Qtum Unveils Proof-of-Stake Smart Contracts Platform
The Qtum Foundation has announced the launch of Sparknet, the public test of its blockchain platform, combining advantages of Bitcoin, Ethereum’s Virtual Machine and proof-of-stake consensus at an event in Shanghai.
Qtum operates according to the Unspent Transaction Output (UTXO) model, which ensures consistency in transactions and the traceability of tokens. At the same time, a virtual machine for smart contracts is layered on top of Qtum’s blockchain, which presents a best-of-both-worlds architecture for the construction of decentralized mobile applications and other blockchain-based ventures to developers.
Patrick Dai, co-founder of Qtum, stated: “We want to illustrate efficient scalability and compatibility between blockchain technologies,”
Co-founder Jordan Earls, said: “I’m ready to get this in the hands of the community and see what everyone’s response to it will be — in particular, what features other developers can come up with,”
Matthew Roszak, Qtum Angel investor and co-founder of Bloq, remarked: “The Qtum team continues to execute, and build what can be one of the most exciting and innovative railroads in the blockchain ecosystem,”
Six decentralized applications are already being built for the blockchain according to Dai. Among the applications are a peer-to-peer mobile streaming platform and a prediction market. While applications are geared to the Chinese market, Qtum will appeal to a global audience, accessible to all developers. To get developers familiar with Qtum, the Foundation is sponsoring a hackathon in Moscow on July 1st and 2nd.