QTUM Overview: A Recipe To Connect Blockchains

QTUM Overview: A Recipe To Connect Blockchains

By Swapzone | Swapzone Blog | 2 Dec 2020


QTUM, pronounced as “quantum”, has been in the center of attention for quite a while. Singaporean Foundation, a team from all over the world, coherent vision of development and use cases. Sounds great, doesn’t it? It sure does! For those of you who have not heard too much about QTUM just yet, the Swapzone team is here to break it all down, explain the basics of this currency, its perks, and how to get some QTUM coins for yourself. Buckle up!

The overview – what is QTUM?

The project stands out among other currencies because of the use of hybrid blockchain. QTUM is combining the best of both worlds – the one of Ethereum and the one of Bitcoin. To be more precise, the platform is merging Ethereum EVM with Bitcoin’s UTXO model. The Unspent Transaction Output model, in this case, is helping to track transactions in a highly effective manner. This is the base of QTUM. On the other side, we have Ethereum with its smart contracts. The merge of the Bitcoin base and Ethereum functionality provides QTUM users with a smart contract mechanism working with both Bitcoin and Ethereum.

The history of QTUM

QTUM was launched back in 2016 – quite some time ago for a cryptocurrency project. The initial team of three founders has been looking into a variety of existing projects so they can combine the best of the features and make their own version of a smart contract platform. 

The fundraiser for QTUM was held in March 2017, collecting more than 15 million US Dollars in a span of five days. 

Using the portions of open-source code from Ethereum and Bitcoin was just the basis for creating the unique idea behind QTUM. To make the launch possible, developers used an Account Abstraction Layer – the piece of code in between EVM and Bitcoin’s code, allowing the two to communicate and acting as a bridge.  

Why would one use QTUM? 

QTUM has been a leap in using interconnected networks. Any user can interact with Ethereum-based contracts as well as any services and gateways placed on Bitcoin, still being backwards-compatible. The friendliness and user experience of the network increases the use of smart-contracts and introduces something the crypto space has not yet heard – flexibility in between the chains (not a new thing at the moment, but at QTUM’s launch it was a revolutionary idea). 

QTUM also uses Proof of Stake in their system – a type of consensus algorithm in which agreement is achieved between the network’s participants. The algorithm chooses the creator of the block based on their participation, wealth in native currency, and age, so everyone involved in the network can become the one to verify block creation. 

How to get QTUM coins

Over the years, QTUM became a popular cryptocurrency asset with many users worldwide. The system is developing fast, the asset’s performance has been going pretty well over the years, so it’s logical to assume that many people are seeking to get some QTUM coins for themselves. If you are one of them and feeling lost in the services supporting QTUM (believe us, there are many of those), let us give you a tip – the crypto space requires verification, trying everything out for yourself, and finding the options that suit you best. 

This is exactly where exchange aggregators get their highlight. Swapzone is one of them, and we are supporting QTUM for swaps, aggregating the offers for the currency from all over non-custodial exchange space, sorting them out, and presenting them in one interface for the users to make their choice. 

Here is how you get QTUM with Swapzone:

  1. Open the main page of Swapzone.
  2. Select the currency you would like to exchange and enter the amount in the Deposit list.
  3. Pick the option to receive QTUM.
  4. Choose the deal you would like to proceed with from the list – all the available offers from our exchange partners will be listed there. You can sort the offers out by best rates, best swap time, and the rating of the service provider.
  5. After picking the offer that suits you best, click the Exchange button to proceed. 
  6. Enter the recipient’s QTUM address on the next screen. Make sure you have entered the information correctly – the currency will be sent to this address.
  7. Check the information once again. If all the data looks good, click Proceed to Exchange.
  8. Send the necessary amount of cryptocurrency to the address the service provider has generated. After the deposit is received, our partners will exchange it to QTUM.
  9. Exchanged coins will be sent to the address you have entered previously.

Swapzone
Swapzone

Swapzone is a cryptocurrency exchange aggregator that discovers and pinpoints the most relevant cryptocurrency exchange deals on the market. Exchange 300+ cryptos while saving your money and time.


Swapzone Blog
Swapzone Blog

Swapzone is a cryptocurrency exchange deal aggregator. We do things that would help you get the most out of your crypto swaps, make an informed choice of platform, check the rates and fees right away, and have all your exchanges in one interface. Like an instant exchange, but better. Here we are writing everything we think about the crypto space. Also, posting guides and tutorials. Tune in!

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