UTXO-based blockchain with a proof-of-stake (PoS) consensus model, smart contract support and unified environment for DApp development
August 2016 - January 2019
Qtum Foundation Ltd. is a global corporation based in Singapore that develops decentralized applications for mobile devices compatible with most of the major blockchain ecosystems.
The majority of prior-generation blockchain frameworks have serious limitations:
The well-known and prominent smart contract-powered Ethereum continues to face major obstacles in scalability, security and network congestion.
Our challenge for this particular project was to build the first UTXO-based smart contract platform with a proof-of-stake (PoS) consensus model: a scalable blockchain framework for DApp development that would allow building smart contracts using Solidity, C, C++ and other languages widely used in the blockchain environment.
The goals were to bring smart contracts to everyone, including clients in low-bandwidth environments, as well as offer such major benefits as:
To put it simply, we wanted to make it easy, simple, fast and convenient for developers to create apps using the Qtum network and help them make a profit off of it.
Qtum is an open-source hybrid blockchain application platform. Qtum’s core technology combines the security of UTXO model, robust Bitcoin core architecture and an Account Abstraction Layer, which acts as a bridge to communicate multiple Virtual Machines, including the Ethereum Virtual Machine (EVM) and x86 VM. The Proof-of-Stake consensus mechanism enables true decentralization, while also increasing stability, security and efficiency of the blockchain platform.
Qtum employs a decentralized governance protocol allowing for blockchain parameters like the block size, block time, gas schedules and the minimum gas price for contracts to be modified without ecosystem disruption.
Unita, the latest development and contribution to Qtum framework, is an enterprise edition of Qtum that allows to rapidly deploy blockchain technology. It features high tps and short confirmation time for blocks, providing businesses with an advanced tool that opens the door for new opportunities.
Work is ongoing on improving the framework payment channels. Currently, Qtum allows transaction bandwidth as high as 50 000 tps. We have successfully tested and are soon to incorporate Lightning Network to allow for even higher tps and increased scalability. There are also plans to integrate with Oracle and Datafeed, allowing developers to build smart contracts and incorporate established, well-known and trusted software solutions within their applications.
C++, Python, C, OpenSSL, Clang, Solidity