Qtum (Quantum) is an open source, decentralized project that aims to capitalize on the success of Bitcoin, while competing for the Decentralized Application (DAPP) and Smart Contract market. The goal is to work with industry partners, and launch the first Value Transfer Protocol (VTP). This will streamline daily business routines, and allow for easier adoption. Qtum aims to become the platform with Smart Contracts that execute as part of an Unspent Transaction Output (UTXO).
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The Qtum Foundation is a Singapore based entity that promotes adoption of the Qtum Blockchain. Project inception began in March 2016, leading up to a successful crowdsale a year later. Over 10,000 BTC and 72,000 ETH were raised in less than 5 days, making Qtum one of the largest crowdfunded projects in history, at $15.6 million dollars.
Qtum is an open source Proof of Stake (PoS) blockchain application platform. Qtum’s core technology combines a fork of Bitcoin Core, an Account Abstraction Layer allowing for multiple Virtual Machines including the Ethereum Virtual Machine (EVM) and Proof-of-Stake consensus aimed at tackling industry use cases.
We believe this will allow Smart Contracts and Decentralized Applications (DApps) to run on a familiar foundation, while offering a robust environment for developers. The underlying technology uses an “Account Abstraction Layer”, which acts as a bridge between the EVM and the Unspent Transaction Output model of Bitcoin Core. Building on Bitcoin’s reliable and proven-to-deliver blockchain, Qtum stacks its Account Abstraction Layer, allowing the Bitcoin Core 0.13 blockchain to seamlessly interact with the Ethereum Virtual Machine (EVM). With this innovation it is now possible to execute smart contracts and run DApps, simply and securely, in environments that were previously out of reach for Ethereum, combining the endless possibilities provided by smart contracts with the stability and maturity of the bitcoin ecosystem. There will also be Oracles and Datafeed functionality, allowing developers to create Smart Contracts built around trusted sources of information.
The Qtum Foundation plans to be the public blockchain for business. Development efforts will allow us to market this platform to various industries, such as: Mobile Telecommunications, Counterfeit Protection, Finance, Industrial Logistics (shipping, warranty, etc), and Manufacturing.
Build decentralized applications you can trust
Combining a modified Bitcoin Core infrastructure with an intercompatible version of the Ethereum Virtual Machine (EVM), Qtum merges the reliability of Bitcoin’s unfailing blockchain with the endless possibilities provided by smart contracts.
Designed with stability, modularity and interoperability in mind, Qtum is the foremost toolkit for building trusted decentralized applications, suited for real-world, business oriented use cases. Its hybrid nature, in combination with a first-of-its-kind PoS consensus protocol, allow Qtum applications to be compatible with major blockchain ecosystems, while providing native support for mobile devices and IoT appliances.
Smart Contracts that Mean Business
Qtum makes it easier than ever for established sectors and legacy institutions to interface with blockchain technology. Create your own tokens, automate supply chain management and engage in self-executing agreements in a standardized environment, verified and tested for stability.
Smart Contract Lifecycle Managment
Qtum, in cooperation with its academic partners, develops tools and methods to standardize the workflow for business smart contract development. This includes the formally verifiable translation of human-readable agreements to machine smart contracts, and the error-resilient specification of their elements, terms and conditions.
Setting Industry Standards
Cooperating with a series of partners and third parties, Qtum aims to establish a smart contract hub, offering secure and thoroughly tested contract templates, tailor fitted for a multitude of industries and use cases, such as supply chain management, telecommunications, IoT, social networking, and many more.
Building on Bitcoin’s UTXO model, the simple payment verification (SPV) protocol is supported by the Qtum codebase by default. As a result, it is now possible to execute smart contracts from lite wallets, which can be easily installed on any given mobile device, heralding an age of mobile decentralized applications.
With this, the blockchain is finally ready to take up disruption in a world in which half of all internet traffic is being generated by smartphones and tablets.
Account Abstraction Layer
Qtum extends Bitcoins 'Script' language so that it functions as a vehicle to transport code to Qtum’s version of the EVM. With this, it is now possible to execute smart contracts and run decentralized applications, simply and securely, in environments that were previously out of reach for turing-complete blockchains, combining the endless possibilities provided by smart contracts with the stability and maturity of the bitcoin ecosystem.
Cross Platform and Backward Compatibility
Qtum is compatible with existing Ethereum contracts as well as Bitcoin gateways, and will maintain backward-compatibility even if the system is updated.