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Qtum / US Dollar Chart, QTUM/USD ()
Qtum is a Chinese hybrid platform that connects blockchains with virtual machines. Using an Account Abstraction Layer, it combines Bitcoin’s model UTXO, Ethereum’s virtual machines, and a modification of the PoS consensus algorithm — Mutualized Proof-of-Stake (MPoS).
The platform has its own virtual machine Qtum x86 that supports not only native smart contracts and decentralized applications but also third-party ones. In addition, dApps created on the platform are compatible with widespread blockchains. They can be launched even on smartphones and devices with IoT.
Qtum project history
The crypto project was established by Patrick Dai, Jordan Earls, and Neil Mahi in March 2016. Mr Dai is an enthusiast from Shanghai. He mastered cryptocurrencies back in 2012. He started his official employment in the blockchain industry in 2015 from the position of a technical adviser in Factom (FCT). Since October 2015, he has been CTO simultaneously at VeChain (up till March 2016) and at Bitse Group (up till October 2016).
Mr Earls has been doing programming since he turned 13 years old. When he had got into the crypto community, he checked the source code of 100 altcoins and detected a lot of vulnerabilities. Such skills helped him make the common project more secure. Mr Mahi has been a software developer for 20 years. In the last four years, he has been focused on blockchain.
In November 2016, Patrick Dai, Jordan Earls, and Neil Mahi registered Qtum Chain Foundation in Singapore. Mr Dai took the position of the Chairman of the Foundation, Mr Earls became the lead developer, and Mr Mahi — the blockchain architect. Later, the Foundation’s structure grew bigger, and separate committees emerged. By 2020, the entire team had 43 members. Qtum Chain Foundation issues monthly expense reports that include operational and marketing costs and wage disbursements.
Investment in the project
- January 2017: $1 million in angel investment from Anthony Di Iorio (Decentral), Star Xu (OKCoin), Li Xiaolai (BitFund), and Bo Shen (Fenbushi).
- March 2017: $15.7 million during the initial coin offering.
Qtum cryptocurrency features
On one hand, the platform is managed by the Foundation, on the other hand — by the Decentralized Governance Protocol (DGP). Using smart contracts, DGP controls and updates blockchain’s parameters. Due to the MPoS consensus algorithm, coin holders can vote with their shares for such changes as an increase in block size, a reduction of gas price to fulfil smart contracts, and other modifications. DGP provides an opportunity to do all these without a hard fork, and users will not even have to download new software.
Besides voting, coins are also used as a right to get a reward for staking. There is no minimum stake but the chances are improved for those who have a plentiful supply. Creating a block pays 4 QTUM, while staking can bring 5 to 6% revenue annually. Every four years (or 985,500 blocks, to be precise) bring halving: the first one will happen in summer 2021; the last, the seventh one, will bring the reward down to zero by 2045.
When exercising their roles of validators, stakers also get a commission for added transactions and payment for gas. Those who use smart contracts buy gas with QTUM. Such users also get access to internal tokens QRC20 created in smart contracts as digital assets for dApps.
Here are more advantages of the hybrid platform:
- block size — 2 MB, with scaling — up to 32 MB (to get it, just vote via DGP);
- the time required to create a block — 128 seconds, and the same time takes transaction validation;
- the maximum speed — 70 operations per second in the basic variant; those who require more can use Qtum Eclair with Lightning Network;
- support for Solidity using EVM, and also C and C++ in Qtum x86 (Python and Rust are also promised).
Developers created an official wallet — Qtum Core. It is full-fledged client software available for Windows, Linux, and macOS. There is also light software — Qtum Electrum for Windows and macOS. Mobile version Qtum Core is available for Android. The project also has a web wallet (qtumwallet.org).
Qtum ICO and distribution
Qtum crowdsale took place from 12 to 17 March 2017, although it was planned for an entire month. It is deemed ICO because developers started creating their own blockchain in advance. In June 2017, a testnet was launched, and in September there was a transfer to the main one.
The team conducted ICO via Ethereum so they temporarily issued ERC-20 tokens (then they exchanged them for coins). The initial issue was 100 million QTUM. They were distributed the following way:
|Recipients of tokens/coins||Amount of QTUM||Share of the total issue|
|Earlier investors (angel investors)||8,000,000||8%|
|Investors involved in ICO||51,000,000||51%|
|Team of developers and founders (payments in the course of 4 years)||12,000,000||12%|
|Budget for research and education (allocation in the course of 4 years)||9,000,000||9%|
|Foundation’s reserve for operational expenses, development and promotion of the project (also for 4 years)||20,000,000||20%|
The assigned cost of QTUM was $0.3072. Tokens were sold for bitcoins and ethers. The final amount was 11,157 BTC and 77,081 ETH. If the number of sold tokens is evaluated at $0.3072 then the fiat equivalent of raised funds equalled $15,667,200.
Developers also included annual inflation at ~0.87%. The exact number of additional coins is calculated and issued by the issue mechanism based on MPoS.
Qtum price dynamics
Qtum was listed on exchanges on 24 May 2017 at the price of 6.19 USD. By 2 June, it went up to 13.46 USD.
QTUM’s ups and downs in 2017–2018
Chronology of strong trends with significant changes in the QTUM price that led to highs and lows of the year:
- 2017. From 23 June to 15 July: 16.99 USD ⤵ 3.88 USD (a low). From 11 to 19 December: 13.55 USD ⤴ 67.75 USD (a high).
- 2018. From 4 to 6 January: 57.47 USD ⤴ an all-time high of 94.67 USD. From 7 January to 5 February: 85.77 USD ⤵ 20.54 USD. From 7 November to 7 December: 4.10 USD ⤵ 1.58 USD (a low).
QTUM price changes in 2019
For 2019, the Qtum chart showed seven notable trends:
- 📉 A downtrend from 9 January to 6 February: the price fell from 2.45 to 1.75 USD.
- 📈 An uptrend from 11 March to 7 April: the price rose from 2.08 to 3.63 USD.
- 📉 A downtrend from 8 to 25 April: the price fell from 3.49 to 2.34 USD.
- 📈 An uptrend from 9 May to 2 June: the price rose from 2.35 to 3.59 USD.
- 📈 An uptrend from 9 to 29 June: the price rose from 2.94 to 5.61 USD, a high of the year.
- 📉 A downtrend from 3 to 16 July: the price fell from 5.20 to 2.68 USD.
- 📉 A downtrend from 5 August to 24 September: the price fell from 3.12 to 1.56 USD.
An uptrend in May and June was facilitated by the growth of the entire market. The year’s low of the coin took place during flat on 17 December, at the mark of 1.53 USD.
Qtum prediction for 2020 and coin’s prospects
In 2020, QTUM followed market trends, correlating with BTC. Only in early February, it made a leap. From 1 January to 14 February, it went up from 1.60 to 3.02 US dollars, which is year’s high as for today. Thus, the increase amounted to 88.8%, while BTC grew only by 43.2%.
During a collapse from 9 to 12 March, QTUM went down from 1.94 to 1.08 US dollars, which is minus 44.3% (BTC experienced −37.3%). On 16 March, it set an all-time low of 1.04 US dollars. Then the price was recovering from 30 March to 2 May as others did: from 1.21 to 1.65 US dollars — it is an increase of 36.4% (BTC had +39.8%).
In the first half of 2020, the team started working on three important stages that should be completed in the second half of the year:
- Offline staking is a delegation of coin mining to services with online wallets (exchanges practise this).
- Phantom is a solution for creating private tokens and digital assets inside smart contracts.
- Neutron is about expanding the Qtum x86 VM infrastructure and adding other languages.
Here are the QTUM price predictions for 2020 from technical analysis experts:
|Analysts||August 2020||October 2020||December 2020|
|Digital Coin Price||$3.76||$2.99||$3.14|
The team publishes a roadmap on the main page of the website but there are only stages of the past year. In the January blog post, a map for 2020 appeared but it does not have exact dates. Therefore, for now, we will draw up a map of past significant events and expected ones:
- 31 October 2016: the release of the prototype platform.
- 28 June 2017: launch of Sparknet, the first public testnet.
- 16 August 2017: launch of Skynet, the second public testnet.
- 13 September 2017: launch of Ignition, the mainnet with its blockchain.
- 23 May 2018: the release of the prototype x86 VM.
- 9 October 2018: adding support for SegWit addresses in bech32 format.
- 26 November 2018: the release of the Plasma MVP.
- 6 December 2018: integration of IPFS for data storage.
- 16 January 2019: the release of the script for QTUM-BTC atomic swaps based on Decred.
- 18 April 2019: launch of Unita, a private blockchain provider for companies.
- 2 July 2019: beta release of the Qtum Eclair client for the implementation of Lightning Network.
- 10 July 2019: implementation of QTUM-BEAM atomic swap.
- 17 October 2019: updating the mainnet to version 2.0 and conducting the first hard fork aimed at introducing improvements.
- 24 February 2020: white paper update.
- August 2020: deployment of offline staking and private tokens/assets in the testnet; adding Rust to x86 VM.
- September 2020: introducing the possibility of offline staking and the creation of private tokens/assets in the mainnet; optimisation of gas consumption; adding DeltaDB and SPV support to smart contracts.
As soon as the developers specify the terms for the implementation of three innovations that can affect the Qtum exchange rate to the US dollar, we will update the items in the list.