In this Qtum reviews article you will know more about Quantum crypto currency. So Qtum (pronounced Quantum) is a Singapore blockchain based platform, which, according to its founders, represents the first “UTXO-based smart contract system with a proof-of-stake (PoS) consensus model.” Qtum was designed to merge the best parts of Bitcoin betting and Ethereum betting: value transfer protocol and smart contract functionality.
How Does It Work?
Qtum is based on the Bitcoin core code, which makes use of UTXO principles, and this code is run on a machine based on an Ethereum Virtual Machine. Furthermore, Qtum establishes the connection between these two functionalities by using Account Abstraction Layer (AAL) that masks the identities of the users involved in the transaction.
The production of new Qtum coins is managed by an improved variant of the Proof of Stake protocol, which rewards new QTUM to those who keep their network nodes online. Compared to regular PoS cryptos, QTUM stakers must have their nodes online at all times in order to get the reward.
Every block one staker selected at random, then he has the right to create a new block and send it to the network. He will receive the block reward and the fees of all qtum transactions that are incorporated in his block.
What Makes It Unique?
QTUM is the only Proof of Stake blockchain that has smart contract functionalities. Ethereum is currently working to transition to PoS, but this will take some time to be implemented completely.
Proof of Stake 3.0 greatly improves on the features provided by the Proof of Work or Proof of Stake consensus algorithms, as it ensures that only the network parties which always keep their nodes online can receive the rewards.
As Qtum is based on both Bitcoin and Ethereum, it is compatible with upgrades for both chains, such as SegWit, Lightning, sharding, state channels, and plasma.
The biggest advantage of Qtum is its dual nature, which enables it to be compatible with both ETH and BTC. For example, as it uses the EVM (Ethereum Virtual Machine), all Ethereum smart contracts can be deployed on Qtum and vice versa. From a technical perspective, QTUM has many advantages in terms of scalability and security. The downside is that the coin requires long processing times for its transactions. On average, Qtum has to go through 24 confirmations to process the transaction, which can add up to 60 minutes. Another disadvantage is that it is not so popular as a payment method for sports betting.
Depositing QTUM on betting sites first requires you to sync your wallet with that of the betting site. You will have to look on the site for the specific wallet address the sports betting has for QTUM deposits, sync with it, copy the address, and go to your own wallet to make the allocation. Withdrawals function on the same principle only in reverse. First, send a withdrawal request, and after approval, place the address of your external wallet where you want your coins to be sent. The problem is that you will not find more than a dozen sports betting sites where QTUM payments are supported. Most bookmakers that accept QTUM betting are crypto-only and are usually small sites. Click here if you want to know best crypto only sites.
-
BTC
$43,912.04 +0.50% -
ETH
$2,262.27 -0.51% -
USDT
$1.00 0.00% -
BNB
$233.31 +0.87% -
XRP
$0.64 +3.95% -
SOL
$63.70 +0.31% -
USDC
$1.00 0.00% -
ADA
$0.45 +5.00% -
DOGE
$0.10 -5.69% -
AVAX
$26.39 +1.99%
QTUM is ranked as the 36th crypto according to a market cap of $205.978.229, currently changing hands at $2,14. As the coin is still among the top 50 cryptos, trading for the coin is available on around 60 exchanges, such as Binance, Bitfinex, Bithumb, Bittrex, BitMart, CoinBene, HitBTC, Huobi, Kraken, and Gate.io. The most popular pairings with QTUM are against the three top cryptos, Bitcoin, Ethereum, and Tether. But there are also several fiat pairs. So, EUR options are supported on four exchanges, including Kraken. South Korean users have seven fiat options with the Korean won at exchanges such as Bithumb, UPbit, Coinone, and OKEx Korea. There are nine exchanges that support the QTUM/USD pair: Kraken, Bitfinex, Binance.US, EXMO, Liquid, Exrates, IndoEx, Alterdice, and P2PB2B. After you have set up your QTUM wallet, you can now sign up on an exchange platform that supports the pair you are interested in (for example qtum to btc or qtum to eth exhange). You will be required to provide ID details and information on QTUM exchange that have fiat purchases. After your account has been confirmed, you will have to create a buy order with your QTUM pair. There is also the option of swapping another coin from a wallet that has built-in exchange features to turn your other cryptos into QTUM.
