November Updates: The Road to DeFi

2020-12-01 09:09

As we witnessed one of the most exciting months in crypto history with Bitcoin breaking the all-time high, the Qtum development team is proud and works hard to be one of the only (if not only) blockchains that are currently up-to-date with Bitcoin’s latest release of version 0.20.1. Improvements and updating the core protocol for any blockchain is most important. Since Qtum uses Bitcoin’s UTXO model, any updates made to Bitcoin Core will always be of the highest priority to the Qtum development team.

November wraps up while the Qtum development team keeps the main focus on the upcoming hard fork that implements Qtum Improvement Proposal (QIP) 26 to reduce block spacing. A Qtum Improvement Proposal (QIP) is a proposal mechanism used to provide information to the Qtum community concerning requests for modifications or suggested upgrades to the Qtum protocol.

Why is QIP 26 important for Qtum?

A significant issue for decentralized blockchain platforms is the length of time it takes for a transaction to get confirmed. QIP 26 will decrease block intervals to provide faster transactions for QTUM as well as smart contract transactions. One of the main reasons for the hard fork to reduce block time is that it is necessary to create a healthy DeFi ecosystem. The question is, how low can the Qtum development team decrease the block spacing without losing stability? It takes rigorous testing and coding to fine-tune the blockchain where the new block intervals will produce the best case results. Anticipation levels are high, and we should see some results soon as the team gets closer to production.

If you would like to read more about the upcoming hard fork check out this article: https://blog.qtum.org/qip-26-reduce-block-spacing-2a71cb862f85

**To view the full "November Updates: The Road to DeFi" post, visit the blog entry: https://blog.qtum.org/qtum-november-updates-the-road-to-defi-32fc88811180

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