Qtum (QTUM) is an open-source, permissionless, and trustless decentralized blockchain platform that combines the security and value transfer capabilities of Bitcoin and the smart contract functionality of Ethereum, offering users a versatile and comprehensive blockchain solution. Launched in 2017 by Patrick Dai and the Qtum Foundation, Qtum aims to offer the security and stability of Bitcoin’s UTXO (Unspent Transaction Output) model with the smart contract functionality of Ethereum.
The Qtum platform utilizes a proof-of-stake consensus mechanism, allowing token holders to participate in the network's validation process and earn rewards for securing the network. Qtum's smart contract functionality is compatible with Ethereum's virtual machine, enabling developers to create decentralized applications (dApps) using familiar programming languages such as Solidity.
QTUM, the native token of the Qtum platform, is used to pay for transaction fees, deploy smart contracts, and participate in network governance. Users can stake QTUM tokens to help secure the network and earn rewards through the Proof-of-Stake (PoS) consensus mechanism. Token holders, through its Decentralized Governance Protocol (DGP), can vote on proposed changes to the protocol, such as block size adjustments or fee changes.
