Qtum - UTXO-Based Blockchain and DApp Development Platform

A UTXO-based blockchain platform with decentralized governance, smart contract support and a unified environment for dApp development

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Project goals

Create a robust UTXO-based crypto environment, make smart contracts available to the mass market, including users in low-bandwidth environments, and offer major benefits for DApp developers by introducing coding libraries and multiple APIs for integration.

Work done

Blockchain protocol: implementation of PoS consensus on the fork of Bitcoin and integration with Ethereum & WASM Virtual Machines.
Full-stack web development: web portal, back-end, block explorer, and wallet.
Mobile development: wallet with smart contracts and ERC20 token support.

Solution

We designed a blockchain platform having the security & reliability of Bitcoin and the strong development capabilities of Ethereum’s Virtual Machine, along with an ecosystem of services and full package of tools for further development and evolution.

Technologies used:

Details

Information on smart contracts used in Qtum platform

A person monitoring QTUM price on Apple Watch

Transaction details interface of Qtum app

Interface of wallet and logging tab of QTUM app

Advanced Qtum Protocol Architecture

Qtum is an open-source hybrid blockchain application development platform.

Qtum’s core technology builds on the security of UTXO model, robust Bitcoin core architecture and an Account Abstraction Layer, which acts as a bridge to communicate with multiple Virtual Machines, including the Ethereum Virtual Machine (EVM) and x86 VM.

The combination creates an ideal environment for network participants and developers, offering increased operation and transaction speeds. Other advantages include flexibility enabled by smart contracts, streamlined development using a stack of coding libraries, and multiple APIs for plug and play integrations.

The Proof-of-Stake consensus mechanism enables true decentralization, while increasing stability, security and efficiency of the blockchain platform.

Decentralized Governance Protocol (DGP)

Qtum employs a decentralized governance protocol allowing for blockchain parameters like block size, block time, gas schedules and minimum gas price for contracts to be modified without ecosystem disruption.

Enterprise Blockchain Development Environment

Unita, a strong contribution to the Qtum framework, is an enterprise edition of Qtum, allowing rapid blockchain technology deployment into operational environments. Higher tps and short confirmation time for blocks allows businesses to address challenges of any complexity and open the doors to new opportunities.

R&D for Future Platform Evolution

Our team also worked on improving payment channels in Qtum and further increasing transaction bandwidth. Comprehensive R&D was carried out to integrate Qtum’s own version of the Lightning Network. Our team was constantly working on increasing the network’s scalability and implemented initial steps for integration with Google Cloud, AWS and other cloud platforms in order to allow developers incorporate established, well-known and trusted software solutions within their applications.

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Project features

UTXO-based protocol with POS v3.0 consensus mechanism
Lightning network support for speedy transactions
Decentralized Governance Protocol for blockchain customization and interoperability
Ethereum’s Virtual Machine and support for smart contracts development
x86 Virtual Machine allowing to build and deploy to virtually any environment
Account Abstraction Layer increasing compatibility, performance and ease of DApp development
Multiple desktop, mobile wallet, and exchange platform support for streamlined value transferring
Comprehensive platform SDK and multiple APIs for easy integrations

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