In the world of cryptocurrencies, we have been talking about Bitcoin and Ethereum, Monero and Zcash. Many more cryptocurrencies appear out there every day but they tend to be fragmental and only take a few of the merits of cryptocurrencies as a whole. Now, a new start is rising on the horizon and it brings a burning promise to overhaul the world of cryptocurrencies as such. Enter QTUM (pronounced “quantum”), the cryptocurrency that has manage to launch smart contracts on blockchain. Let us take a closer look.
From Bitcoin to Ethereum, QTUM covers it all and well
When we talk about cryptocurrencies, we should differentiate between Bitcoin and Ethereum, and what makes them stand out from the crowd. Starting with Bitcoin, it is a blockchain-based technology using UTXO technology or unspent transaction output. In other words, the blockchain allows transactions to happen quickly and be validated in the matters of seconds. However, another bugbear occurs – the fact that such transactions depend on miners (i.e. users and owners in Bitcoin’s ecosystem) and demand significant computing power to carry out in full.
QTUM brilliantly incorporates this technology, but it also makes it simpler. Ethereum, you see, uses a bank model of running its transactions. Things are visible and easy to access and understand. Not only has that, but the use of smart contracts (the ability to assign tasks and change the code of the technology in a safe and secure environment) made it a highly desirable technology.
QTUM builds the visibility and ease-of-use of Ethereum and builds it on top of Bitcoin’s reliable and hefty system of operation. Say what you will, this creates a brilliant ecosystem for business to flourish.
How does business benefit?
Business benefits in many ways. First, if you are operating a company and want to reduce costs, you may ask the smart contract system to assign automatic functions that are carried away without the intervention of a human host. Admittedly, a similar use is still quite far from being feasible, because no company would want to generate potentially millions in losses off one badly executed string of code. However, such future application is quite feasible and you may be absolutely sure that this change will come about.
Not only that, but smart contracting do not require as much computing power. More, QTUM will only use a Proof of Stake concept that will allow it to slash drastically any computing work but also differentiate from the Proof of Work concept, which drains computers out of their existence.
Even though, QTUM transactions will necessitate computing power, a new sort of smart contracts called oracles will be able to pick up the slack. Put in simpler words, oracles are smart contracts that have outsourced part of their computing necessary to validate and carry out a transaction to third-parties.
Concerning scalability and security, QTUM also excels and distincts itself from the rest of the cryptocurrencies. Because you can practically build your own smart contracts on top of blockchain, there is practically no limit to the amount of cooperation that QTUM may engender between different cryptocurrencies.
In other words, QTUM is shaping itself as the perfect cryptocurrency of the future. For starters, it will allow you to trade and tinker with a variety of cryptocurrencies. However, QTUM will equally establish as its own thing and you will not have to worry too much about it.
Not only that, but QTUM can be adapted for mobile technologies. Previously, it has been difficult to power up a PoW system. However, with QTUM, users will benefit from a Proof of Stake concept, which can be successfully adopted for smartphones via Bitcoin’s single payment system.
This is a significant leap in the overall contribution that QTUM’s team has made and it is a noteworthy achievement by all measures. Being able to use light notes to track the progress of a given cryptocurrency will facilitate control over one’s wallet so much.
Not only that, but QTUM is striving to become the worlds most reliable cryptocurrency. Blockchain is solid but it also demands a lot of power. Also, while Bitcoin is expensive it may never be a workable solution for a global cryptocurrency that functions well as a means of exchange.
Nevertheless, Bitcoin showed that such endeavours are quite feasible. And QTUM is well-poised to pluck the best practices from every single realm of the crypto wold and bringing them together so that people may enjoy a workable and timely solution to all their trouble when it comes to cryptocurrencies.