Qtum has teamed with Invictus Capital and OVEX cryptocurrency exchange to bring an opportunity to crypto enthusiasts and developers to learn more about Qtum and how it works.
The team at Invictus have created a short Udemy video course which outlines what Qtum is, how it works and why it is unique.
The course is free to participate for all OVEX users and attendees are rewarded with $15 worth of Qtum (around 45,000 tokens), for completing the course. If you’re already an OVEX user, you’ll be able to deposit your free Qtum tokens directly to your OVEX wallet and sell them for about R200 and withdraw it if you wish.
The course is aimed at anyone wanting to learn more about cryptocurrency and the Qtum project in particular.
Sign up now for the Qtum Introductory Course.
‘QTUM will now be available on a South African Exchange for the very first time, allowing South Africans to access the token and all the incredible projects building on the platform.’ – Jonathan Ovadia, CEO OVEX
What is Qtum?
Qtum is an open-source, public, blockchain-based, distributed platform and operating system (OS) which features the groundbreaking technology known as smart contracts. In a nutshell, Qtum is a UTXO-based (UTXO stands for the unspent output from bitcoin transactions.), proof-of-stake blockchain contract at dApp (decentralized application) platform.
Now while this might sound complicated, it’s actually notably easy to understand and we’re going to help you understand everything that makes Qtum a unique and innovative platform to use.
Qtum could be easily surmised as a combination of the bitcoin (BTC) blockchain, the Ethereum (ETH) blockchain’s smart contracts and a Proof-of-Stake consensus mechanism.
Much like Ethereum, Qtum is a platform which allows developers to implement various kinds of application in a decentralized fashion. This means, users are able to engage in the trustless computing of complex instructions, much like bitcoin’s blockchain, but also different.
With bitcoin, it is a simple form of technology which allows users to transfer BTC from one address to another. With Qtum, the network forms part of the second generation of blockchain networks which implements smart contracts and thus conditional transactions.
Qtum: A Proof-of-Stake consensus
Qtum is built upon a proof-of-stake consensus mechanism which is different from the power-consuming Proof-of-Work consensus upon which the Bitcoin blockchain is built upon.
Proof-of-Stake is a system, whereby validators on the network are picked to generate new blocks on the blockchain, based on their economic stake in the network.
With Qtum, users will benefit from a secure and stable product which is easy to understand. Users can expect stability which is based upon bitcoin’s core code with its solidity programming language providing an interface which most blockchain developers are comfortable with.
Ultimately, this aligns with Qtum’s core goal of creating a secure value transfer protocol via dApps (decentralized applications). These dApps have a variety of use cases, from financial services, supply chain management and the advertising industry.
Who is Qtum?
Qtum was founded back in 2016 by Patrick Dai, Jordan Earls and Neil Mahi. The Qtum team held a successful initial coin offering (ICO) back in March 2017 which generated an outstanding $15.6 million in sales of the Qtum token in just five days.
How is Qtum different from other blockchains?
To properly understand how Qtum differentiates from other blockchains, we first need to understand the similarities it shares with the bitcoin and ethereum blockchains. Qtum is basically a combination of the technologies that make up Ethereum and Bitcoin.
Qtum’s core aim is to implement the best of Bitcoin and Ethereum to combine them in a way that allows for ethereum smart contracts to be implemented on the Qtum blockchain while benefiting from the network scalability of Bitcoin’s UTXO or Unspent Transaction Output Model.