Major Bitcoin Investors Back New Blockchain Platform Qtum

Qtum supports smart contracts and dapps like Ethereum but is built upon Bitcoin’s UTXO transaction model.
Photo: Qtum Team: Patrick Dai, John Scianna, Caspal Ouyang, Neil Mahi, Baiqiang Dong, Jordan Earls

A team of blockchain experts released a today the “Qtum Blockchain Economy Whitepaper”, which outlines the Qtum Foundation’s structure, the Qtum blockchain, the development team, fund allocation, token distribution, and use cases.

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The project is supported by some top investors, mainly from China, including: Anthony Di Iorio, Ethereum founder and CEO of JaxxWallet; Chen Weixing, billionaire founder of Kuaidi, one of the largest car riding services in China;  Jeremy Gardner, co-founder of Auger and EIR at Blockchain Capital; David Lee Cuo Chuen, founder of Left Coast, Libai, and DLEE Capital Management; Bo Shen, General Partner at Fenbushi Capital; Jehan Chu, Managing Partner at Jen Advisor; Qingzhong Gao, Director of HuaWei Strategic Cooperation; Xu Star, OKCoin CEO; Lihua Yi, Partner of ZhongWo Investment; and Xiaolai Li, one of biggest bitcoin holders in the world and Blockchain Angel Backer.

Bo Shen, General Partner at Fenbushi Capital
Bo Shen, General Partner at Fenbushi Capital

Bo Shen commented to Finance Magnates: “I’ve been searching for a project that could be the foundation of a new blockchain economy. This is it, and this is the team I believe can make it happen.”

According to the whitepaper, Qtum provides a turing-complete blockchain, able to execute smart contracts and decentralized applications, comparable to the Ethereum blockchain. However, in contrast to Ethereum, Qtum is built upon Bitcoin’s well-established UTXO transaction model and employs a proof-of-stake consensus scheme.

Patrick Dai is the Chairman of the Qtum Foundation. He was previously employed by Alibaba, and now committed to the blockchain technology development and research for a doctorate degree.

Patrick Dai, founder of Qtum
Patrick Dai, founder of Qtum

He said: “We are publishing this business whitepaper because we want the community to know we are serious. We are organized. Most blockchain projects lack this vision when they are starting, and it’s just another fundamental difference that will help make Qtum a success. Qtum’s goal is to be the most stable, user-friendly blockchain for individuals and businesses. We want people to know who they are working with, and who’s behind the code.”

The whitepaper specifies an array of services, designed to bridge the still existing gap between blockchains and the business world, by allowing smart contracts to adhere to changing commercial rules and regulations consistently. They say these services will also enable Qtum’s smart contracts to efficiently interface with real-time data inputs from stock markets, weather forecasts, news agencies, and the like.

 

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