Tags: qtum foundation | cryptocurrency | patrick dai | bitcoin

Qtum Has Big Aspirations to Grow as 'Blockchain of China'

Qtum Has Big Aspirations to Grow as 'Blockchain of China'
(Dreamstime)

Monday, 09 October 2017 11:28 AM

Qtum Foundation, a cryptocurrency developer that aspires to be the “Blockchain of China” with its digitized public ledger of transactions, is working on joining the bitcoin protocol with ethereum technology with the launch of a “proof-of-stake” smart contracts platform.

Qtum in March raised $15.6 million in 117 hours, making it the fourth most-funded cryptocurrency crowdsale on record. The crowdsale sold $10 million of tokens in just 90 minutes.

Patrick Dai, the co-founder of Singapore-based Qtum Foundation, is seeking to accelerate development of the Qtum technology and infrastructure, which “can disrupt entire business models” by spurring ideas and engagement with enthusiasts.

Dai is a computer science doctoral candidate at the Chinese Academy of Sciences who used to work at Alibaba as a senior product manager.

“Qtum is committed to creating a globally influential open source community by co-operating with other blockchain communities, third-party developers and technological innovations,” Dai said. The goal is to bring blockchain technology into industries such as media, finance, social, mobile, the Internet of Things (IoT) as well as other sectors.

Qtum wants to bring industry-friendly consensus with a stable, safe and scalable platform that combines the best parts of bitcoin and ethereum, Dai said.

Qtum technically is an open-source value transfer protocol and decentralized application platform to combine the stability of the Bitcoin Core protocol and a version of EVM called the Qtum Virtual Machine (QVM).

Bitcoin is limited in what it can do with its simple script language, which is primarily used for sending value. Ethereum allows for many uses, but the source code isn't considered as stable and secure as bitcoin’s.

Qtum’s value transfer protocol and decentralized applications will support various industries as part of its goal. Another goal is to maintain compatibility with existing processes from bitcoin and ethereum for secure transactions.

Qtum Core allows smart contracts to execute on a proof-of-stake consensus model, as a combination of Bitcoin Core, Proof-of-Stake and the Ethereum Virtual Machine (EVM) to allow smart contracts.

Qtum’s A team of backers are Chen Weixing, billionaire founder of Kuaidi; Anthony Di Iorio, Ethereum founder and CEO of JaxxWallet; Jeremy Gardner, co-founder of Augur and EIR at Blockchain Capital; David Lee Cuo Chuen, founder of Left Coast, Libai, and DLEE Capital Management, according to Forbes.

In addition, it Qtum has Bo Shen, general partner at Fenbushi Capital; Jehan Chu, managing partner at Jen Advisors; Qingzhong Gao, director of Huawei Strategic Cooperation; Xu Star, OKCoin CEO; Lihua Yi; and, Partner of ZhongWo Investment, and Xiaolai Li, one of biggest bitcoin holders in the world and a Blockchain Angel backer.

The Qtum team includes Jordan Earls, Qtum Core developer, and Neil Mahi, Qtum Blockchain Architect. Earls, who has been developing software since he was thirteen, reviewed more than 100 altcoins and identified multiple exploits in coins. Mahi, who has an MBA from ISCAE 20 years of experience including four years’ experience in the blockchain space. Former employees from Alibaba, Baidu and Tencent are also on the team.

“Our objective is to be the blockchain of China and gradually advance from there to be one of the top technology platforms in the world,” Dai said.

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Qtum Foundation, a cryptocurrency developer that aspires to be the "Blockchain of China" with its digitized public ledger of transactions, is working on joining the bitcoin protocol with ethereum technology with the launch of a "proof-of-stake" smart contracts platform.
qtum foundation, cryptocurrency, patrick dai, bitcoin
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2017-28-09
Monday, 09 October 2017 11:28 AM
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