DApps on Bitcoin Blockchain? | Blockchain Central

Hey everybody and welcome to another episode of BLOCKCHAIN CENTRAL! In today’s video, we’ll take a closer look at Qtum Qtum has two goals

First, it is a blockchain that attempts to link existing crypto currencies and make them interchangeable Second, Qtum – is a new cryptocurrency that uses its profits to develop that blockchain Qtum’s developers call it "a public blockchain for business applications" They hope to deploy Qtum in areas such as mobile communication, data protection, logistics, manufacturing, and the financial sector Qtum describes itself as a hybrid blockchain-application platform and is a fork of the Bitcoin implementation: Bitcoin Core The core concept of Qtum's development is the Account Abstraction Layer

The Account Abstraction Layer is a platform and a programming interface that makes it possible to emulate virtual machines, such as the Ethereum Virtual Machine (EVM) EVM’s enable the implementation of Smart Contracts and Decentralized Apps on the Bitcoin blockchain; something that wasn’t possible before Of course, to mediate between Bitcoin and Ethereum, Qtum must make certain decisions Perhaps the most important one, is its accounting system Unlike Ethereum, which uses accounts, Bitcoin uses so-called unspent transaction outputs (UTXOs)

These could, for example, be transfer receipts Instead of transferring the amount into an account, the UTXO acts as a promissory note Qtum in its concept, follows the UTXO model as they are easier to verify by a blockchain than balances of accounts Qtum uses the Proof-of-Stake algorithm to validate blocks The stake of a user is converted into a network weight

The network weight is the percentage of total amount of Qtum the user owns So, if there are 100 Qtum coins and I own 5 of them, my network weight is 5% On the one hand,— this procedure is fast, uncomplicated and efficient On the other hand, Proof of Stake has a reputation for contributing to the creation of monopolies Qtum, in particular, is a perfect example of that threat

While conventional cryptocurrencies such as Bitcoin are estimated to hold 40% of the total coin supply from a few dozen top users, Qtum is estimated to hold 90% among those few dozens Qtum still has a long way to go to achieve its goals The advantage is that it offers a precisely defined set of features, relies on proven technologies and is compatible the so-called "second layer" solutions Ok, so what have we learned in this video? Well, first of all, Qtum is a new cryptocurrency that can be purchased with the profits going into the development of the Qtum platform Second, the goal of the Qtum platform is to link existing cryptocurrencies on a new blockchain and make them interchangeable

While this sounds very cool and interesting, especially considering the vast amount of blockchain technologies in existence these days, it also means that though decisions and compromises must be made It remains to be seen whether Qtum developers will be able to overcome obstacles, make the right choices, and whether Qtum will be able to deliver its goals Qtum’s journey will sure be interesting to follow Before you go, please note that this content neither represents financial, legal, or tax advice, nor is it supposed to be understood or interpreted as solicitation to buy or sell any securities, coins or tokens Thank you so much for watching

If you liked this video, make sure to hit that like button and don’t forget to subscribe to Blockchain Central to never miss a beat! Happy investing!



Comments are closed.