Home web3.0 Analysis of the origin and technological innovation of Qtum quantum chain!

Analysis of the origin and technological innovation of Qtum quantum chain!

Jul 05, 2024 pm 12:21 PM
Blockchain Bitcoin cryptocurrency Ethereum

Qtum Quantum Chain is an open source blockchain platform that combines the advantages of Bitcoin and Ethereum, aiming to solve scalability, security and governance issues. Its main technical innovations include: UTXO model to improve transaction scalability. XEVM supports Ethereum smart contract development. PoS consensus mechanism reduces transaction fees and increases speed. Dual-chain architecture improves security and scalability. Governance mechanism to enhance decentralization and community participation.

Analysis of the origin and technological innovation of Qtum quantum chain!

Qtum Quantum Chain: Origin and Technology Innovation

Origin

Qtum Quantum Chain is an open source, decentralized blockchain platform launched in 2017. It originated as an improvement to the Ethereum platform and aims to solve Ethereum's scalability, security, and governance issues.

Technological Innovation

Qtum Quantum Chain combines the advantages of Bitcoin and Ethereum and introduces the following major technological innovations:

  • UTXO model (unused transaction output): Qtum adopts the UTXO model, which is consistent with Ethereum Different account models can improve the scalability of transactions.
  • Smart Contract Virtual Machine (XEVM): XEVM is compatible with the Ethereum Virtual Machine (EVM) and supports developers to write smart contracts using the Solidity language.
  • Proof-of-Stake consensus mechanism: Qtum uses the Proof-of-Stake (PoS) consensus mechanism to provide lower transaction fees and faster transaction speeds.
  • Dual-chain architecture: Qtum is composed of two chains: a main chain for processing transactions and a sub-chain for executing smart contracts. This architecture improves the security and scalability of the platform.
  • Governance Mechanism: Qtum has a built-in governance mechanism that allows currency holders to vote on platform decisions, enhancing decentralization and community participation.

Main Advantages

Qtum’s technological innovation provides it with the following major advantages:

  • Scalability: UTXO model and PoS consensus mechanism improve transaction processing capabilities.
  • Security and Stability: Dual-chain architecture and Bitcoin’s underlying technology enhance the stability and security of the platform.
  • Smart Contract Support: EVM-compatible XEVM facilitates the development and deployment of smart contracts.
  • Governance and Community Participation: Governance mechanism allows currency holders to participate in decision-making and ensures the transparency of the platform.
  • Interoperability with existing blockchains: Qtum is compatible with Bitcoin and Ethereum networks, facilitating cross-chain collaboration.

Qtum: Volatility Rising, Price Falling

As of 18:00 on July 4, 2024, Qtum (QTUM) was last trading at $2.2898, a plunge of 9.182% from the previous day. This sharp move was accompanied by a significant increase in 24-hour trading volume, which reached $31.85 million.

Technical analysis shows that Qtum’s moving averages indicate that market sentiment is currently bearish. Its 50-day moving average (50MA) is $2.43, which is below the current price, while its 200-day moving average (200MA) is $2.64, further hinting at a downward price trend.

Also, Qtum’s relative strength index (RSI) currently stands at 35.67, indicating that the market is oversold. This suggests that the recent selling pressure has been excessive and could lead to further price declines.

Currently, the circulating supply of Qtum is approximately 105 million QTUM, while the total supply and maximum supply are unknown. Its circulating market capitalization is $240.9 million, ranking it approximately 80th in the cryptocurrency market.

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