With various involvement in blockchain projects, he accumulated rich experience in blockchain development and put them into a technology document How to build your own blockchain from 0 to 1.
The motive behind initiating the Qtum project is that: Chinese has no authority on blockchain development. Not a single Chinese could be found in the bitcoin core developers. One reason is that the Chinese are interested in mining and exchange business. We found very few involvement from Chinese after a number of protocols and new apps were released.
We want to build a platform and an ecosystem in China that has a strong development and community support.
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A more pressing issue for the Qtum project is that the blockchain development in China is still in its infancy and cannot keep up with the fast pace of business demand. Shuai Chu said:. For example, several hundred apps have been developed over the ethereum network for the past two years. Despite its success, the problems encountered by the ethereum network are common seen by the whole community, like the online transaction speed, the scaling issue.
Also the smart contract thing is at inception stage, which not strong enough to support the growing demand of the whole industry. Qtum proposes improvement to the issues in the bottom layer of blockchain. Therefore mining mechanism was discarded in Qtum design. Sometimes blockchain network is DDOS attacked and on-chain transaction is nearly frozen. In order to solve the problem, Qtum separate the common tx from smart contract tx. The most straightforward benefits of dual layers is when contract transaction are DDOSed, normal transaction could proceed without problem.
Shuai Cu said:. Sending and receiving are the most fundamental feature of a blockchain network, which should be prioritized to process. Smart contract transaction could wait and a upper layer feature. First we need to ensure the reliability and security of bottom layer. Qtum explores various application scenarios in integrating with current business and society, including logic to comply with regulation through Oracle and Data Feed. It is actually self-sufficient, with all participants forming a closed circle that is detached from the outside world.
While Oracle and Data Feed offer a channel to introduce offchain features to be seen onchain without compromising the network security. For instance:. A contract signed by two banks could be terminated with the consensus of the two banks alone. A master contract gives total control to the contract-singers over the execution or termination of the contracts. The Master Contract is a great step forward, bringing new potential to the blockchain application and extending the concept of smart contract. As we all know that the public blockchain in existence are not acknowledged by banking or financial institutions due to the lack of ID idenfication or permissioned access.
The issue has been taken into consideration by Qtum at the very beginning. Qtum set ID identification as an non-required option, allowing user to proceed with identification via the third party or use the network anonymously. They are distinguished by different types of accounts and address. Users with ID can get more priority service when accessing financial service. More features are often linked to a more complicated system Does it lead to more attack vectors to the Qtum system? Shuai Cu:. We believe that attack vectors could be contained via separation of on-chain behaviour and off-chain behaviour.
We hope to do our part in expanding the blockchain boudaries. There are few dev teams that are truly into the blockchain technology. Many teams abroad are developing applications but genuine breakthrough in technology and innovation are difficult, so is improvements over existing system. With reference to the software development in China for the past two or three decades, we cannot exert influence on many open-source projects due to the lack of thorough research.
We need to grasp the bottom layer technology to guide the future business development. We see the potentials of blockchain implementation and early research and systematic development will prove worthy of investment in the future. Qtum development team currently has 10 developers, mostly of whom are found within the community. The team wish more developers and partners to join the Qtum open source community.
Qtum Introduce Master Contract and ID Identification Option into Blockchain
Chinese Report is here. Learn cryptocurrency and digital assets since and co-founder of 8btc in Qtum Quantum is an open source, decentralized project that aims to capitalize on the success of Bitcoin, while competing for the Decentralized Application DAPP and Smart Contract market. This will streamline [Suspicious link removed]patibility into daily business routines, and allow for easier adoption. Instead of reinventing the wheel with a completely new codebase, Qtum is based on Bitcoin Core v0.
Qtum Core development will be directed by the Qtum Foundation, which will be overseen by an established auditing firm. This project aims not to be another medium for exchange, there are enough Blockchain projects to fill this demand. Instead, focus will be directed at various sectors where technology could streamline operations. All of this will fall into the framework of Decentralized Applications, based on a modified version of the Ethereum Virtual Machine.
There is a need for a stable codebase, consumers and businesses want confidence that their monetary value is not at risk of sudden incidents. Technical Summary In this section we will discuss the Qtum Blockchain, a new Cryptocurrency created for consumers and businesses. Qtum is designed to be secure, stable, and fast.
This means Qtum will not require the use of accounts to execute contracts between interested parties. Existing Ethereum Smart Contracts can be ported to Qtum with minimal changes. Other virtual machines and programming languages will be supported as the project matures. Bitcoin has done a tremendous service to the commerce and finance industry by providing a means of value transfer, and we would like to expand on this momentum.
We plan to support the Qtum Blockchain with Smart Contracts that allow users to control coins by taking advantage of various Internet Protocols. This allows users to send and receive Qtum as part of an e-mail. This should lessen the learning curve for users interested in Qtum but do not have a wallet. There is a vast amount of consumers that may not be aware of digital currencies, but could be introduced to Qtum by means of a viral marketing campaign.
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In China, Wechat leverages their userbase of over half a billion people, to make payments for everyday goods and services. Just like Apple Pay, they make a quick scan with their device at the point of sale, and the money is deducted from their account. We plan to build Quantum applications that integrate into the popular messaging platforms like: Wechat, WhatsApp, Viber, and so forth. The English version of the whitepaper is being edited, and will be released in January To summarize, the technical features of Qtum include Compatibility layer for Ethereum Blockchain model, which allows for easy porting of existing Ethereum and Solidity contracts3.
Ability to manage contracts from mobile wallets without running a full node5.
Qtum Introduce Master Contract and ID Identification Option into Blockchain |
Most existing tools built for Bitcoin and some BIPs will continue to be compatible with Qtum blockchain6. The opportunity for industry and business to make use of a public ledger is enormous. For an entity to be able to sell a product or service, provide the customer proof of purchase, and then maintain that item throughout its lifespan is invaluable. There is big interest in Blockchain technology, especially in the finance industry. Currently, banks are applying for many Blockchain patents. This may be because they are fact finding, or plan to adopt technology into their core products and services.
A lot of large corporations find themselves becoming too big, stale, and uncompetitive. Blockchain and other disruptive technology may threaten their business model in the years to come. Through the Qtum Foundation, our goal is to facilitate these large organizations to adopt digital currency and blockchain technology into their mainstream operations.
Qtum is currently talking with a few corporations in China about strategic partnerships, but it is still too early to make announcements. At this point, the main focus is the social network, telecommunications, finance, and supply chain industries.
March 29, 2021
Third party development will play a large role in the adoption of Qtum and Blockchain as a whole. At this stage, most industries we have spoken with are curious about Blockchain, and whether it can improve or threaten their business.
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Meet Our Team:Qtum core team comprises of several members, spanning the globe. Please post what you can offer in the thread. Press:Quantum has generated some press, due to our attendance at conferences and Blockchain events. S: self modded threads lead to hostility quite quickly here…. Obvious scam. Save your btc. Spend it on booze for yourself.
Hi everyone, I just wanted to confirm that I am indeed a part of this team and am very excited about Qtum. We have a great diverse team and a solid product being developed. Qtum pretende tornar-se na primeira plataforma com contratos inteligentes que executam como parte de um Unspent Transaction Output UTXO.
Existe um grande interesse na tecnologia Blockchain, especialmente no setor financeiro industrial. Mais uma criptomoeda que promete maravilhas. Actuellement, les banques demandent de nombreux brevets Blockchain. Quote from: JariKriting on December 27, , AM ini koin ada program bounty nya ga gansignature campaign, facebook campaign, twitter campaign, translation dll nyadan ada penjualan ico nya ga, kalau ada kapan, menggunakan escrow gajumlah total coin nya berapa Tunggu update terbaru dari developernya gan, sekarang ini bounty baru untuk translation dan new articles ini mungkin maksudnya bounty blogpost gan Quote from: doktor on December 27, , AM belum melihat jadwal escrow, apakah ada update terbaru tentang escrow dan bounty?