THELOGICALINDIAN - Bitcoincom afresh covered the blockchain activity Qtum that mixes the Bitcoin agreement with the Ethereum Virtual Machine in adjustment to enhance acute affairs We chatted with Patrick Dai cofounder of Qtum for added abstruse advice Dai gives our readers the central beat on what this activity entails and its ambition to actualize a new blockchain abridgement
Also Read: How Bitcoin Apps Help People Survive Emerging Market Volatility
‘The Best of Both Worlds’
Bitcoin.com (BC): Can you acquaint our readers about the Qtum Foundation and the Qtum abstraction in simple terms?
Patrick Dai (PD): The Qtum Project combines Bitcoin Core 0.13, the Ethereum Virtual Machine to assassinate acute affairs and Proof-of-Stake as the accord mechanism. The Qtum Foundation, which is headquartered in Singapore, is the authoritative anatomy that oversees the development of the Qtum Project. Qtum brings the best of both worlds together, back we can calmly apparatus any Bitcoin Improvement Proposals (BIPs) to Qtum and Ethereum DAPPs can additionally be ported to Qtum.
BC: Why did you architecture a agreement that uses the Bitcoin applicant 0.13, and the Ethereum Virtual Machine?
PD: Bitcoin Core is the best abiding blockchain codebase to date, it has accurate itself over eight years, and the aegis of its cipher is trusted with an accumulated bazaar assets of over 16 billion dollars. The Qtum Project combines Bitcoin Core with Ethereum by enabling the EVM to accomplish on the UTXO archetypal through Qtum’s Account Abstraction Layer
The Qtum activity has continued the Bitcoin calligraphy by abacus three opcodes. This provides an ambiance the Ethereum Virtual Machine can accomplish in, and do so aural the ambit of an UTXO environment.
One may ask, ‘Why is this all-important back the end aftereffect is a acknowledged acute arrangement execution?’
The acknowledgment is ‘parallelism.’ The accepted Ethereum anatomy takes a beeline access to Smart Contract execution. Reinventing the wheel, back a adjustable band-aid already exists, seems like an industry regression.
Although Qtum is a amalgam solution, we capital to abstain a bearings area we alloyed two codebases that weren’t compatible. The all-inclusive assets accessible for the UTXO projects – like Bitcoin, Litecoin and others – can calmly be adapted to assignment with Qtum’s blockchain. Plus, the adeptness to apparatus BIPs was a ‘must-have.’
We accept that the sum of all affairs is what makes up the blockchain. We capital to abstain a bearings area basic affairs aftereffect in two block campaign assuming altered after-effects for one transaction, as some would be around untraceable. The UTXO belvedere will not acquiesce this, and we additionally get the aegis allowances like “Pay 2 calligraphy hash” (BIP16), built-in multi-signatures, aegis from bifold absorb attacks, and abridgement in the blackmail of accepting to fork.
This is alone abrading the apparent on why we chose the best belvedere to body on. It is cost-effective to apparatus the Ethereum Virtual Machine, because of the money spent developing it. We can focus on added amount features, and address assets to advance the sustainability of our project.
BC: Do you feel acute affairs will be added accepted in the abreast future?
PD: I anticipate we will see a lot of businesses automate their processes with blockchain acute contracts. A aggregation of industries accept explored blockchain technology over the aftermost few years, and we accept with the Qtum belvedere they will be able to move from proof-of-concept to accomplishing quicker. Once businesses accept blockchain acute contracts, we will again see added customer applications of the technology.
BC: Can you explain what a ‘Master Contract’ is?
PD: Designed to be adjustable for the boilerplate business industry, Master Contracts are ‘off-chain’ agreements that accomplish use of oracles and abstracts feeds. This affection will be advised for assertive use cases, bringing a new abstraction to the blockchain industry, and alteration the way arrangement lifecycle administration is handled.
BC: Your aggregation afresh got abetment from a arresting affiliate of the cryptocurrency space. Can you acquaint our readers about this?
PD: Qtum accustomed abetment from Roger Ver, the aboriginal broker in blockchain startups. Roger is a visionary, he saw the abeyant of Bitcoin afore about everyone, and he bet big on it. This gives us a lot of validation for our project. We accept our contributions will account the blockchain association as a accomplished and allegorize that addition is the key to growing.
We additionally accept the abutment of Anthony Di Iorio, an Ethereum founder; Bo Shen, Managing Partner of Fenbushi Capital; Xu Star, the CEO of OkCoin; as able-bodied as Chen Wei Xing, architect of Kuaidi, which alloyed with Didi and others.
BC: Why is Qtum advised with a Proof-of-Stake (PoS) mechanism?
PD: There are so abounding affidavit to apparatus a staking accord model, and we advised this anxiously back designing the Qtum architecture. Our advance developer Jordan Earls created a new proof-of-work algorithm in the past, so we spent some time discussing if this was the aisle we capital to take. Should a arrangement action ASIC attrition to bulwark off absorption of the hashing ability or not?
In all of our talks to businesses, advancement the arrangement through proof-of-work mining was a absolute concern. They asserted that efficiencies of blockchain technology shouldn’t be debilitated by the inefficiencies of mining. Industry users don’t absorb an boundless bulk of time acquirements how proof-of-work systems operate. The added we delved into the affair with banking institutions, acumen providers, manufacturers, the altercation for a proof-of-stake accord archetypal became added obvious.
The proof-of-stake accord archetypal makes a able case for acceptance in the Proof-of-Stake whitepaper. They account some abeyant threats that Sunny King’s aboriginal agreement could be accessible to, and action added allurement for bodies to defended the network. The actuality that this arrangement rewards users who actively stake, against to those who aloof accumulate their bill on an exchange, or body up bread age to pale in bursts.
In short, the acumen we adopted proof-of-stake is the actuality that it’s an able and defended accord algorithm.
BC: Can you explain what ‘Sparknet’ is?
PD: “Sparknet” is the bake-apple of our labor. It’s a absolutely alive testnet of the Qtum Core technology. This is area we absorb Bitcoin Core v0.13 with proof-of-stake and the Ethereum Virtual Machine. This is alone accessible by authoritative changes to Bitcoin Core’s scripting accent and abacus an “Account Abstract Layer.” While these Qtum tokens will aloof be acclimated for testing, they will be a abundant way to advertise our technology while we attending for bugs afore the capital arrangement is launched. We plan to absolution Sparknet aural a brace of months of the crowdsale.
BC: How will Qtum abstain acute arrangement bugs and exploits, such as the contempo DAO incident?
PD: We will try to abstain these acute arrangement bugs through two approaches.
We will acquaint the academic semantics adjustment to verify the abyss and accuracy of one acute contract, so afore the arrangement has been deployed on blockchain, we can anticipate some bugs.
Also, Qtum aims to authorize a acute arrangement hub, alms defended and thoroughly activated arrangement templates, clothier fit for a aggregation of industries, such as accumulation alternation management, telecommunications, IoT, amusing networking, and more.
BC: What’s the ultimate ambition of the Qtum Foundation?
PD: We afresh appear a 32-page babyminding certificate called: “The Qtum Blockchain Economy Whitepaper.” In the Economy Whitepaper, we go in abyss and altercate how the ultimate ambition of the Foundation is to become irrelevant, giving the association abounding ascendancy of the activity afterwards four years.
The ambition of the Qtum Foundation is to abetment accepting the Qtum Activity off the arena and ensuring that the activity has complete management. The ambition of the Foundation is not to ascendancy the project, but to abettor it in its infancy.
What do you anticipate about the Qtum project? Let us apperceive in the comments below.
Disclaimer: Roger Ver, CEO of Bitcoin.com, is a Qtum investor.
Images address of Patrick Dai, Qtum, and Shutterstock.
What’s the quickest way to see the accepted bitcoin amount in your bounded currency? Click actuality for an instant quote.
