As an increasing number of companies and processes proceed to leap on the blockchain know-how bandwagon to harness the potential advantages it affords, a couple of limitations of blockchain have come to the fore owing to its growing use in quite a lot of methods. As an illustration, good contract-powered Ethereum continues to face problems with scalability, safety and community congestion, whereas Bitcoin is hit with questions on turning into a mainstream cost methodology.
QTUM Implements New Features
To deal with these challenges, QTUM, operated by the Singapore-based QTUM Basis, was developed as a decentralized, open-source, good contracts-powered platform and worth switch protocol. It claims to be a new-age blockchain answer that makes an attempt to marry the salient options of the 2 standard cryptocurrencies – it combines Ethereum’s good contract performance with Bitcoin’s safety.
QTUM has lately introduced the launch of many new modifications at the system and operational ranges that are aimed at growing the adoption of the cryptocurrency community among the many lots.
Probably the most vital replace for QTUM is the event of its devoted x86 digital machine (VM), which is able to permit it to transition away from the usual Ethereum Digital Machine (EVM). QTUM has been operating on EVM since inception which carries a couple of limitations like help for just one programming language.
The QTUM x86 VM is a brilliant contract working system constructed to allow straightforward deployment of decentralized functions (dApps). It’s anticipated to supply main advantages which embrace help for a number of programming languages like C, C++ and Rust, a typical coding library, an optimized fuel charging mannequin, new prospects for creation, execution, and administration for new-age good contracts, a number of APIs for simple plug and play, and help for different knowledge storage. These enhancements are anticipated to make lives straightforward for the builders to create varied apps on the QTUM community and profit from them.
The general working mechanism of good contracts is ready to take a brand new street which is able to make the x86 VM extra scalable and can reward smart-contract builders by charging much less payment by way of the community fuel. The mechanism will encourage “tight coding,” which is able to reward the builders to jot down applications that use fewer assets on the QTUM community. Primarily, the brand new age QTUM will act as a whole, devoted “working system,” saving area, assets and processing energy, making the blockchain community extra scalable, quick and clutter-free. In response to QTUM co-founder Jordan Earls, the x86-based applications are discovered to be 10 to 20 p.c smaller by way of dimension as in comparison with their EVM counterparts through the preliminary testing.
QTUM is launching three new initiatives known as Qx, QDex, and Qrypto that are anticipated to contribute to the advance of the general QTUM ecosystem.
Qx – a decentralized transaction protocol that may work like a buying and selling app facilitating the buying and selling of digital property based mostly on QTUM
QDex – a decentralized token trade operating on QTUM blockchain that may permit customers to finish QRC token transactions by a simple to make use of, intuitive and concise interface providing a clean person expertise
Qrypto – Just like Metamask, Qrypto shall be a browser pockets administration plug-in that may work like the mandatory browser interface between blockchain and dApps.
Market Potential for QTUM
QTUM has made good strides in Asia, gaining recognition among the many regional customers, and is now aiming to broaden to different components of the globe.
It struck a key partnership with Chinese language cybersecurity chief Qihoo 360 in January this 12 months, which opened the doorways for the QTUM basis to affix the 360 Blockchain Analysis Middle. It is going to set up a blockchain lab to develop options for 360’s merchandise with the blockchain taste.
The corporate additionally has a strategic collaboration with Hong Kong-headquartered Baofeng that has a market cap of $1.2 billion on the Shenzhen Inventory Market. Baofeng has 200 million energetic customers who subscribe to high-quality video content material, and the corporate plans to capitalize on the QTUM blockchain because the blockchain platform on which it’ll construct a decentralized content material supply community. One other gaming firm known as BINGO will use QTUM blockchain to enhance gaming expertise and permit seamless knowledge entry and transparency between builders and sport publishers within the $170 billion gaming trade.
QTUM has additionally discovered use in social media and prompt messaging companies. BeeChat, a preferred messaging app in Asia, although lesser recognized within the western world, has greater than two million customers and is constructed on the inspiration of QTUM blockchain. Mithril, a social media blockchain mission shall be growing its decentralized apps on QTUM.
Whereas the majority of QTUM person base has to this point been confined to the Asian geography, the community has bold plans to broaden throughout the globe with new options. QTUM has additionally introduced an bold development plan with a renewed advertising and marketing technique that may assist it achieve extra traction amongst world customers and builders. It has already secured the coveted standing of getting the third largest full nodes on the worldwide scale after Bitcoin and Ethereum, which is a sign of its growing adoption.
QTUM has gained sufficient traction since its launch within the cryptocurrency market. It claims to have emerged as an environment friendly different to different top-rated blockchain-platforms like Ethereum, NEO, Cardano, and EOS. It holds the 20 th rank among the many high cryptocurrencies by market capitalization as of this writing and now has the third largest set of full nodes (7,000) throughout the globe, after Ethereum (20,000) and Bitcoin (13,000).
The Backside Line
QTUM appears to have rightly recognized the pain-points of the present, standard blockchain networks and is making an attempt to emerge as a viable answer to the challenges. Whereas updates and new function launches are widespread to the blockchain networks within the cryptocurrency world, the result shall be realistically judged by the mass adoption numbers that may emerge over time.