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What Is Qtum (QTUM)?

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Qtum (QTUM) is a public blockchain platform that reportedly “leverages the security and simplicity” of Bitcoin’s UTXO (unspent transaction output) protocol. Similar to other cryptocurrency platforms such as Ethereum and NEO, the Qtum network also allows users to issue smart contracts.

“Decoupling Applications” Through Account Abstraction Layer

According to the explainer video on Qtum’s official website, Qtum uses an “account abstraction layer” to “decouple applications” from a blockchain’s base protocol. Separating application processing from the “underlying protocol” helps to “maintain the performance” of the blockchain network, Qtum’s developers claim.

Decoupling software programs from the underlying protocol on which apps are built allows developers to “add more smart contract capabilities in the future”, Qtum’s development team notes.

Proof-of-Stake (PoS)-based Consensus Mechanism

The Qtum blockchain uses the proof-of-stake (PoS) consensus mechanism to implement a “decentralized governance protocol.” Qtum’s community members are able to collectively decide whether to modify block sizes, how much to charge in gas fees, and make other decisions  related to network management.

Although most proof-of-work (PoW)-based blockchains also allow users to make decisions regarding ongoing development, Qtum’s developers note that governance-related matters on Qtum are settled “without ecosystem disruption.” Contentious hard forks such as the most recent PoW-related Bitcoin Cash (BCH) upgrade on November 15th, 2018 resulted in two separate blockchains and coins.

Following the controversial fork, there was a great deal of confusion regarding which chain should be assigned the BCH ticker. There had also been reports of serious security-related issues involving the Bitcoin (“Satoshi Vision”) SV chain which reportedly allowed users to engage in double spending. Because of these critical problems with PoW-based consensus protocols, many second and third-generation crypto platforms including Qtum are based on PoS consensus protocols.

Is PoS More Secure Than PoW?

Developers who prefer PoS over PoW, including Qtum’s creators, claim that PoS is a more secure and better approach to achieving distributed consensus on a blockchain. At present, there are reportedly over “5,000 active nodes online” that are running the Qtum protocol. The Qtum network has also been operating without any down time for more than a year, according to the platform’s development team.

Facilitating “Mainstream Adoption” Of Smart Contracts

As developers worldwide work to create improved implementations of the Lightning Network (LN) protocol (a second-layer solution that reduces transaction processing times), Qtum’s design team is set to introduce the “QuantumX86 virtual machine (VM)” and “Unita.” Both of these technologies are described as “significant innovations” as the quantum VM aims to “better facilitate mainstream adoption of smart contracts.”

The Quantum VM will support widely-used programming languages including C, C++, Rust, and Python. There’s also a complete standard set of software libraries, “native tool chains”, and parallel contract execution” features that reportedly “improve gas efficiency.” Meanwhile, Unita (also known as Quantum Enterprise Edition) is designed to enable organizations and individuals to “rapidly deploy” blockchain-based solutions for real-world applications.

As mentioned in Qtum’s whitepaper, PoS-based blockchain networks “promise significant performance advantages” compared to PoW solutions. Moreover, Qtum’s development team states in the platform’s whitepaper that the industry needs “stable backwards-compatible smart-contract systems” that can “automate cross-organizational information-logistics orchestration with lite mobile wallets that support simple payment verification (SPV) techniques.”

Better Data Processing, TX Validation With SPV Techniques

Due to frequent hard forks (backwards incompatible upgrades) that are activated by many different cryptocurrency platforms, it can become challenging to update smart contract-enabled applications. In order to solve this issue and to also make it easier to manage data on blockchains, Qtum’s developers will use SPV techniques for transaction processing – as these don’t require downloading the entire blockchain to verify transactions.

On January 9th, 2019, Qtum’s development team announced they had completed the Qtum platform’s first atomic swap with bitcoin (BTC). As crypto enthusiasts know, atomic swaps enable on-chain exchanges between digital currencies that reside on two separate and independent blockchain networks. Intermediaries, or third-parties, are not required to complete atomic swaps.

Implementing Atomic Swaps With HTLCs

 This development indicates that trustless interoperability between two separate blockchains is not only possible, but that it has also been carried out successfully. As explained in Qtum’s official blog post, the atomic swaps were implemented using Hash Time-Locked Contracts (HTLC). These types of contracts lock funds until both blockchains involved in a transfer confirm the transaction. After both chains have confirmed the transfer, they are able to claim their funds.  

Some advantages of atomic swaps include: not requiring third-parties for transaction settlement, and being able to conduct transfers between two separate networks without having to trust the other party (trustless). A few drawbacks of atomic swaps are: a “price-matching tool” is needed so that both parties can negotiate and decide how many tokens will be swapped; confirmation times are dependent on the “transaction confirmation time of both blockchains”, which makes the process a lot slower slower than using a centralized exchange, Qtum’s blog notes.

Learning More About PoS After 51% Attacks On PoW Networks

In response to the recent 51% attacks on top 20 cryptocurrency platforms, including the Ethereum Classic (ETC) and Dash (DASH) networks, Dev Bharel, a blockchain solutions architect, published a post on “Qtum’s 101” Medium account that explains how PoS works. The blog mentions that there are many different implementations of PoS, with “some like Qtum [that] require no minimum stake, others like DASH [that] have PoS and PoW working in tandem, while others still, like Cosmos, work through a Delegated Proof-of-Stake system, where only a subset of nodes are validators.”

The post further explains that Qtum’s consensus protocol is “PoS version 3”, meaning that it is supposed to be animprovement over version 2. First introduced in a paper (published in 2012)  authored by Scott Nadal and Sunny King, PoS’s second and third versions have been developed by Pavel Vasin while working on the Blackcoin project.

PoS version 3 (PoSv3) is “built for UTXO based blockchains”, according to Qtum’s blog. The version of PoS on which Qtum is based on reportedly “mitigates” the Nothing At Stake problem

through its “decentralized governance protocol which manages how forks work on chain. Launching an attack on this type of PoS network is “significantly expensive with a low enough reward based on the UTXO PoSv3 consensus”, the blog states.

More Later On Qtum’s Business Partnerships, Ongoing Development 

Despite the prolonged cryptocurrency bear market, the blockchain industry continues to grow as there are a lot of improvements being made to the ecosystem’s infrastructure. New products and platforms are also being developed to better serve retail and institutional investors. In future posts, we shall take a look at Qtum’s business partnerships and other updates related to its ongoing development. 

The post What Is Qtum (QTUM)? appeared first on Crypto Core Media.

Source: https://cryptocoremedia.com/what-is-qtum-qtum/

Blockchain

Kraken Daily Market Report for September 24 2020

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Overview


  • Total trading volume at $237.5 million, as Bitcoin and other coins correct for yesterday’s losses and trended positively all day.
  • Very good returns across the board. LINK +29%, SNX +25%, and BAL +18%. Several cryptos had over 10% returns, and only DAI (a stable coin) posted margin losses.
  • Trading volume surged around 05:00, 10:00 and 15:00 UTC; however, none of these surges occurred around major price swings.

September 24, 2020 
 $237.5M traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$10731. 
↑4.9% 
$113.9M
ETH 
$348.95 
↑8.9% 
$49.9M
USDT 
$1.0001 
↑0.07% 
$24.0M
LINK 
$9.8494 
↑29% 
$23.4M
DOT 
$4.3905 
↑9.4% 
$5.66M
XRP 
$0.2328 
↑5.2% 
$4.3M
USDC 
$1.0001 
↑0.0% 
$3.59M
XTZ 
$2.1528 
↑10% 
$3.17M
LTC 
$44.929 
↑4.6% 
$1.95M
BCH 
$216.25 
↑4.1% 
$1.55M
OXT 
$0.3025 
↑15% 
$1.16M
ETC 
$5.7974 
↑0.9% 
$1.16M
ADA 
$0.0826 
↑7.8% 
$1.1M
XMR 
$91.977 
↑5.6% 
$1.09M
SNX 
$4.625 
↑25% 
$1.08M
OMG 
$3.1119 
↑13% 
$975K
ATOM 
$4.4801 
↑17% 
$889K
EOS 
$2.5345 
↑3.9% 
$704K
ALGO 
$0.2943 
↑9.4% 
$700K
DAI 
$1.0110 
↓0.02% 
$648K
KAVA 
$1.9908 
↑4.5% 
$647K
TRX 
$0.0262 
↑5.8% 
$537K
PAXG 
$1879.1 
↑1.0% 
$515K
XLM 
$0.0704 
↑4.5% 
$459K
WAVES 
$2.3659 
↑9.1% 
$380K
ZEC 
$55.184 
↑6.5% 
$368K
MLN 
$32.272 
↑15% 
$327K
COMP 
$138.60 
↑8.9% 
$327K
XDG 
$0.0026 
↑3.3% 
$270K
REP 
$14.323 
↑10% 
$263K
ICX 
$0.4135 
↑12% 
$236K
BAT 
$0.2260 
↑6.1% 
$235K
QTUM 
$2.3184 
↑6.7% 
$209K
KNC 
$0.9387 
↑9.3% 
$186K
KSM 
$36.864 
↑11% 
$161K
SC 
$0.0026 
↑6.0% 
$148K
GNO 
$41.569 
↑9.0% 
$147K
DASH 
$67.884 
↑4.8% 
$140K
NANO 
$0.7512 
↑11% 
$127K
CRV 
$0.9915 
↑12% 
$124K
LSK 
$1.2075 
↑7.3% 
$84.0K
BAL 
$15.420 
↑18% 
$70.9K
STORJ 
$0.3379 
↑11% 
$58.2K
REPV2 
$14.349 
↑13% 
$42.0K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (September 24 2020)



Figure 2: Mid-size trading assets: (measured in USD) (September 24 2020)



Figure 3: Smallest trading assets: (measured in USD) (September 24 2020)



#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (September 24 2020)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (September 24 2020)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (September 24 2020)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (September 24 2020)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Source: https://blog.kraken.com/post/6433/kraken-daily-market-report-for-september-24-2020/

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Blockchain

New Zealand Digital Asset Exchange Dasset Adds Bitcoin SV Support

The exchange has added support and two new trading pairs for Bitcoin SV.

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New Zealand digital asset exchange, Dasset, recently announced that it has officially introduced support for Bitcoin SV (BSV) on its trading platform, with the BSV/NZD and BSV/BTC trading pairs now listed and available for use on the exchange.

According to a statement from the exchange on Thursday, Dasset has decided to launch the two new trading pairs, including a fiat currency trading pair for BSV, following the continued growing interest in Bitcoin SV.

The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation

The SV in Bitcoin SV stands for Satoshi Vision, with the virtual currency marketing itself as the “original Bitcoin” which stays true to the goals of pseudonymous founder Satoshi Nakamoto. The crypto was born following Bitcoin Cash suffering a hard fork in 2018.

The main aim of the virtual currency is to deliver stability and achieve scalability. According to the project’s website, “Bitcoin SV is intended to provide a clear choice for miners and allow businesses to build applications and websites on it reliably.”

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Jimmy Nguyen, President of the Bitcoin Association
Jimmy Nguyen, President of the Bitcoin Association and BitcoinSV advocate.

Commenting on the changes at Dasset, Jimmy Nguyen, Founding President of Bitcoin Association said in the statement: “A key element in ensuring that the Bitcoin SV growth story continues across the globe is making the process of onboarding new users a fast and simple process. 

“With the introduction of a new fiat on-ramp to buy and sell BSV at Dasset, that process just got easier for people across New Zealand and Australia, who now have another reputable, lawfully-registered service provider to use as an onboarding option into the Bitcoin SV ecosystem.”

Dasset launched BSV to give users choice

Founded in 2017, Dasset is a digital asset trading platform serving retail, professional and institutional customers in New Zealand and Australia. The company is registered as a Financial Service Provider in New Zealand, however, it’s not regulated by the Financial Markets Authority (FMA) as the country does not yet have specific crypto legislation.

CEO of Dasset Stephen Macaskill
CEO of Dasset Stephen Macaskill
Source: LinkedIn

“Cryptocurrency has always been a battle of ideas,” added the CEO of Dasset Stephen Macaskill in the statement. “We recently listed Bitcoin SV to give customers the opportunity to discover, and ultimately decide, which crypto assets will best serve their digital future.”

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Chainlink up 30% following six-week downtrend and developer selloff

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Following a six week downtrend from its all-time high, LINK has rebounded 30% in the past 24 hours after a reported developer selloff resulted in downward pressure on the oracle protocol token’s price.

The strong rebound in the Bitcoin price, a sea of green among DeFi coins and a new Chainlink partnership announcement have all contributed to the price increase.

Chainlink’s native token had fallen over 60% from its peak of $20 mid-August, bottoming out at crucial support levels around $7.50 on Thursday, September 24. The six week downtrend appears to have been been accelerated by multiple sales of large chunks of LINK from what UK crypto publication Trustnodes reports is the dev address.

This ‘dev address’ has been selling batches of 500,000 tokens, worth approximately $4.8 million per batch at current prices, regularly over the past six months. The frequency of sell-offs increased after LINK hit its all-time high last month. The address shows several outflows to a Binance address but then the trail goes cold.

There are around 26 million tokens remaining in this address, worth an estimated $258 million at current prices.

Image – Etherscan.io

Since its peak, LINK market capitalization has declined from more than $7 billion to around $3 billion currently, however it remains one of the best performing crypto assets this year surging over 1000% from January 1st to its all-time high. At current prices, it is still up 450% since New Year’s day.

The selloff has dropped prices back to a crucial support level and the ‘Link Marines’ appear to have chosen this point to load up again. The $7 to $8 price zone was where LINK held in July before its epic run up to $20. A return to that level this week has catalyzed buying pressure as traders eyed a long overdue bounce yesterday.

That bullish momentum mounted resulting in a surge of 30% in less than 24 hours as LINK prices topped out at $10 a few hours ago. Since then, prices have retreated a little and are currently hovering around $9.80.

Chart – Tradingview.com

The price bump came hours after Chainlink announced a partnership with travel company Travala.com. LINK has been integrated as a payment method on the crypto friendly hotel booking platform and token holders can book accommodation in over 2.2 million hotels and homes in 230 countries.

Bitcoin’s momentum may have also had an effect. The king of crypto is well known for its capacity to move the rest of the market and it too bounced off support at $10,250 with a gain of 5% in push to $10,750 over the past 24 hours.

Source: https://cointelegraph.com/news/chainlink-up-30-following-six-week-downtrend-and-developer-selloff

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