- Ayushi Abrol
- April 28, 2022
Without a doubt, blockchain technology is altering the way we interact with the world today. Whether it’s for making payments, tracking shipments, or other critical industrial functions, blockchain technology is proving to be a more resilient option in each field.
Due to a never-ending stream of innovations in blockchain technology, the market competition has been surging over the last five years. As a result, the developers create new blockchain-based business solutions to devise a more efficient way of dealing with common technical problems. So in this article, we will discuss one of such popular business blockchain infrastructures, and its native cryptocurrency is known as “QTUM.”
What Is QTUM Coin?
QTUM has been attracting many investors in the market recently. Providing a stable interface for the QTUM platform, this coin works as the backbone of the QTUM business-oriented blockchain solution. Like any other native crypto token, this coin is primarily used to pay platform fees at a lower rate.
Moreover, It is a cryptocurrency coin that combines the durability and flexibility of BTC and ETH. With Patrick Dai as the initial founder, this coin was introduced into the market via an initial coin offering event in 2017. Needless to say, QTUM is giving tough competition in the market with its hybrid blockchain concept. But what makes this open-source blockchain platform stand out from the rest? Let’s find out!
How Is QTUM Cryptocurrency Different?
The QTUM cryptocurrency, without a doubt, shares many similarities with other coins on the market, but it excels in a few areas. For example, it has created a custom two-layer transactional model for faster initiating and verifying payments. Apart from that, it follows three unique protocols as below.
POS 3.0 Smart Contract Utilization
QTUM leverages Proof Of Stake 3.0, one of the most significant security mechanisms available in the blockchain industry, to protect user funds. Ensuring the safety of token holders is essential for maintaining a decent image in the market, and QTUM takes it into account!
The Mutualized Proof Of Stake Smart contract utilization on QTUM is a more advanced version of POS 3.0 protocol. This ecosystem, which serves as a cornerstone of the platform’s security, encourages users to stake higher amounts of tokens for better benefits. The majority of the tokens are locked away in a more secure way that automatically decreases the vulnerability against hacking attempts.
Value Transfer Model
The QTUM platform follows a value transfer model to combine the popular blockchains’ bright sides effectively. As we already know, the fastest way for banks to compete with digital currency is for each bank to create a VTP account and begin using it with their peers or customers.
This allows each bank or financial institution to set up a trusted network and transfer money from person A to B without using third-party systems or intermediaries like banks could not do before. As a result, the QTUM blockchain technology meets the expectations of market participants by implementing the same methodology.
UTXO Transaction Model Of BTC
Bitcoin has a transaction model called UTXO (Unspent Transaction Output). The inputs are used, and the outputs are formed when a bitcoin is spent. Inputs come from the original address. The outputs are addresses that accept these inputs as inputs and result in unspent transactions. These unspent transactions are put into blocks and chained together to make up the blockchain for bitcoin. Similarly, For QTUM tokens to be sent or received, it can take multiple UTXO inputs to create a single UTXO output.
Features Of QTUM Open-Source Blockchain Platform
None of the businesses would like to integrate themselves with a blockchain platform that will decrease the current performance of their working capabilities. Thankfully, this open-source solution is well aware of that and has been working on providing the best features to the industry leaders. These features keep updating according to their feedback to make sure they can hold the market standings effectively. Below are some of the essential features that QTUM provides free of cost.
Enterprise Blockchain Services Support
Blockchain technology has captured the attention of banking, pharma, and insurance companies. How can someone not be interested in integrating when it promises efficiency, fairness, and transparency? In contrast, the QTUM blockchain model can replace existing systems with much higher speed and efficiency, enabling enterprises to compensate for the removal or reduction of intermediaries by lowering their cost per transaction. Plus, it also allows customization for enterprise clients.
The concept of a multi-wallet ecosystem is not new. With such an ecosystem at your disposal, you will have no problem managing multiple payments across different accounts. A multi-wallet ecosystem allows users to enjoy security and convenience at their fingertips – especially when compared with traditional banking methods. The wallets are cross-platform compatible so that you can use them almost everywhere.
Deployment of Dapps(Decentralized Applications)
A lot of new startups understand how useful DApps are! However, working with these applications requires an easy-to-use platform and reliable blockchain. QTUM provides easy solutions for the deployment of Decentralized Applications. What makes this platform even more unique is the ability to incorporate new technology as needed.
Account Abstraction Layer In Blockchain
The Account Abstraction Layer (AAL) is a software framework in QTUM’s open-source platform that operates on the blockchain infrastructure and connects the client application and the blockchain infrastructure. It provides an easy-to-use interface for developing applications that require assets, identity, or digital assets from the various top Blockchain platforms. The AAL also converts data types into other readable formats for end-users to interact with blockchain networks differently.
Speedy Execution of smart contracts
Distributed ledger technology is fast becoming the most promising and scalable form of value transfer protocol on the market. Unlike traditional banking, QTUM’s decentralized architecture alleviates the need for a centralized intermediary or clearinghouse, which dramatically reduces transaction costs and facilitates new business models. And what else can be better than implementing smart contracts on a blockchain to automate most of the process? In addition, the quick execution of smart contracts on the QTUM blockchain provides better processing of multiple requests at reduced costs.
Easy Business Integrations
Businesses are finding ways to utilize blockchain technology, and it is becoming increasingly clear that it could be a crucial means of expediting many business processes. The number of potential applications for blockchain technology seems endless, and a great deal of thought needs to be put into how adoption could impact future business models. One such occasion would be integrating both the new QTUM model and existing frameworks into existing business functions.
Supports Defi Applications
The concept of decentralized finance has been on the trend charts for financial experts. But, surprisingly, the QTUM blockchain model improves the compatibility with Defi applications. So the users can deploy Defi applications on the blockchain with more ease and take complete control over their financial decisions instead of relying on any third party. The good thing is that Instead of just focusing on the technical aspects of Defi, the QTUM platform offers a wide range of features associated with it.
Reasons Behind Recent Market Pump Of QTUM Token
Suppose you are one of those people to stay updated with what’s happening in the crypto industry. In that case, you may already know that the QTUM coin has been surging up in price for the last week, which has attracted a wide range of crypto investors to book quick profit. One of them is an ongoing Meme contest by QTUM to drive out the creativity of its users and reward them accordingly.
QTUM Coins Contest
The business-oriented blockchain system announced two contests recently for their loyal users. One of them was for celebrating their offline staking event along with the Guarda wallet. With a decent prize pool of QTUM coins worth $2000, no wonder a lot of investors and normal users were taking part in it.
Binance Blockchain Week Event In Dubai
One of the major events of 2022 related to the crypto industry was the 3-day Binance Blockchain week celebration at Dubai world trade center. As the QTUM team was one of the premier sponsors of that event, it is one of the main reasons for the price hike of QTUM. Representing the platform as a premier sponsor of Binance resulted in an increased number of investors.
Best Platforms For Investing in QTUM Coin
If you believe that investing in QTUM will give you decent profits in the long run, it is mandatory to know which platforms are best for buying/trading QTUM cryptocurrency. Because if you go straight to any random platform and buy QTUM coins, you are more likely to pay more transaction fees than the current market price.
Using the world’s leading crypto exchange platform Binance, won’t make you disappointed for sure! Choosing Binance for buying the QTUM cryptocurrency is the easiest way to get your hands on this coin before the prices hike up even more. With an in-built price calculator for QTUM coins and the lowest transaction fee, Binance is the number one platform on our list.
The second one to make a debut in the list of best platforms for investing in QTUM coins is Kraken. Providing their trustworthy services for over a decade now, utilizing Kraken for buying your first QTUM coin is another great choice. The coin is available for trading in QTUM/USD, QTUM/BTC, QTUM/EUR, and QTUM/ETH pairs to choose from.
Huobi Global may be what you’re searching for if you’re a seasoned crypto trader who prefers a more advanced trading interface. Trading QTUM on Huobi global will allow you to use the integrated trading view option and the live order book in the sidebar. In addition, you can deposit USDT to your Huobi account and use the spot trading option to buy QTUM coins.
The last crypto exchange might not be the favorite of everyone, but it does the job for sure. Unlike Huobi global, choosing Kucoin can save you a few extra bucks with a lower transaction fee. Regardless of the fee structure, you can enjoy all the features from Huobi global in Kucoin, but the only limitation is that you need to check whether it supports your country or not.
Choosing among the popular cryptocurrencies may seem difficult, but the process is quite easy if proper market research is implemented. Specifically talking about the QTUM cryptocurrency, there are not many cryptos in the market that aim toward infusing two different blockchains to deliver the best services. Therefore, if we analyze the overall market performance for the QTUM coin, It becomes crystal clear that it is growing steadily in the overall market evaluation.
However, make sure to do your own research before making any investments in QTUM coins. As cryptocurrencies are highly volatile entities, you may not get any returns on investments, especially if you are not looking forward to holding the coins for a long-term profit margin.