At the moment, two coins dominate the cryptocurrency market: Bitcoin and Ethereum. The former has a more secure blockchain, and the latter is a part of a global platform for creating new decentralized projects. Each of them has its own strengths and weaknesses, but what if somebody combined these two technologies within one project? This is what the creators of Qtum cryptocurrency thought. In this article we will discuss what came out of it.
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- Key features of Qtum
- Qtum platform, is it a revolution or not?
- Where can I buy Qtum coins and how to store them?
Last year, the development team decided to create a platform that would compete with Bitcoin in terms of reliability and be more powerful in functionality and technology than Ethereum. They called it QTUM.
During the ICO, the project collected a little more than $16 million. QTUM coin is the first cryptocurrency in the history that is able to support both Bitcoin and Ethereum protocols simultaneously.
This project is quite unique. The main feature of Qtum are the so-called master contracts, which are advanced versions of smart contracts of the Ethereum. They are able to adapt to various external circumstances. Any adjustment in the relations between the parties immediately goes to the blockchain. Any entry that got into the registry can no longer be modified or deleted, so it might be an ideal tool for business.
In order to demonstrate the working principle of master contracts, let’s review an example. Supposing there are two parties that have concluded an agreement for the sale and delivery of a certain product from point A to point B. Within the framework of a usual smart contract, the conditions would be met only if the goods arrived at point B, but the master contract is more advanced, it can react to the actions of third parties. In this particular example, the third party will be the logistics company, which takes the goods from point A, and then compiles these data in the block. As soon as the cargo is received by the carrier, the buyer learns about it and has the opportunity to monitor further fulfillment of the conditions directly from the Qtum system.
This is just one case of applying this technology, real spheres where master contracts could make a revolution are quite numerous: entertainment, telecommunications, Internet of things, smart cities and much more.
This coin is still too young, but despite this, you can buy Qtum at a huge number of cryptocurrency exchanges. These exchanges are mostly located in Asia, but you can also find such giants as: Bytfinex, Binance, Upbit, Bittrex, etc among the general list of platforms. Qtum can be exchanged for Bitcoin or Ethereum, and it can be bought even for fiat money at a couple of exchanges (LiveCoin, Quoine, LiteBit).
Speaking about the issue of storage, it should be noted that the coin was created on the basis of the Ethereum blockchain, so you can store it on any wallet that supports Ethereum.
Of course, official Qtum wallets also exist. There are two versions:
- The simplified version – Qtum Core;
- The full version with the whole blockchain – Qtum Electrum.
Qtum is a young, but very promising project, the goal of which is to combine the functions and reliability of the two leading cryptocurrencies in one place. From the functional point of view, Qtum with its master contracts is much more advanced than Ethereum with its smart contracts. Master contracts make it possible to substantially simplify and improve the business relations of the parties in various fields.
The project is only one year old and has not been fully implemented yet, as the development team still has a lot more work to do. We will follow developments and share with you the latest news from the world of the cryptocurrency industry.
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