The ongoing advancement in the field of cryptocurrencies is indirectly altering our way of making exchanges in some or other way.
The intense competition for making the best use of blockchain technology gives rise to many of the alternatives cryptocurrencies with varying degree of features involved.
While I was doing the reviews on exchanges a few days back, the number of coins has risen to 1000+ to 1400+ on coinmarketcap.
Isn’t it crazy the way number of cryptocurrencies are increasing?
So, isn’t it overwhelming if I tell you that there is a cryptocurrency platform that combines the most reliable features of both Ethereum and Bitcoin?
Exciting!! Isn’t it?
So, today we here, at coinscage have come up with another detailed review of digital coin i.e., QTUM cryptocurrency.
Whether you’ve got heard of Qtum otherwise you have simply picked up news regarding this fast booming digital coin, Qtum was up until the recent events in December 2017, which has earned more value and significance than that of other cryptocurrencies.
So, without any further delay let us head towards analyzing what actually Qtum is?
What is Qtum?
Qtum which is commonly known as Quantum is an open-source, decentralized network of the blockchain. It is the first to utilize a protocol that comes with aspects of the transactional models of each Bitcoin and Ethereum.
Qtum merges the reliableness of Bitcoin’s unfailing blockchain with the endless prospects provided by smart contracts and an inter-compatible version of Ethereum Virtual Machine.
The main idea behind the development of QTUM is the intention of creating better and reliable working condition for companies and enterprises and to start using blockchain technologies, with options like mobile compatibility, off-blockchain transactions, and integration with Ethereum and Bitcoin.
Now, to clear your understanding on wider basis let us see how does it work.
How does it work?
It combines the feature of Bitcoin Core infrastructure with a co-operative and matching version of Ethereum Virtual Machine (runtime environment for smart contracts in Ethereum).
In the foremost stage, it is basically a toolkit for enhancing the real business world and is compatible with major blockchain ecosystems.
It uses Proof- Of- Stake Consensus Protocol (which means they ensure unique blockchain which cannot be altered in any way and also provide protection to the network from disruption by any other powerful entities) which is far and way better than Proof-Of-Work Algorithm for ever-evolving corporate and business world.
Now to clear the basic understanding of QTUM let see what are the components that make it better than Decentralised Apps System.
What are its Key Components?
As I have already mentioned, that it is the functional combination of both Bitcoin and Ethereum so it has got many components. The EVM, the Bitcoin Core, the Proof-of-Stake consensus and the Abstraction Layer makes QTUM familiar to most of the frequent users while creating DApps simultaneously.
- The Account Abstraction Layer: This enables us to build smart contract and run decentralized apps safely and securely. It also allows endless merging possibilities provided by smart contract, which was not possible before.
Before the QTUM abstraction layer users have tried to develop smart contracts that will use a Bitcoin blockchain. However, every try ultimately failed because both Bitcoin and Ethereum use different blockchain models. Abstraction layer makes it possible by combining their model to give ultimate functionality.
- Compatible with Mobile devices: Qtum has been built on Bitcoin UTXO model which means simple verification protocol which is by default in QTU codebase. This default support executes the smart contracts using lite wallets which is compatible with any mobile devices.
It also enables to pace the working of QTUM because half of the traffic is generated by mobile devices.
- Cross-platform compatibility: Qtum has compatibility with existing Ethereum contracts along with Bitcoin Core infrastructure. So it will maintain the backward compatibility even if their systems get updated or modified.
Pros and Cons:
Like every coin has two sides Qtum has also some great benefits along with some disadvantages.
- Mobile- friendly
- It has its own wallet for different operating system.
- Ethereum Virtual Machine is used.
- It allows you to create Dapps (Decentralized Apps).
- It uses Bitcoin Core infrastructure.
- The founder of Quantum has been claimed to allegedly steal 200BTC previously
- Some pointed issues with the smart contract.
How to buy QTUM?
Here, I am going to give you a detailed guide to how you can buy QTUM.
To Buy Qtum you need to go through the following steps:
Buy BTC From Coinbase:
Coinbase is a currency exchange platform that currently operates in 32 countries. It accepts credit card, debit card, and bank transfers. If Coinbase is not supported in your country, then you can try Coinbase alternatives.
Limits are low for the first exchange but it increases with the continuous use of it. Also, you need to verify your ID before you start using it.
For this guide we will use Bitcoin to buy from Coinbase, so keep following these simple steps:
- Visit Coinbase and create your account.
- Once your account is created you need to verify the account.
- For verification, you need to provide a phone number, a photo ID which includes driving license, passport etc.
- On the next page, you need to add an account/debit card/credit card and verify the same.
- Select ‘Bitcoin’, and enter the amount you wish to buy.
- Now you will be asked to confirm your purchase.
That’s it! Finally, own some Bitcoins. Congratulations!!
Now, We will Create an Account on Kucoin and send BTC inoder to buy Qtum.
Kucoin is a cryptocurrency exchange which is available worldwide and allows to trade one crypto to other. I do not accept fiat currency hence we need to send BTC to buy Qtum.
Getting started with Kucoin is very easy, as you need to simply create an account and verify it.
Once your account is ready, you need to go to your Bitcoin wallet address.
To see your Bitcoin address, Click on “Deposit” and select Bitcoin.
Keep this window open and now go to Coinbase.
Send BTC to Kucoin
Under account section, Click ‘Send’ on BTC wallet.
Now, Copy that Bitcoin address and paste it into recipient address. Make sure to copy/paste correctly.
Within 20-60 minutes, Yoreceiverecieve BTC in your Kucoin account.
Buy Qtum with BTC
Go to markets and search for Qtum
- Now, Enter the amount of QTUM you wish to buy and click on ‘Buy‘
- Your buy order has been placed. You will soon see your new Qtum balance appear in ‘Available QTUM’ on the sell side of the Buy/Sell box.
Binance is also cryptocurrency exchange platform just like Kucoin.
You can follow our complete guide and review of Binance.
Unlike another exchange platform, Bittrex is among one of the best exchange platforms among many. It has maintained it’s placed ever since its launch and has many listed coins under it.
To start trading with Bittrex you must follow our detailed guide and review.
HitBTC is a cryptocurrency trading platform which has 150 trading assets which include cryptocurrencies, tokens and preliminary coin services.
To get your Qtum token via HitBTC you must follow our guide on HitBTC.
Some of the other important exchange platforms are:
If you are planning to store Qtum for a long period of time, then you must store it in a separate wallet rather than on the exchange.
Top Qtum Wallets
QTUM official Wallet
- Go to QTUM GitHub and scroll down until you find the heading of “QuickStart”. Choose the wallet which is best suited for your operating device.
“qtum-0.14.13-win64.zip” will be suited for the computer of 64 bit.
- Once the download has completed, unzip the folder inside and place it on your desktop.
- Open the folder and click on “Bin”
- In Bin folder you will find the file name as “qtm-qt”. Click on it and will run your wallet on the desktop.
- Your wallet is now open. It will let you know that it’s about to start downloading the Qtum blockchain.It will also show you the progress of the download. Press ‘hide’ to remove it.
- Press ‘Settings’ and then ‘Encrypt Wallet’.Enter a passphrase that you will remember but hard to be guessed by others. Press OK. You will be given a warning. Read it, understand it, then press ‘Yes’. The program will shut down and encrypt your wallet.Restart the wallet.
Note: If you forget this passphrase you will lose access to your wallet and coins.
- Press ‘File’ and then ‘Backup wallet’.Name the file something obvious, such as ‘My QTUM wallet’. Save the file somewhere safe, for example, an external hard drive or USB stick.
Note: If your computer is stolen or damaged you can use this backup file to recover your wallet.
- In the wallet, press ‘Receive’ on the menu on the left.Press ‘Request payment’.You will be given an address, which looks like a long string of letters and numbers.Copy this down somewhere safe as we’re going to need it soon.
Hardware Wallet: Ledger Nano S
Ledger Nano S is a Bitcoin and altcoins wallet, which provides very high security to the funds.
Ledger Nano S has established its name in the market as one of the Best Hardware wallets.
You can store your Qtum tokens in Ledger nano once you buy it.
To store your Qtum tokens follow this guide which I have already written on Ledger Nano S.
The team behind QTUM:
Qtum team comes from both the Bitcoin and Ethereum communities as well traditional companies like Baidu, Alibaba, Tencent, NASDAQ and more.
The Qtum Project is proud to be backed by some of the most notable blockchain players, traditional Venture Capitalists, and executives from some of China’s largest technology companies.
You can get more information about Team members on their official page.
Total Supply of QTUM:
Project inception began in March 2016, leading up to a successful crowdsale a year later. Over 10,000 BTC and 72,000 ETH were raised in less than 5 days, making Qtum one of the largest crowdfunded projects in history, at $15.6 million dollars.
The total supply of QTUM is 100 million with circulating supply of 73 million.
Among those 100 million tokens 51% was distributed to the public via ICO sale and remaining 49% were held back for the development team, foundation members and for the further development of QTUM platform.
Future of QTUM:
If I talk about the future of QTUM then it is always unpredictable. However, if it could be able to attain it desired and mentioned goal then there is no doubt it will take over the business world soon.
In the ongoing development process, the company has built a smart contract hub which is highly secure along with the templates. The project has already been put under testing and if it could match the expectations according to the objective it will enhance and optimize various working of industrialists.
Even then, Qtum will have to prove itself as a viable and useful platform for corporations. That being said, Qtum’s list of backers and advisors is a good indication that this coin is going places.
Some of the important reviews on QTUM by crypto experts that should be considered are:
Our Review on QTUM:
While future of the crypto market is very dynamic. It keeps on changing the current situation and position. QTUM is a newbie in the crypto market so it totally depends on you. The decision totally depends on how you are going to analyze the current situation and future prospects.
By the combination of most powerful aspects of Bitcoins and Ethereum Qtum, for now, seems to be the most promising platform than other existing ones.
Also, QTUM has the strong background of team members and is continually attaining their goals. It has come into the limelight in the corporate world and is also among the top 20 crypto coins.
So what do you think about QTUM? Do give us your feedback in a comment section down below.
Till then keep exploring these amazing articles: