The cryptocurrency environment is sure to leave a lasting impression on every individual, industry, and worldwide. Introduction to a wide range of digital assets boomed the rivalry in the crypto space crafting demand for perfection. To leave strong footprints worldwide and offer an all-in-one package, Qtum was introduced to the crypto space. The platform combines the characteristics of different cryptocurrencies, offering fast, stable, and green blockchain solutions.
What is Qtum (QTUM), History and Overview
Qtum is a blockchain platform that aims to combine the different features of BTC and ETH design models to offer a superior trading platform to crypto enthusiasts. BTC and ETH are the giants in the crypto universe which possess some eccentric and widely accepted features.
The platform was introduced by Patrick Dai, Neil Mahl, and Jordan Earls in 2016. The initial coin offering (ICO) was done in March 2017. The team introduced a secure exchange for business-focused decentralized applications (DApps). With time the platform became an unbreakable part of the industries involving finance and social networking with more room to run.
The Proof-of-Stake (PoS) and Account Abstraction Layer (AAL)
The entire working of Qtum blockchain technology relies on two different mechanisms, PoS and AAL.
The AAL is Qtum’s core technology, allowing blockchain to interact between two layers. Consideration of the technology made creation, handling, and smart contract execution much more efficient. The signature technology also updates the blockchain ledger after the execution of the smart contract transactions and adds the transaction to a new block.
Another powerful mechanism used by the Qtum platform is a variation of PoS that is Mutualized Proof-of-Stake (MPoS). The MPoS consensus mechanism helps nodes validate and process transactions and requires the staking of QTUM, the native token of the Qtum platform. Newly minted rewards are received as rewards in return for processing, validating, and recording transactions. In addition, the new block reward is split equally between the block and the nine previous ones. The process simply reduces the chances of an attack.
The entire mechanism copies Bitcoin’s transaction model (UTXO) and an additional layer of Ethereum’s Virtual Machine (EVM), an element accountable for executing smart contracts.
Unique Features and Network Security
The Decentralized governance protocol permits the commune to enhance the block size up to 8000 kb along with adjusting the gas fees on demand, making Qtum a strong player in the crypto world. Apart from this, the hybrid blockchain architecture made Qtum Network secure and valid.
Focusing on the scalability feature, the respective platform is potent enough to carry out 1,100 transactions per second at the core level. Also, the layer-2 scaling solution helps in controlling the transaction cost. Cross-platform compatibility, working with Non-fungible tokens (NFTs), and cross-chain integration, made Qtum a favorite platform to investors.
How to Buy Qtum Cryptocurrency for Beginners?
After knowing the unique features of Qtum, you may be interested in buying the QTUM token. If yes, here is the complete process to buy the utility token. The maximum supply of QTUM coins is 107.82 Million QTUM and the circulating supply is 1.4.76 Million. The QTUM token is mainly adapted for paying fees to operate the network and distribution of the newly minted tokens based on ownership of the asset.
Three easy steps help in becoming a QTUM token holder and can be finished in just 15 minutes. What you need to do is create a free account on any of the crypto exchanges that offer QTUM cryptocurrency. Transaction fees, user interface, and customer support are a few of the elements to consider while making a choice.
To make the bet easy, you can choose exchanges from Binance, Kraken, KuCoin, Bitfinex, and Bithumb are some of the key platforms to explore. The platforms can be explored using smartphones or computer systems. Making comparisons will help to take the best out of the options.
The next task is to create an account on the selected exchange by filling in personal details like email, identity, and photo proof. Account verification is important to safeguard the account from any of the immoral actions or hacks. After successful account verification, it’s time to add bank details and make a deposit to the exchange account. Deposits can be made using cryptocurrency, bank payments, and cards. All these options are widely accepted.
Now, you are all prepared to exchange the funds for QTUM coins. Entering the amount for which you want to buy QTUM and hitting the Buy option is all you need to do.
Where to Store the Coins?
Want to secure the coins? You can withdraw the purchased QTUM to your personal wallet or the exchange’s wallet. Trezor, Ledger, Guarda wallet, Atomic wallet, and Trust wallet are some of the good choices to make. You can trade the coin for other crypto or stake it to earn passive income.
Conclusion
Qtum blockchain, a cryptocurrency software is all set to offer one of the most secure, scalable, and reliable platforms, embedded with MPoS and AAL technologies. Qtum’s native token, QTUM can be used to make trades, staking along rewarding validators. The coin can be purchased from top crypto exchanges and can be stored in wallets.
FAQs
Who are the founders of Qtum?
Patrick Dai, Neil Mahl, and Jordan Earls introduced the Qtum platform in 2016 and went to ICO in 2017.
What is the Decentralized Governance Protocol in Qtum?
The Decentralized Governance Protocol is all on-chain living on the blockchain, allowing the Qtum platform to change block size and smart contract fee structure.
Where can I buy Qtum cryptocurrency?
QTUM coins can be purchased from some of the leading crypto marketplaces including Binance, Kraken, KuCoin, Bitfinex, and Bithumb.
How does Qtum ensure network security?
Qtum cryptocurrency software uses the energy-efficient and scalable variation of PoS that is MPoS to secure the network.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/11/05/qtum-qtum-a-platform-blending-varied-crypto-models-in-a-bid/