Exciting things are happening for the Qtum project as of late. Earlier today, the company announced an invaluable partnership with PricewaterhouseCoopers Asia. Tomorrow, the company will release their official whitepaper, which was put together with the help of PwC. It appears this Ethereum-based project is firing on all cylinders. There is a lot to be excited about when it comes to Qtum, that much is certain.
Having the support of PwC Asia is a significant vote of confidence for the Qtum project. This team of developers wants to bring the best of bitcoin and Ethereum together into one powerful platform. Moreover, Qtum will focus on bringing blockchain technology to enterprises all over the world. The only way to do is by providing businesses with an open source platform for blockchain development.
By combining the Unspent transaction Output design of bitcoin and pairing it with the Ethereum Virtual Machine, an intriguing concept is created. All of this is achieved thanks to the Qtum Account Abstraction Layer. All of this and more is documented in the official Qtum whitepaper, of which a new version will be made public tomorrow. It is evident this project is quite ambitious.
What makes the Qtum project so intriguing is how it will facilitate the usage of “lite” wallets. For example, mobile devices will be more than capable of supporting the Qtum blockchain, allowing users to engage with decentralized apps and smart contracts. Additionally, this will also benefit IoT devices, as they can be secured with smart contract technology moving forward. Considering how the Internet of Things devices need more security, this is a more than welcome development.
Qtum Co-founder Patrick Dei commented as follows:
“Getting smart contracts to work on smartphones and tablets heralds a new age in the field of decentralised computation. With about half of all internet traffic being generated by mobile devices, every real-world use case for decentralised applications would massively benefit from mobile support – especially if we’re taking the tendencies of developing markets into account.”
Some people may recall the DAO attacks which cast a dark shadow over the Ethereum ecosystem. Allowing smart contract collaboration, negotiation, and review should address all of these problems in time. If the terms of the contract are broken, the involved parties can determine if they want to close or amend said contract. Qtum is designed to revolutionize business processes and how companies interact with their consumers. So far, it looks like the project is well underway to achieve just that.