About Qtum (QTUM)weiss-badge
 

Overview

Qtum (QTUM), pronounced Quantum, is an open-source cryptocurrency, capable of executing smart contracts and supporting decentralised applications (dApps), similar to Ethereum. Qtum is built on Bitcoins UTXO transaction model and implements Proof of Stake (PoS) consensus, considered more practical for business adoption. Additionally, Qtum aims to develop a collection of services intended to bridge the gap between blockchain technology and the business world. These services include tools and techniques to normalise the workflow of business smart contract development and form a hub of tested and verified smart contract templates.

Technology

Qtum is a cross blockchain platform, which combines a fork of Bitcoin core with multiple virtual machines (including the Ethereum Virtual Machine) and Proof of Stake consensus. With this combination of technology, Qtum hopes to allow Smart Contracts and dApps to run on a conventional foundation while offering a robust ecosystem for developers. Qtum promises Oracles and Datafeed functionality, giving developers the ability to create Smart Contracts built around trusted sources of information. Qtum's UTXO model is similar to having an ecosystem built on bank checks, where the check itself is the money, rather than the bank account. Under these rules, there is a 'pay to' field and 'amount' field. This benefits the blockchain as coins are categorised as 'spent' or 'unspent,' in other words you cannot go to a bank and ask to cash half and give the other half back. This creates a simpler blockchain model where less logic is required to maintain security.

Forward Focus

Qtum aims to be the leading toolkit for building trusted decentralised applications used in real-world, business orientated cases. Designed with stability, modularity, and interoperability in mind, Qtum focuses on compatibility with significant blockchain ecosystems while giving essential support for mobile devices and Internet of Things (IoT) appliances. For more information regarding Qtum visit the official website or read over their Whitepaper.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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