The Qtum Blockchain Foundation, headquartered in Singapore, plans to raise over 13,000 bitcoin on six Asian exchanges with its upcoming QTUM token crowdsale, fueling the growth of its PwC-supported blockchain platform for business.
The 30-day token crowdsale will begin March 16, 2017, offering 51 million QTUM for either bitcoin or Ether. QTUM are the tokens used for smart contracts and distributed applications on the Qtum platform.
“This crowdsale will accelerate the development of the Qtum Project and assure that we will have a stable blockchain platform for industry and consumer smart contracts,” said Patrick Dai, co-founder of the Qtum project. “Given the commercial interest for making IoT, financial, and supply chain applications on blockchain, we imagine Qtum can be the robust infrastructure these applications are built on.”
Qtum is a hybrid blockchain application platform that combines a fork of Bitcoin Core with an Account Abstraction Layer allowing for multiple virtual machines including the Ethereum Virtual Machine. After raising $1 million from a group of investors, the Qtum project announced a partnership with PwC, a top global professional service provider and one of the Big Four auditors.
“PwC sees enormous potential for blockchain to revolutionize business practices as we know them,” said CY Cheung, Fintech and Cybersecurity Partner of PwC China. “Working with the Qtum Foundation aligns with our goal.”
A high-profile partner like PwC could really catapult Qtum to the top, and the core idea of the Qtum project – blending Bitcoin’s simplicity and robustness with Ehereum’s flexibility and smart contracts – is interesting. However, it’s worth noting that the Qtum project is building its own blockchain, derived from but independent of the Bitcoin blockchain, and therefore it won’t be able to leverage the existing (and growing) adoption of Bitcoin.
Crypto Insider reached out to Jordan Earls, co-founder of the Qtum Project, to find out more.
Can you say something about your partnership with PwC?
This is the first time any open-source blockchain project has had a big four firm working with the project so closely, to our knowledge. We are hoping that our current relationship becomes more formal with time where PwC will be recommending Qtum to their global network.
What does PwC plan to do with your tech?
Right now PwC’s role is limited to helping with the operations of the Qtum Foundation. This gives PwC great insight into how the project is progressing and how they can use blockchain technology down the line. We know that having PwC in our office everyday will make them experts in Qtum so when it comes to advising clients down the road about blockchain technology, Qtum will be on their mind.
Other high profile early adopters?
Our backers have been helping us get in front of top level executives at China’s largest technology companies. We have had interest from legal, financial and IoT industries. We think these industries are the most receptive and aware of blockchain technology, so it makes sense that they are the most willing to adopt.
Others (e.g. Counterparty, RSK) have claimed to “add Ethereum smart contracts to Bitcoin.” How does your approach differ and why is it better?
Since Qtum is on its own blockchain, we don’t have to fight in the political realm of bitcoin and rely on its network. Counterparty has become too expensive to run because smart contracts compete for space with bitcoin transactions. RSK looks more promising but SegWit support has stayed flat for months, and the project needs SegWit to operate properly. We hope that all these smart contracts platforms can succeed and grow the market. We are still very early in the industry, and multiple implementations need to be explored.
Additionally, adding Ethereum smart contracts to our platform is just the starting point. We don’t want to have an entirely new platform with a steep learning curve, having compatibility with an ecosystem where developers can just move their applications to Qtum is greatly beneficial. In the future, we will have our own virtual machines with more language expressiveness.
Is Qtum a fork of Bitcoin with Turing Complete scripting added?
The Turing-completeness refers to the smart contracting languages that are used on top of the blockchain. We still use Bitcoin’s opcodes, and a few that we added ourselves to enables broadened smart contract functionality. This includes allowing the Turing Complete Ethereum Virtual Machine to be accessed through our Account Abstraction Layer.
A short sales pitch for the crowdsale? Why should I want to buy?
We hope our answers can give you more insight into our project. Qtum is very practical technology that is fit for business and mobile use cases. We are the top project out of Asia. We have enterprise customers waiting for us, and we have the support of PwC. Qtum has the right team, vision, and backers for this endeavor and it’s all coming together quite nicely.