This past week has seen the cryptocurrency world see red again. Bitcoin’s price dropped by over 14% in the previous week as Ethereum dipped below the $700 mark on Thursday. This is the lowest Ether has gone since mid-December 2017. QTUM returns are similar to ETH as the coin sees its price drop by over 17% to close Friday at $18.14. Even though the price is dipping at the moment, Qtum (QTUM) still offers its users a long term solution to the problems faced by both Bitcoin and Ethereum. A worthy competitor.
As far as innovation goes in the field of blockchain and cryptocurrencies, Bitcoin and Ethereum are the godfathers of the rest. Bitcoin brought around the first ever cryptographic related payment network system while Ethereum in its part brought about the smart contract technology which allows creation of decentralized apps etc. However, these technologies still have their flaws, Bitcoin is relatively slow and Ethereum is not scalable making its transaction speed slower as the network allows more dApps on it. Such problems will render the two immutable networks inefficient really soon giving QTUM, currently trading at $18 per coin a chance to regain its value past the $100 mark again.
“More than 3000 Qtum POS Full Nodes alive now, it’s one of the biggest Proof of Stake blockchain while compatible with EVM (X86 on the way) and built on a more Secure and more Scalable transaction model, UTXO, if Bitcoin want Smart Contacts, Qtum already made a good example.”
Patrick Dai, CEO of QTUM on Twitter
Qtum (QTUM), pronounced Quantum, combines the transaction power and blockchain development characteristics of Bitcoin and Ethereum smart contract technology to offer complete decentralization and scalability. Basically QTUM is a Bitcoin-Ethereum blockchain.
For a brief moment this January, QTUM saw a spike in its price crossing the $100-mark then drop to $53 as seen in the chart below. The coin ranks as the most traded small cap coin this week according to Digitalassets as daily trades averaging $9 million USD being carried out on various exchanges.
QTUM Technologies is more decentralized in comparison to Bitcoin and Ethereum. The coin currently has over 3658 individual nodes which can only be controlled individually as Bitcoin has 10,000 nodes and Ethereum with 15,000 nodes. However, the nodes associated with BTC and ETH are usually owned by big whales making the network system to be centralized around the whales. More nodes are in transition to be placed around the world as QTUM network is easily scalable.
The QTUM protocol is based on both the Bitcoin and Ethereum network models that allow developers and users to create decentralized applications that utilize either blockchain network, Bitcoin or Ethereum, and the QRC20 standards to execute it on the platform.
Fun to know
The number of google searches of QTUM has increased since the beginning of March, showing increase in interest in the coin even as BTC and ETH searches dropped significantly. QTUM increased its number of google searches by 20% on a month to month basis as Bitcoin and Ethereum saw the number of searches fall by over 60% and 50% in the same period. This has been one of the most reliable indicator of price given the correlative nature of number of searches and price.