Numerous initiatives have used blockchain technology since its introduction a few years ago to create vibrant ecosystems. These initiatives range from healthcare to money. Two of the most well-known blockchain projects are Bitcoin and Ethereum. As the cryptocurrency industry has developed, other projects have branched out from these two, with the majority focusing on addressing their problems.
Another initiative that shifts the gears a little higher is Qtum, which builds a link between the advantages of the Ethereum and Bitcoin networks. It hopes to use the Ethereum chain’s stability and the dApp ecosystem to address throughput and scalability issues by integrating the Bitcoin chain.
This article goes into great depth on Qtum, including its characteristics, previous price movements, price prediction, and technical analysis.
A group of Chinese programmers led by Patrick Dai founded Qtum. The non-profit Qtum Blockchain Foundation, incorporated in Singapore, is the project’s parent organization. Due to the company’s genesis, political maneuvers by the Chinese government to tighten its grip on the cryptocurrency market safely avoided QTUM and did not affect the team’s operations.
The developers of Qtum want to create a platform that offers smart contracts that are more reliable while also integrating the freedom of Bitcoin’s core with the security of Ethereum’s network. Influential Chinese cryptocurrency investors, including Star Xu, Xiaolai Li, and Bo Shen, as well as renowned cryptocurrency investor Anthony Di Iorio, contributed over $1 million to create the new blockchain in anticipation of the project’s debut. They were motivated by the founders of Qtum’s concepts for fusing the features of Ethereum and Bitcoin.
The Qtum team ran a high-profile ICO from March 16 to April 15, 2017, to establish themselves as a top blockchain startup and technology innovation. Within the first 20 hours of the ICO’s introduction, they raised over $10 million and received investments totaling $15.6 million. The corporation produced 100 million coins, which increased by 1 million yearly. The blockchain and cryptocurrency of Qtum were developed by a team of 30, with the following workers playing key roles:
The company’s creator, Patrick Dai, received his degree from Draper University. Before that, he worked for Alibaba and dabbled with blockchain development. He is well-versed in the field, including blockchain technology, and has many abilities.
Neil Mahi has 20 years of expertise and extensive experience creating top-notch software. He spent four years working in the blockchain technology sector, and ISCAE awarded him the designation of Master of Business Administration. He also speaks four languages with ease and is a brilliant computer scientist.
Jordan Earls is one of the many well-known participants in the bitcoin business community. At the age of 13, he became an expert in software programming.
Baiqiang Dong earned his degree in Theoretical Mechanics from a Beijing institution. He formerly held positions in several sizable businesses, including Cheetah Mobile.
Describe Qtum (QTUM)
A platform called Qtum combines an Ethereum Virtual Machine’s performance with that of Bitcoin’s UTXO mechanism (EVM). Utilizing the scalability of the UTXO models, users are free to design and engage with decentralized smart contracts on the Qtum platform. The project is building a new virtual machine that will enable programmers to create smart contracts based on Rust that will cooperate with EVMs. To understand Ethereum, see our blog post What is Ethereum (ETH)?
Peer-to-peer node operators that apply a consensus validation process enable the Qtum blockchain network, which runs on its QTUM coin. The investigation of solutions for technical and economic issues is one of the team’s two main objectives.
The technological issue is challenging, and you must be knowledgeable about and skilled in blockchain technology to comprehend it. The technical iceberg’s tip is interoperability with blockchains and scalability. We’ll get right to the financial and economic issues because of this. Integrating blockchain technology into various sectors, including banking, social networking, gaming, online publishing, and more, is Qtum’s main goal.
Because of this, the designers of QTUM decided to build a versatile, user-friendly network. The usage of smart contracts, which can be used both off-chain and on-chain, is the blockchain’s major benefit. The project’s developers greatly expanded Bitcoin’s basic programming languages, allowing them to establish smart contracts that rely on UTXO protocols. It’s important to note that with minor code changes, all current Ethereum applications may now synchronize with Qtum. Let’s examine the following technical details to respond to the question, “What is Qtum?”
The UTXO Bitcoin protocol is how the Qtum framework, an Ethereum architecture, operates.
It uses Blank Coins Proof-of-Stake, an efficient security technique (version 3.0).
It can swiftly deploy any current blockchain-related extensions and the most recent Bitcoin innovations.
It instantly synchronizes with Ethereum apps, enabling the straight transfer of already-existing projects into Qtum.
having the ability to do any kind of financial transaction immediately from your smartphone without providing personal account information
It’s important to note that the primary function of ownership-proof algorithms is to design traditional Proof-of-Stake (PoS) protocols, which effectively safeguard blockchains from potential hacker assaults and reward all users that stake the coin.
Workings of Qtum (QTUM)
The project has evolved since the ICO, but its fundamental operating principles have not changed. As follows:
The blockchain of Bitcoin and the underlying Unspent Transaction Output (UTXO) protocol is implemented using an Ethereum virtual machine (EVM).
Account Abstraction Layer, a proprietary private network (abbreviated as AAL)
Because of its dependability and inclusion of the Unspent Transaction Output protocol, Bitcoin’s code was chosen by Qtum’s developers. Briefly stated, the UTXO protocol is essential for preventing double-spending and enables trustworthy, secure methods for any transaction. This implies that after a transaction has been conducted, it cannot be fully undone or undone. This leads us to the conclusion that contracts or agreements remain in effect.
The Ethereum Virtual Machine may also be a foundation for developing decentralized apps (dApps). And that is where the Proof-of-Stake (PoS) consensus mechanism was inspired. It allows for the complete abandonment of token mining and streamlines the whole process of adding new blocks and validating financial transactions. Most QTUM coins were produced at the project’s first launch since the developers shunned crypto mining. Please read our guide on cryptocurrency mining for beginners if you are new to mining.
A personal creation called Account Abstraction Layer from the Qtum Foundation is utilized to assure the complete interaction of both Bitcoin and Ethereum components. According to the creators, the Account Abstraction Layer (AAL) component facilitates communication between the Ethereum Virtual Machine and the Bitcoin network. That is where a closer examination of how the storage principles for Bitcoin and Ethereum vary is necessary.
The blockchain for Bitcoin employs a wide variety of addresses on only one kind of wallet. This makes hacking more difficult, but since many private keys are required to access money, this wallet may become cumbersome.
Ethereum operates on the idea of creating a personal account, and users save all of their bitcoin in one location on only one individual account. Although it is easier to use than Bitcoin, it has significantly less security.
Each set of personal addresses from the Bitcoin blockchain is freely accessible using the Account Abstraction Layer, which offers a replica of an Ethereum personal account. It’s simple enough to use this kind of account, and the security is comparable to that of bitcoin. The result is a highly secure system that is both simple to use and practical.
Qtum mining (QTUM)
In the conventional sense, mining doesn’t exist in Qtum. Instead, the sort of mining it does provide is solely based on the technique called Proof-of-Stake that was previously discussed and is now experiencing a revival thanks to the advent of new DeFi applications. This method of mining is said to be the most straightforward, and users must stake their cryptocurrency to begin getting rewards for preserving transactions throughout the network.
The likelihood of creating a block is decided arbitrarily and is independent of the number of coins stacked. Each QTUM in a user’s wallet represents a chance to win the lottery and add a new block. The current block generation time is 2 minutes, and the payout is 4 QTUM. The team claims they won’t alter the incentive amount or the block creation rate in the future.
Features of Qtum (QTUM)
The cryptocurrency Qtum was able to use the robust core technology and many account abstraction layers of Bitcoin. The platform as a whole was put into use across several networks, including the Ethereum Virtual Machine. These layers provide a cross-platform smart contract and brand-new master projects, known as oracles, by connecting EVMs and one of the UTXO transaction models.
Qtum may be supported with other blockchain networks via mobile devices thanks to the proof-of-stake consensus mechanism. Because actual users validate transactions, the Proof-of-Stake (PoS) protocol avoids the large-scale centralization of QTUM token generation.
Thanks to the usage of the DGP protocol, the high degree of decentralization enables users to vote on changes to the platform and propose new initiatives (decentralized governance protocol). At the same time, upgrades may only be activated with the majority of participants’ approval.
Many websites and forums provide a simple way to use this money. This forecasting tool predicts that Qtum’s price will remain constant for a very long period. The QTUM is anticipated to reach a maximum value of $5.63 by 2022. If the market becomes bullish, the minimum price might increase to $4.97.
2023 Qtum Price Prediction
Market volatility is what drives cryptocurrencies. Forecasting and keeping up with the present price are difficult tasks nowadays. In this context, several crypto analysts are involved. The price predictions are accurate for the cited years. Consumers of cryptocurrencies are nonetheless anxious about the new regulations and prohibitions. If the market has a strong bull run in 2023, the Qtum price might reach $8.82. Its average price for 2023 will be close to $7.65 since long-term investors are anticipated to hold it.
2024 Price Prediction for QTUM
Because of the work done by network developers and community investors, Qtum’s value will rise. As a result, the forecasted price for 2024 is optimistic. Analysts predicted that QTUM would reach a maximum price of $12.93 before 2024. On the other hand, it is quite hopeful that the Qtum will eventually prosper. Therefore, depending on the market, it is anticipated that the average price of QTUM would range from $10.73 to $11.11 in 2024. The QTUM’s maximum price for 2024 varies from $10.73 to $12.93, as indicated in the same phrase.
2025 Price Prediction for Qtum
The current price range of Qtum may be of interest to many traders. As a result, QTUM might reach $18.97 by 2025 with significant financial institution collaboration, provided the following conditions are met.
It may surpass the most recent price trend to reach new highs with an average price of $16.14 for 2025. The price tagline may change when the cryptocurrency market experiences another positive wave before 2025.
2026 Price Prediction for QTUM
The number of users and adoption of QTUM might grow significantly with the right partnerships and advancements. The price might increase significantly if the market focuses on investing in Qtum. It may increase to a maximum of $27.38 by 2026. If the market declines, it is anticipated that the QTUM will somewhat reverse course. A price of $23.91 on average, with a minimum price of $23.27 and a maximum price of $27.38 for the year 2026, is possible.
2027 Price Prediction for QTUM
Basic analysis is crucial for making long-term Qtum price forecasts. There are a few advantages for the industry that the native token provides, and the independence of the digital economy makes it perfect. The network provides competitive programmable payment, logistics, and storage alternatives as DAPPs and stable currencies grow. If additional investors are drawn to the concept, there is a probability that the average price of QTUM may increase to roughly $34.41 by 2027. With a starting price of $33.45, 2027 may finish with a maximum price of $40.13.
2028 Price Prediction for QTUM
With the large community, QTUM will be seen as a superior alternative, and its price will reach new highs. Price swings are difficult to forecast, particularly when the market is more bullish or bearish than ever. The cost of Qtum in 2028 will be close to $50.26, and the highest price we can get is $58.96. The projected Qtum average price for the end of 2028 is $51.98. A significant price fluctuation is anticipated within the range set by the cryptocurrency market.
2029 Price Prediction for QTUM
With further acceptance and alliances with other significant blockchain networks, the price of Qtum would soar in 2029, with the highest trading price perhaps reaching $86.12. If we maintain the current price ranges, they will be quite fashionable. If everything goes according to plan, prices should range from $77 on average to $86.12 at their highest in 2029.
2030 Price Prediction for QTUM
There are indications that a new era is coming for the cryptocurrency sector. Since there is still hope that the currency will garner a lot more interest, the long-term price estimate for QTUM will certainly climb. With an average price of $116.31 and a minimum price of $112.46, the year 2030 may end. The expected trading range for the highest price is $131.61.
2031 Price Prediction for QTUM
It indicates that Qtum (QTUM) prices will have risen to a level resembling their former all-time high by 2031.
We may anticipate an average price of $160.97 by 2031. If everything goes according to plan, we estimate that Qtum’s highest price in 2031 might reach $194.29. After a protracted bull run, there is a potential that the market would crash, which is typical for the cryptocurrency market.
QTUM has a promising future. The price of the QTUM token may increase due to continuous changes in the project’s ecosystem and the cryptocurrency market. Our long-term Qtum pricing forecast for 2022 is optimistic.
The anticipated Qtum price in 2022 is $10.47. If investors in 2022 determine that Qtum is a suitable investment along with well-known cryptocurrencies like Bitcoin and Ethereum, it may hit $30.
The project Qtum is fascinating, and future development will facilitate its wider acceptance. The majority of the price projections shown above concur that the long-term price of QTUM will be favorable. If market emotions remain positive, the cryptocurrency will soon break through its resistance levels and retrace its recent all-time high.