QTUM (QTUM) is a cryptocurrency co-founded by Jordan Earls, Patrick Dai and Neil Mahi in 2017. It is a decentralized blockchain project that is focused on increasing the interoperability of smart contracts for businesses and institutions by bridging the technology between Ethereum smart contracts and Bitcoin’s stable blockchain.
Pronounced as Quantum, QTUM runs on the Bitcoin codebase with an additional Account Abstraction Layer (AAL) built on top. The idea of the AAL is to help run the Ethereum Virtual Machine on top of the blockchain so it is capable of running dApps. Instead of trying to develop new technology, this method combines both the tested and proven technologies of the Bitcoin blockchain with smart contracts from Ethereum. QTUM was also the first blockchain project to go live that was capable of running large scale dApps whilst using a Proof-of-Stake consensus mechanism.
As well as running dApps on top of the Bitcoin codebase, the QTUM network will also support the integration of outside data feeds via Oracles. These Oracles will be able to deliver data feeds from trusted APIs directly to the smart contracts on the EVM in order to help provide the data required for the smart contract to execute.
The team at QTUM are largely focused on business and large-scale enterprise applications of smart contracts and aim to facilitate the transition from legacy systems over to blockchain-based solutions that increase automation and decrease costs for these enterprises. QTUM will provide the tools and knowledge necessary for the enterprises to transition to innovative blockchain solutions. However, it is important to note that QTUM has no restrictions and individuals are free to use their network also.
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