It seems that there are plenty of crypto-investors in China eager for a new smart contracts solution. Less than one day in and the QTUM token crowdsale has already raised more than $12 million worth of cryptocurrencies (over 8,000 BTC and 60,000 ETH), reaching 75% of its final goal.
Qtum allows smart contract usage without having to install heavy, specialized software. With this, smart contracts can be used with light wallet apps in low data storage environments, such as mobile phones, tablets and Internet-of-Things (IoT) appliances. This is done by stacking the Ethereum Virtual Machine (EVM) on top of Bitcoin’s unspent transaction output (UTXO) architecture.
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QTUM are the cryptographic software tokens used to engage with distributed applications and smart contracts on the Qtum platform, and will serve as the staking currency of the Qtum blockchain, as well as fuel for computational operations performed by the Qtum network.
The crowdsale is taking place at these mostly Chinese cryptocurrency exchanges and crowdfunding portals: Bizhongchou, Yunbi, ICOAGE, Allcoin, ICO365, and BTC9.
Ahead of the public crowdsale, Qtum has raised $1 million from investors including Chen Weixing (Kuaidi), Star Xu (OkCoin), Anthony Di Iorio (Ethereum, Jaxx Blockchain Interface), Jeremy Gardner (Augur), Fenbushi Capital’s Managing Partner Bo Shen, and angel investor Xiaolai Li.