What is Qtum?
Qtum is an open source Blockchain project that is developed by the Singapore-based Qtum Foundation. Qtum is a hybrid 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 to run on a familiar foundation, while offering a robust environment for developers. The underlying technology uses an “Account Abstract Layer”, which acts as a bridge between the EVM and the Unspent Transaction Output model of Bitcoin Core. There will 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.
What makes this different than other blockchain projects?
The Qtum project offers many advantages to the Smart Contract development community. This project is designed to implement the best parts of the Bitcoin and Ethereum projects, into a business-friendly blockchain. By implementing the Bitcoin Improvement Protocols, and making use of the Ethereum Virtual Machine, digital currency enthusiasts can finally agree on one platform that will offer stability and direction.
What is the benefit of the UTXO Model over the Account Model?
The account model is similar to a bank account. Each party has a balance and can subtract a portion of their balance to increase the balance of another party in order to send money. This model is conceptually very simple to understand. However, to make this work in a blockchain environment many pieces of logic must be added to avoid “double spending”, spending the same funds twice. This logic makes the account model less simple internally, and adds a number of restrictions.
The UTXO model on the other hand is similar to having an ecosystem built on bank checks (without an actual bank account, the check itself is the money). There is a “pay to” field which in our example provides instructions to how the money must be spent, and each check has an amount. You can not go to cash the check and say “cash half the check and give me half back”. Your “balance” per-se is the sum of the checks which you are capable of spending. This model is more difficult to explain, but because every token is either “spent” or “unspent” and there is no in-between, it is much easier to secure in a blockchain environment with less logic required to maintain that security.
Each model has it’s own pros and cons. Accounts are conceptually simpler and thus smart contracts written on an account system tend to be much clearer and easy to understand. With UTXOs however it is simpler to validate a transaction, which can be done simply by verifying that the transaction has been confirmed by the blockchain, in the case of the SPV protocol. The UTXO model also has been tested and proven to be secure by Bitcoin, which has operated for over 7 years with no significant changes to its core model. It has also been proven to be more scalable, and transactions can easily be processed in parallel (which can be more difficult in the account model).
With all of this in mind, we at Qtum felt that building on the UTXO model best aligned with our goals and that adding the Account Abstraction Layer brought us the best of both worlds. Now we gain all of the security and interoperability benefits of the UTXO model, while smart contracts are written as if they were based on the conceptually simpler account model.
When Will The Crowdsale Start?
The sale will start 12pm GMT, March 16th, 2017. Please view our crowdsale page for more details: https://qtum.org/en/crowdsale
How Long Will The Token Sale Last?
The Crowd Sale will last for 30 days. It starts March 16th 2017 at 12PM GMT, and ends April 15th 2017 12PM GMT. https://qtum.org/en/blog/qtum-crowdsale-update-timeline
What is the Token distribution?
There will be 100 million total coins, 51% of the tokens available for sale to the public. The other 49% is broken down as per the Economy Whitepaper, found at https://qtum.org/whitepaper
Who is on your team?
For an overview of our profiles, please see: https://qtum.org/en/team