At just over a year since inception, the Qtum (QTUM) blockchain is one of the major ICO success stories. One of several high profile Singapore-based companies, Qtum is seeking to establish itself as the successor to both Bitcoin and Ethereum. They’ve already attracted a wide cross-section of different decentralized applications, including medical, satellite and advertising.
MediBloc is designed to secure medical records – something that is sorely needed in the current medical environment. Laws understandably prevent the easy transfer of medical information, to prevent entities from harvesting data that they do not realistically need. However, using blockchain technology, data can be obfuscated to allow critical information transfer without full record exposure. Space Chain seeks to give the average person access to satellite telecommunications bandwidth. Meanwhile, BitClave allows users to actively sell their information to advertisers, avoiding the middleman and making the environment more useful to all parties.
An Efficient Combination of Blockchains
Most blockchain projects take some influence from prior projects. This can be done through adoption of code bases, or even through hard forking the currency itself. The first is generally for entirely new projects, while the latter is usually a proposed ‘upgrade’ to the parent project.
Newcomer Qtum went a third route, picking and choosing portions of various blockchains to create a new, more efficient system. The transaction layer comes directly from the Bitcoin blockchain, while an Ethereum Virtual Machine facilitates smart contract inclusion. An ‘Account Abstraction Layer’ acts as a go between, creating a synchronized system greater than either legacy blockchain. As a result, Qtum is uniquely suited for decentralized applications, while still maintaining the complete immutability of the Bitcoin blockchain.
The Vevue Media App
Perhaps the most poignant news to come out of Qtum recently is the first ever release of a movie through blockchain technology. Romantic comedy ‘No Postage Necessary’ distributed through the Vevue Media app. It would be one thing if it was a simple publicity stunt, but ability to release media directly on a blockchain has serious potential applications.
The seemingly endless struggle between content creators and digital piracy may skew in favor of the creators as a result. Blockchain’s cryptographic security systems make piracy exceedingly difficult, if not impossible, so long as the file is not distributed directly to the user’s device. Access can be unlimited, but single-user, which is the gold standard in-so-far as content creators are concerned.
The recent addition to Binance’s USDT offerings is a strong indicator of the market’s belief in Qtum’s future success. Given the blockchain’s firm Chinese ties, it also stands a good chance of succeeding in the notoriously mercurial Chinese cryptocurrency market.
Article By: Adam Stone