What is Qtum? Qtum is a smart contract-based Blockchain network that combines the best of Bitcoin and Ethereum. In this article, you can find answers to the questions that investors wonder, such as what is Qtum, what it offers, what is QTUM good for, and how to buy it. cryptocoin.com We have compiled it for you. Let’s examine the project together.
What is Qtum?
Qtum is a Blockchain network founded in 2016. The network combines Ethereum’s smart contract capabilities with Bitcoin’s UTXO accounting system. It achieves this through its technology called Account Abstraction Layer, which gives it the advantage of applying updates from both Bitcoin and Ethereum. Unlike Bitcoin and Ethereum for now, Qtum uses the energy efficient Proof-of-Stake consensus mechanism instead of Proof-of-Work.
The network operates in a completely decentralized manner and distributes fair rewards to users. In this way, it makes the network more secure against cyber attacks and censorship. Built on Ethereum in 2016, Qtum migrated to its own mainnet in 2017. In 2017, it completed the 4th highest ICO in the crypto space up to that time.
What does it offer?
The Qtum network works faster than BTC and ETH. Accordingly, Qtum can perform 70 transactions per second. Thus, it has the ability to perform transactions 16 times faster than BTC and 7 times faster than ETH. In April 2021, Qtum implemented a hard fork that reduced the average block time from 128 to 32 seconds and quadrupled block production. This hard fork is known as “FastLane”.
Qtum is among the networks with the most nodes, with a total of 1200 nodes distributed in 60 countries. Accordingly, its high efficiency and rich smart contracts make it a hotbed for dApp development. Many new dApps on the platform are based on DeFi, including QiSwap (an AMM) and Qcore (yield farming).
What is QTUM? What does it do?
QTUM coin is the native cryptocurrency of the Blockchain network of the same name. Originally released as an ERC-20 token, this altcoin is now on its own network. QTUM is basically used to pay gas fees. Accordingly, users have to pay with QTUM to run smart contracts on the network.
In addition, the altcoin ensures the decentralization of the network. QTUM coin holders can participate in the management of the platform and vote on the decisions taken. Finally, Blockchain uses a Proof-of-Stake mechanism. In this mechanism, QTUM holders can lock their assets into smart contracts with a certain maturity. Through this process called staking, users earn token rewards after the aforementioned maturity.
What is Qtum? How to take
QTUM is currently traded on many trading volume-wide cryptocurrency exchanges. These exchanges include Binance, Huobi, OKEx, and HBTC. Interested investors need to create and verify an account on one of these exchanges. Then they can deposit an asset suitable for QTUM parities in their wallets and buy the altcoin.
