The price Qtum today is 6.11 USD, and the trading volume in 24 hours - 159,861,619 USD. The crypto asset has grown by 4.37% over the day. Currently, the coin’s market capitalization is 602,356,628 USD, and has 98,557,709 coins in circulation with the max supply of 103,591,512 coins QTUM.
What is Qtum (QTUM)?
Qtum (QTUM) Qtum is a decentralized blockchain project built on the Bitcoin UTXO model, with support for smart contracts based on the Ethereum virtual machine and protected by the Proof-of-Stake consensus model.
By making it possible to run the Ethereum Virtual Machine (EVM), the runtime environment for smart contracts in Ethereum, on QTUM's own Bitcoin-based blockchain, the founders hoped to provide fast smart contract programming combined with the inherent stability of this blockchain to achieve the best results. Since QTUM is primarily targeted at businesses and institutions, this system aims to ultimately improve the automation of all smart contract technology and reduce the costs associated with using it. To speed up the creation and execution of these contracts, the QTUM platform comes along with a number of smart contract templates, pre-created contracts, and tools for simplified development of new decentralized applications (dapps). This will allow companies to create their own coins for the products and services they offer, as well as automate the management of their supply chains.
Who is behind the creation of Qtum?
The project was launched in Singapore in 2017 based on the vision of combining the best segments of Bitcoin and Ethereum technologies on a single hybrid platform by Patrick Dye, Neil Mahi, Jordan Earls and other project members, including people who were active in various crypto communities.
What is unique about Qtum?
The founders of QTUM believed that the Ethereum platform had unresolved stability issues, which prompted them to combine the functionality of smart contracts with the more stable Bitcoin chain.1 To make them work together, QTUM implemented an account abstraction layer technology that allows its blockchain data to be transformed into the account system used by Ethereum.
Instead of a proof-of-work (PoW) mechanism, QTUM uses its Proof-of-Stake (PoS) consensus model in conjunction with the Bitcoin UTXO (Unspent Transaction Outputs) system to validate transactions. This allows it to process transactions simultaneously, regardless of their sequence.
Another advantage of the UTXO system for QTUM is that it allows you to run lightweight client nodes on your network that store records of only the most recent or most important blocks to verify the transaction. This allowed smart contracts to be managed from mobile phones, which often have to deal with slower connections or less storage capacity. By focusing on making smart contracts "smarter" and more accessible, QTUM is likely to compete with crypto projects like Ethereum or NEO.
How many QTUM coins are in circulation?
As of January 2021, the total number of coins in circulation was 97 million coins, with a maximum supply of 107,822,406 QTUM coins.
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