About

Qtum is a blockchain platform that integrates the strengths of Ethereum and Bitcoin, offering a scalable Proof-of-Stake system. It enables the development of smart contracts and supports ERC20 tokens and NFTs. Qtum's decentralized governance allows for the adjustment of key parameters, promoting a fast, environmentally friendly blockchain network. The platform also features a multi-wallet ecosystem.

History

Qtum's roots Qtum (pronounced Quantum) was founded by Patrick Dai, Neil Mahi, and Jordan Earls. Prior to founding Qtum, Patric was a member of the Alibaba team while Neil Mahi came in with 20 years of software development experience. Both founders had spent multiple years working with cryptoassets before pursuing Qtum.

Marrying aspects of Bitcoin and Ethereum Qtum aims to harness the best attributes of the Bitcoin and Ethereum blockchains to create a smart contracting platform. The protocol uses the Bitcoin core code as its base for security and stability reasons. Since Bitcoin does not support Turing complete smart contracts, Qtum integrated Ethereum's virtual machine (dubbed the Ethereum Virtual Machine or EVM) to make the network capable of running decentralized applications (dApps). It also has plans to integrate additional virtual machines, namely the X86 VM, to support smart contract programming languages beyond Solidity.

The combination of Bitcoin and Ethereum attributes creates a compatibility issue. Bitcoin uses a UTXO model to track coin ownership, while Ethereum (like most other protocols sporting virtual machines) employs an account-based model for simplicity. The Qtum tech stack, therefore, contains a conversion layer, called the account abstraction layer (AAL), in between Bitcoin code and the EVM to ensure UTXO and virtual machine compatibility.

PoS consensus and on-chain governance Qtum opted to use an adaptation of Blackcoin's Poof-of-Stake (PoS) model as its consensus mechanism. The team believed Proof-of-Work (PoW) blockchain protocols suffered from categorical scaling limitations that PoS could help alleviate. Qtum also has an on-chain governance system (aka Decentralized Governance Protocol or DGP) to pass on decision-making responsibilities to token holders. Network parameters up for discussion include block size and base gas fee, among others. In addition to the on-chain governance system, the Qtum Foundation plays a central role in the development and promotion of the Qtum blockchain.