Quantum (QTUM) Coin Review

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Killer Whale Crypto

August 19, 2021, 5:13 AM UTC

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This article describes the Quantum (QTUM) coin

Quantum (QTUM) Coin Review

Quantum (QTUM) is an open-source cryptocurrency project, which is both developed and maintained by the Quantum foundation. Created in 2016 by Patrick Dai, Jordan Earls, and Neil Mahl; this cryptocurrency project combines Bitcoin’s blockchain model and Ethereum’s smart contract capabilities to create a reliable and flexible coin. In this piece, we will be discussing Quantum (QTUM)

What is Quantum?

Quantum coin (QTUM) was built with a simple purpose: To create a cryptocurrency that combines the best aspects of Bitcoin and Ethereum, all the while becoming a secure exchange for business-centric decentralized apps. The highlighting features of Quantum coin are borrowing Bitcoin’s UXTO system. Think of the UXTO model as a type of accounting system used by Bitcoin that provides users a high level of transactional security. The UXTO system provides a receipt for unspent and unused coins after a transaction. The Quantum Foundation took this system and reworked the code to use for its own platform. The cryptocurrency also borrows its smart contract capabilities from Ethereum.

Making QTUM leaps

While Quantum boasts two incredible features, it differs from both of its cryptocurrency counterparts. Quantum employs a system which they refer to as the Account Abstraction Layer (AAL). This technology enables the use of smart contracts in conjunction with the Bitcoin UXTO model. The Account Abstraction Layer enables the UXTO and smart contracts to interact with one another. It decouples applications from the underlying protocol. Quantum maintains the notorious performance of Bitcoin’s blockchain while lending the ability to add additional future smart contract capabilities.

Quantum coin utilizes the proof-of-stake (PoS) consensus model, as opposed to the proof-of-work (PoW) model used by Bitcoin. The proof of work method used by Bitcoin is often resource-intensive with computer networks mining the coins, consuming more energy than the proof-of-stake mechanism. With the Proof of stake approach, mining is a simplified process. Within Quantum’s Proof of stake system, the miners are chosen to verify blocks within the system, based on the amount of QTUM they have staked; as opposed to the competitive proof-of-work mechanism, in which miners compete to be the first to solve complex math equations. Essentially, the bigger the stake, the greater the miner’s chance of getting selected to aid in verifying the transactions.

Quantum also utilizes a Decentralized Governance Protocol (DGP). This allows specific blockchain settings to be modified through the utilization of smart contracts. If the block size of Quantum coin needs to be increased, this can be achieved without the need for a hard fork or ecosystem disruption. This Decentralized Governance Protocol allows for automated smart contracts to be held to a vote, within a system of governance. This allows for the ability to monitor the status of the blockchain and automatically propose and vote for changes within Quantum’s protocol. This allows Quantum to be a self-regulating and self-modifying cryptocurrency.

In conclusion

Quantum has taken a major step in the blockchain industry by implementing the Decentralized Governance Protocol, along with adopting some of the most notable features of the world’s foremost cryptocurrency giants. Quantum is using smart contracts to transform the traditional methods by which blockchain software is maintained. Quantum hopes to revolutionize the cryptocurrency game.

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