Qtum appeared as one of the most exciting blockchain network in 2017. Qtum (QTUM) came up with the concept of taking elements from both Bitcoin (BTC) and Ethereum (ETH). Qtum taking the Bitcoin’s Unspent Transaction Output (UTXO) concept and merging it up with Ethereum’s Account Model concept based on ethereum virtual machine (EVM). This concept of Qtum quickly gained the traction of crypto circles and saw an increase in transaction activity.
Qtum reached it’s highest price in Jan 2018 with price of $103 USD, 0.006 BTC and market capitalization of $7.63 billion. But since then, the coin has dropped significantly reaching it’s lowest price of $3.5 USD on September 11th, 2018. Currently the coin is trading at the market cap of $314,876,749 USD (at the time of writing). Just like other altcoins, Qtum has been affected by the downfall of the market.
Qtum (QTUM) is going through a hard time as are the other altcoins. Qtum network shows a swift decrease in it’s performance. Going fews months back QTUM nodes were just few less than that of BTC, but the Qtum network has seen a rapid fall in it’s daily transactions and also going through mining problems all together.
The low price of Qtum has lead the miners migrate away from blockchain. The decrease in the network activity is a concern for Qtum. But, the question is when will Qtum come out with it’s current problems? Qtum must take this as the consequence of the current dip in market. Their are certain positives that Qtum has look forward to.
Qtum (QTUM) is looking to expand the smart contract ecosystem which is to revolutionize the way Smart Contracts are viewed, developed and used. By using the x86 Virtual Machine, Qtum will be the first blockchain network to allow next-gen DAPPS become a reality. This will allow the developers to create Smart Contracts for QTUM using mainstream languages including Python, C++, Go, Rust and Lua, etc.
Other aspect is the scalability of Qtum, the team of Qtum is working on this aspect to increase their scalability. Qtum uses a decentralized governance protocol which allows blockcain parameters to be modified without requiring a fork. Qtum network are working eagerly to improve their transaction rate up to 20,000+ tps.
One interesting aspect of Qtum is the proof of stake (PoS) mining because most of the other altcoin uses the proof of work (PoW) mining system. This prove of stake protocol is based on PoS v3.0. This PoS has features which increases the security of Qtum smart contracts platform.
Regardless of these qualities of Qtum, some other positives Qtum has to head into the rest of Q4 is the addition of Qtum in Circle’s exchange platform “Poloniex”. Poloniex is a US-based cryptocurrency exchange platform. The platform keeps most of its deposits in air-gaped cold storage so as to secure the funds of users. Only a fraction of deposits is available online to ensure if active trading takes place. We hope that this partnership will help Qtum to be stable in future.
However, the market is in a bearish run and what Qtum needs is a little bit of stability in the market and a bit of luck. Investors must keep an eye on the market because Qtum is a next generation coin and it will for sure be top coin in the time to come. It currently stands on 28th spot but Qtum has much to prove and the team is working tirelessly, investors has to keep patience and look after the new update on QTUM.