Qtum: Everything you need to know

Blockchains, also known as Blockchains, have become a fundamental part of today's technology. Although their use is not yet so widespread, little by little they have been gaining a niche among companies like Qtum.

More and more companies are focused on creating platforms which, hand in hand with cryptocurrencies, are responsible for providing Blockchain solutions. That is why here we will tell you everything you need to know about Qtum.

✨Meet Qtum

Developed by the foundation of the same name, Qtum is an open source platform which works through a hybrid design. Its main objective is to help companies and developers to create their own smart contracts. An existing blockchain is used for this.

The technology behind the Qtum operation is undoubtedly surprising because of the way it involves different technologies, which is why it is hybrid. To do this, a fork of the Bitcoin core is combined with an abstraction layer. This layer allows the integration of multiple virtual systems such as Ethereum.

In this way, it could be said that this Bitcoin fork is used with an integration layer, Ethereum blockchain and the Proof of Stake algorithm. This allows developers to access a robust system which allows the development of solutions based on Blockchain.

Within Qtum a Token known as Qtum is operated which is a coin based on the famous Ethereum Token, the ERC20. This token is like the gas in a stove, since it keeps the system alive by guaranteeing the execution of smart contracts in transactions.

qtum

✨Qtum versus Bitcoin

  • Smart contracts: Smart Contracts stand out as one of the most efficient ways to validate transactions. Compared to Bitcoin and other virtual currencies, Qtum smart contracts offer better performance, speed and security. EThis is thanks to the use of exclusive technology that allows them to be improved, in addition to making developers able to use them.
  • Stability: One of the reasons Qtum is so prominent is that it uses the Bitcoin Improvement Protcol with the Ethereum virtual machine. This guarantees that the stability of the virtual currency and platform are much higher.
  • Use of innovative technology: Bitcoin focuses on the early versions of the Blockchain while Qtum uses an innovative system. Here the best of Bitcoin technology is incorporated with the best Ethereum technology. This allows to create an innovative system, never seen before and of much greater efficiency.
  • UTXO Model: The construction of the ecosystem is unique, since it uses a model of operation very similar to that of traditional banks. That's right, UTXO is used here as a model to help manage transactions. Functions such as tickets and bank promissory notes are added to the ecosystem.
  • Better financial control: Another plus point is that this UTXO system allows better control of what is spent and also what is available. This gives users better control of their expenses, in addition to helping to offer greater security. Of course, there are still some problems to solve.
  • Mining process: The Qtum mining process is totally different from what we can find in other types of virtual currencies. And it is that to mine these digital currencies you do not need very sophisticated equipment or powerful hardware because if mined it is more accessible.
  • Accessible costs: Also, you should know that the cost of mining is much lower than that of other currencies. If you compare the amount of electricity required to mine Bitcoin, the cost of energy is much, much less. Thus, you could mine at home without the need for very high voltage power.

✨Technology behind

Qtum is arguably in the middle, in the middle of the Bitcoin infrastructure and in the middle of the Ethereum virtual machine. This makes it unique in the way it created a hybrid performance with two historic antagonists.

This project emerged as an ecosystem and platform designed so that developers can use this medium to create Blockchain solutions for companies. For this, a decentralized operation is used which creates its Blockchain from two opposite, but complementary systems.

By the way it works, Qtum is compatible with most Blockchain ecosystems so it allows you to easily run your applications. Another point is that it has a VTP which allows transferring values ​​2.0. This means that users can move their coins through smart contracts that co-operate with the network.

 

✨Mining

The process of mining Qtum can be confusing. To start you must have some Qtum tokens in your wallet and leave them for at least 16 hours. In this time, a minimum of 500 blocks must be generated so that you can perform the mining.

Once you have the minimum blocks, for every two minutes that you have an asset in your Wallet making transactions, it will generate a return. The result is that 4 Qtum Token will be obtained after mining a block. That is why great hardware is not required to mine these coins.

✨ How to get Qtum?

Qtum

 

There are two options to get your Qtum coins. The first is mining them, which can be a bit cumbersome, but also satisfying. You do not need specialized equipment like ASICS, or high energy consumption. You just put your Wallet to work and that's it.

Finally, you should know that another valid option to get Qtum Token is to buy them. Most exchange houses offer the option to buy this cryptocurrency because its use is relatively popular. The most common pairs in the Exchange are BTC, USDT and ETH and in some EUR and USD.


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About Pedro Martinez Gonzalez

I'll tell you a little about myself! I am a financial analyst and economist with a master's degree in finance.

About my studies: I studied at the University of Salamanca for a Degree in Economics and then did a Master's in Finance in Madrid.

Do you want more information? You can read more about me here in my biography.

2 comments on «Qtum: Everything you need to know»

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