only be accessed via standard desktops.
Some Practical Uses
The Qtum Foundation intends to spread awareness about the use of its blockchain in mainstream industries. This includes finance, manufacturing, industrial logistics, and even for counterfeit protection. Clearly, this technology happens to be in its preliminary stages of adoption and development. However, it does seem to have presented its case as one of the crypto-platforms to keep an out for in 2018. Will it join the other major cryptocurrencies in gaining mainstream adoption?