Qtum (QTUM) Still Proving Skeptics Wrong
We all have read about formidable cryptocurrencies and blockchain platforms like Cardano, VeChain, Tron, Verge and NEO. They all have great ideas that are going to change the cryptocurrency landscape, with huge potential for the future of cryptocurrency.
However, the one project that seems to have hit the ground running is Qtum (QTUM).
The Qtum platform is so nicely nestled in between Bitcoin and Ethereum that it only suffices to say that it is going to be as big as those two. Qtum coin may not dislodge Bitcoin and Ethereum, but by benefiting from both means it is poised to take a “quantum leap” into greatness.
May you are wondering: “What on exactly is Qtum?” and why all the fuss about it? Read on to find out what Qtum is and the reason it’s creating all the excitement in crypto circles.
QTUM simplified– a layered, decentralized blockchain that runs both the EVM and Bitcoin’s Unspent Transaction Output (UTXO). The cryptocurrency was launched in 2017. QTUM has two layers- a computing layer where all the EVM-related dApps and smart contracts are carried out and a settlement layer that provides a platform to handle Bitcoin’s UTXO.
QTUM’s Account Abstraction Layer makes it versatile
The cryptocurrency then uses the Account Abstraction Layer to merge the Ethereum virtual Machine and UTXO. The result is that QTUM is able to host smart contracts from different platforms.
You can easily port a smart contract from any virtual machine onto its platform. Simplified this means that any dApp or smart contract that works on EVM can be handled on the QTUM network and much more.
Technology alone can’t make QTUM great; it’s the belief the project has infused into the community that is going to see it achieve its underlying potential. And that’s why I believe that partnerships will be the difference between QTUM and the many other cryptocurrencies that could compete with it.
But before we look at these partnerships and how they could drive QTUM even further, remember this:
QTUM is in outer space
Let me say it once again: the cryptocurrency has become the first Blockchain to have a node in space. The lead up to the launch had seen a whole QTUM community galvanized.
They were taking a “quantum leap”, literally. On 2 February 2018 QtumOfficial, the blockchain’s twitter page posted that they had had a lift off of the first ever space-based blockchain node.
Symbolic as much as it is a statement of intent: of how QTUM views cryptocurrency down the line.
High profile partnerships the key to Qtum (QTUM) in a crowded crypto space
When we assess a project, especially a blockchain and a cryptocurrency, we always want to know who is on the team. We scrutinize them to see if they fit a defined set of standards as a measure of whether they can deliver or not.
That’s all fine. Experts drive the agenda of the blockchain, though to me, all that is in the background. They do a lot, but the public doesn’t know a dime what’s going on.
But partnerships are a different thing. Most of these partners are companies or institutions that we believe in. when they say a blockchain is the next big thing, we take their word. On that front, Qtum seems to be going big time, and this will pay dividends for the budding cryptocurrency.
Qtum and Qihoo 360 to work together
Qtum announced that it was partnering 360 Finance, Qihoo 360’s subsidiary. Qihoo 360 is a major cybersecurity Chinese company that commands a considerable market share in China’s internet sector. Qtum is also partnering with New Bitcoin Foundation (BTN) on this project.
The partnership will work to build Blockchain Technology Lab, the first one in China. The lab is to oversee Qtum’s smart contracts in fields like security, virtual machines, computing, and storage. If handled well, Qtum’s value is set to skyrocket from these.
Bokocloud on board for the very first consensus network service
Qtum also announced that they were to work with Baofeng on their Bokocloud project. The deal would see the two companies develop a pioneer blockchain algorithm that would incorporate network services.
Apart from the deal being a real game-changer, I think it’s what Baofeng brings with it that will have the greatest impact. Baofeng will put 50,000 full nodes on the Qtum network on the BokoCloud platform. And think of this; Baofeng has over 200 million users on its video streaming site.
Qtum to reap where partners excel
The world’s biggest pensioner may just be what the coin needed. NPF Gazfond, Russia’s giant pension fund is investing in Ink and Ink builds dApps on Qtum. This confidence in Ink is expected to trickle down to it and more projects will begin to favor Qtum over other dApps and Smart Contract platforms.
Wider adoption would mean QTUM gains value that would be good news to its investors as well as the blockchain itself.
What I can sum up about Qtum (QTUM) is this: a project that has a strong foundation is likely to succeed where it wouldn’t with a shaky start.
By setting up a string of partnerships and combining that with its “best of both worlds” relationship with Bitcoin and Ethereum, Qtum is going to be great for all of blockchain. And with a potential to hit $50 by Q2 2018, investors have never had a better reason to buy into a cryptocurrency.