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What Is QTUM ?
Qtum has become another beautiful bride of cryptocurrency technology with the innovative concept of combining bitcoin blockchain technology with ethereum virtual machine. What that means is that you can get a combined strength of bitcoin blockchain technology and ethereum smart contract blockchain technology in one hybrid platform called UTXO transaction (Unspent Transaction Output).
Qtum is still new in cryptocurrency business, and many observers have applauded their new concept but whether they go far depends on the trust of their technology and how far investors can push their products and make them competitive.
What Is Qtum?
Qtum is decentralized, open-source cryptocurrency, offering both private and transparent transactions on a hybrid blockchain technology. Qtum makes use of cryptographic software tokens which is being used to execute a smart contract of ethereum and decentralized application(DAPP) of bitcoin on a Qtum blockchain. It also makes use of staking currency known as the power of stake(PoS) for execution of transactions on a blockchain.
Qtum is made of enterprising men and women who are hungry for success. The team is made up of three co-founders which includes Neil Mahi(Chief Blockchain Architect / Co-Founder), Patrick Dai(Project Co-Founder) and Jordan Earls(Lead Developer / Co-Founder).
Qtum also has notable names in cryptocurrency community as backers/supporters which include Anthony Di Iorio (a founder of the Ethereum blockchain), Star Xu(CEO of Okcoin), Roger Ver(a pioneer investor in blockchain-related startups) and Matthew Roszak(co-founder of Bloq).
Practical Uses of Qtum
Because of its’ mobile app compatibility, it can be used for off-blockchain transactions and integration.
Many merchants are yet to accept it as a payment system; it can be mainly used for investment for now.
You can pay other users who are using Qtum with Qtum tokens.
Mining of Qtum
When a cryptographic problem is solved, the miner who got it solved will be rewarded with Qtum for adding blocks to the blockchain. The miner or team of miners will be rewarded with a given amount of Qtum based on the quotient. Anyone can mine Qtum as long as your hardware meets the requirements and you have the technical knowledge to execute such task. People use different methods to mine and two most commonly used of recent are Cloud mining and pool mining.
With cloud mining, all you need to do is to connect to the datacenter and use the shared power to mine. You don’t need a physical hardware to mine.
With mining pool, all you need to do is to join a group of miners, and when a cryptographic problem is solved, a reward will be given to the team. A share of the reward will be given you according to your contribution in getting the problem solved.
The reward for mining block is 4Qtum, and a block is generated at 2minutes interval. If you can mine 500, mathematically, that will be 2000Qtum credited to your wallet. Do the arithmetic for a year, and you will know that mining is profitable.
Notes for investors
Qtum raised $15.6 million in 117 hours in their last ICO, making it the 8th largest and most funded crowd safe.
Qtum market cap as at the time of compiling this report is $896,263,100 with 59,000,000 QTUM in circulation. 1 QTUM stands at $15.19 or 0.00441855 BTC as of today, and market analysts have predicted an increase of 18% by the end of 2017.
All these points highlighted here shows that Qtum is a good investment option and should be given a second thought.
This incisive report about Qtum should not be seen as an endorsement to invest in Qtum. Cryptocurrency investment is speculative and unpredictable, and it involves risks. The market is full of uncertainty, susceptible to attack and capital loss. There are many parameters one needs to check before investing. Don’t invest only based on what you have read here, but invest based on the fact that, you have sought advice.
I wish you success!