Top businesses constantly look to identify methods of streamlining costly, antiquated processes, and many businesses are quickly identifying the blockchain as a necessity to stay competitive in their markets. Grand View Research projects the global blockchain technology market to grow from $604.5 million in 2016 to a staggering $7.74 billion by 2024. Companies like NVIDIA Corp. (NVDA), Overstock.com (OSTK), Hive Blockchain, BTL Group Ltd. and Global Blockchain Technologies are currently making significant moves in this space, sparking its massive growth and bringing investor awareness to the rapidly expanding industry.
One project that hopes to simplify the blockchain adoption process for businesses is Qtum, a platform for implementing tools, templates, and other plug-and-play smart contract options to make it easier for businesses to build and execute smart contracts. Specifically, Qtum is focused on decentralized applications which can be executed on mobile devices. Qtum leverages a combination of Bitcoin’s blockchain and Ethereum smart contracts to offer businesses a high performing, yet stable platform for DApp development and implementation.
Interested in Qtum? Here’s a quick rundown of the project:
Platform & Development
While Bitcoin is perhaps the most stable and secure blockchain, it’s not ideal for enterprises usage for a number of reasons, including its proof of work requirement for consensus and it’s limitations with smart contract programming. That is why Qtum made the decision to build a modified Bitcoin Core infrastructure (UTXO) with an intercompatible version of the Ethereum Virtual Machine (EVM), which leverages the more economical proof of stake consensus model. Qtum also utilizes Oracle and Data Feeds, in conjunction with the logic of regulation, to bridge the real world to the blockchain world. These data feeds are an integral element of Qtum’s enterprise acquisition strategy.
5,884 Qtum staking nodes are currently active across the world… and in space. Qtum even provides an interesting live map of all active nodes, which shows heavy accumulation in the eastern United States, Europe, and Asia. The map also confirms Qtum is an adequately decentralized system.
Qtum gives updates every month or so related to their development and roadmap progression. Perhaps the biggest upcoming milestone is the development of the Qtum X86 Virtual Machine, which will support more mainstream programming languages, equipping as many developers as possible to launch more applications on the platform.
Qtum has a large and rapidly growing team that features a number of developers and financial experts. The team is led by CEO Patrick Dai, who previously worked at Alibaba, and notable investor Roger Ver currently sits on the Qtum board of advisors.
Qtum (QTUM) currently has a market cap of ~$1.4 billion with a circulating supply of 88,479,480 QTUM and a total supply of 100,479,480 QTUM.
Qtum is a project with very high potential value, and in order to expand on that value, they will need to show continued enterprise adoption of their innovative platform for mobile DApp creation.
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Disclaimer: The author(s) of this article may have a position in one or more of the securities mentioned above. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.