Qtum (QTUM): Soon Making A Quantum Leap To Space In Volatile Market
What comes to your mind when you think about Blockchain in China? Well, if you are like most crypto enthusiasts, your first guess will be the famous “Chinese Ethereum” aka NEO.
However, Qtum (QTUM) (pronounced as Quantum) is also a Chinese focused Blockchain project based in Singapore with relatively great potential for being the dApp ecosystem in the east region.
In fact, unbeknown to many crypto enthusiasts, Qtum had earlier appreciated in price by over 20,000% since its ICO (initial coin offering) about 11 months ago even though its price is currently dipping with the overall plummeting cryptocurrency market.
What is Qtum (QTUM)?
Basically, it’s an open source and decentralized Blockchain platform and cryptocurrency project that seeks to launch a value transfer protocol that will allow for the easy adoption of Blockchain technology by mainstream business organization and institutions.
Qtum hopes to use smart contracts, a PoS (proof of stake) and UTXO (unspent transactional output) protocol to enable the creation of a dApp ecosystem. By working with industry partners and building on the strengths of Bitcoin’s Blockchain and Ethereum’s Smart contracts, Qtum hopes to build a network of real-world business applications
What makes Qtum Unique?
Well, the fact that this Blockchain project blends the best of both Ethereum and Bitcoin (two of the most valued cryptocurrencies in terms of market capitalization) makes it unique as it combines Bitcoins reliability with Ethereum’s scalability.
With an approach that builds on these two revolutionary technologies, Qtum (QTUM) is set to be the smart contracts library. It aims to establish a range of smart contracting solutions that are applicable in a variety of industries.
Qtum’s price in the Market
The cryptocurrency market has been under pressure from regulators in the recent weeks. In fact, the last couple of days have been rough in the crypto space seeing the drop of the total market capitalization from an all-time high of over $600 billion in December to its current value of $279 Billion according to XBT.net.
Obviously, this overall dip in the market has also reflected in Qtum (currently priced at $16.7) as well as other cryptocurrencies in the market.
According to XBT.net, the recent move by China to ban cryptocurrencies by putting up a firewall that prevents access to both foreign and domestic cryptocurrency related sites is among the major reason for the havoc being experienced in the cryptocurrency market at the moment.
But even though the market remains shaky, there is still hope especially for projects such as Qtum (QTUM) that are coming up with new developments including Qtum’s recent launch of a space-based Blockchain node.
Qtum goes to space
Yes, that’s right; Qtum just recently announced the launch of a first of its kind space-based Blockchain node that will see Qtum go further in its quest to set up a decentralized open source platform for dApps in the world of business.
Furthermore, Qtum (QTUM) has also received support from the community, managing to raise $1 million from angel investors in the cryptocurrency space at the beginning of the year.
These are only a few of the many developments that make Qtum a must watch cryptocurrency and Blockchain project in 2018. If Qtum’s roadmap is anything to go by, there is a lot in store for this project that attempts to bridge the gap between Blockchain and traditional industries.