Qtum is a new project which can be described as a hybrid of Bitcoin and Ethereum with a focus on mobile and business applications. Qtum puts the Ethereum Virtual Machine (EVM) on top of the Bitcoin UTXO model and joins the two with something called an Account Abstraction Layer. This enables execution of smart contracts and decentralized applications, comparable to the Ethereum blockchain, but in contrast to Ethereum, Qtum is built upon Bitcoin’s well-established UTXO transaction model and employs a Proof-of-stake consensus mechanism.
The Qtum model increases security, allows compatibility with both Bitcoin and Ethereum applications, and is able to utilize the SPV protocol. Qtum will launch in September with a 120 second block time, 2MB block size, and 100 million total coins. BTCManager recently interviewed Qtum’s Patrick Dai to find out more about the project.
What do you think will be the most attractive feature that Qtum will offer to Users? Which feature will be most attractive to Enterprises?
We think our mobile functionality, thanks to the Simple Payment Verification (SPV) protocol, will be one of the most attractive features of Qtum. The SPV protocol allows for lite clients to operate in a more decentralized manner that way users can trust a community of nodes instead of they a company to be notified of transactions.
We think this feature will also be attractive to enterprise users as well because they can have mobile devices that operate based on this protocol. This would give businesses more control over their operations and enable the to use Qtum in a broader range of applications.
Can you explain why you chose to launch with PoS 3.0 and what are the particular benefits of this consensus method over others?
We chose to launch with PoS 3.0 because it is the most tested PoS implementation