business and finance Quantum Foundation Combines Ethereum And Bitcoin To Create QtumQtum is an enterprise that combines different aspects of the two most prominent blockchain platforms, Ethereum and Bitcoin, into one cohesive project.Their goal is to ease the adoption of blockchain technologies for corporate entities.The Singapore registered organization, The Quantum Foundation, recently surpassed $1 million in investments from top fintech industry players.Prominent supporters include Chinese angel investor Xiaolai Li, blockchain enthusiast and investor Bo Shen, Ethereum co-founder Anthony Di Iorio, and more.They are working on an endeavor called Qtum, which is an open source community project, a digital currency, and a platform for creating smart contracts.Since the Quantum Foundation’s goal is to release a stable product with a low learning curve that’s marketed toward mass business adoption, they’re combining their favorite aspects of the two most popular blockchains: Bitcoin and Ethereum.

Currently, most companies are not utilizing the many benefits of blockchain technology for real world use cases, but Qtum hopes that by combining the two most prominent blockchains, enterprises will be encouraged to integrate the tech into their daily operations.bitcoin buyer in pakistanFor a reference of comparison, the project Rootstock is a sidechain meant to allow Ethereum smart contract functionality on Bitcoin’s blockchain.litecoin goldHowever, Qtum is different since it uses a proof-of-stake consensus protocol and also supports the Ethereum Virtual Machine (EVM), which Rootstock does not.litecoin hard wareWhile Qtum is using Bitcoin’s Unspent Transaction Output (UTXO) model to handle transactions, they’re also using the EVM to write and deploy smart contracts.azure bitcoin miner

By forking the code of Bitcoin Core 0.13, and “adding new Bitcoin Script opcodes” and “special processing conditions,” existing Ethereum contracts are able to work on Qtum with minimal changes.bitcoin precio en lineaIt would appear that Qtum is taking a ‘best of both worlds’ approach of attracting potential customers.bitcoin pci cardThey plan to design Oracles and DataFeeds to deliver relevant information to the blockchain, which is integral to the functionality of certain smart contracts.ethereum tokenThis will present relevant use cases for businesses, hopefully increasing adoption.bitcoin na europaIf companies start using Qtum, it will add to the validation of the EVM’s smart contract utility.bitcoin wallet mac location

According to a draft of Qtum’s whitepaper: While Qtum can be used just like Bitcoin (except for the Proof-of-Stake modifications) to send and receive digital currency, the real power of Qtum is the Smart Contract system.The Ethereum Virtual Machine (EVM) has been integrated into Qtum and a blockchain abstraction layer has been placed between the EVM and the UTXO based blockchain.This way existing Ethereum smart contracts run with little or no modifications to the contract source code.If businesses see the power and increased efficiency of smart contracts, it will benefit Ethereum with greater adoption.As Ethereum continues to become stronger, more secure, and more user friendly, it could stand to be the preferred choice for smart contract writing and deployment.Even though bitcoin’s transaction model was chosen by Qtum, that doesn’t mean it’s ideal.As Ethereum will eventually make the switch to a Proof-of-Stake consensus protocol, and continue to refine all aspects of its platform, there’s a good chance Ethereum will still become the standard for enterprise blockchain needs.

ETHNews is commited to its Editorial Policy Like what you read?Follow us on Twitter @ETHNews_ to receive the latest on Qtum, The Quantum Foundation or other Ethereum business and finance news.At CES this past January, IBM researcher Veena Pureswaran described the company’s joint plan with Samsung to get home appliances to exchange cryptocurrency with one another.The currency, called Ether, is similar to bitcoin, except that the traded commodity isn’t directly related to a financial value.Instead, Ether’s value is computing power.What distinguishes the Ether and bitcoin cryptocurrencies from traditional money is the online system that records their every trade.Networks of people called miners use the software to collectively verify and record these cryptocurrencies’ every trade.Like ever-growing strands of DNA, the currencies’ digital addresses, called blockchains, store the details of each trade.Bitcoin and Ether run on their own software platforms, but in both cases, a blockchain makes the whole idea possible.Letting connected devices barter computing power in the Ether cryptocurrency would address a basic issue of the coming Internet of Things era: paying for the cloud services that will allow devices to do useful things and talk to each other.

Instead of relying on ads, fees from paying users, or selling data to third parties, hardware makers could use Ether as the basis for device-to-device communications and transactions.Ether would blanket all of a connected home’s devices in a network of code to minimize computing costs, reduce the scale of operation, maximize device longevity, and guarantee consumer privacy for all stakeholders in a connected future.In short, Ether could be the Internet of Things’s wonder drug.The Blockchain’s EvangelistThe company that is helping IBM and Samsung bring connected objects into Ether is Ethereum.Founded in 2014 by a group of bitcoin enthusiasts–including a 2014 Thiel Fellow named Vitalik Buterin–Ethereum is promoting a more widespread use of blockchain technology: blockchain applications for everything.Using Ethereum’s platform, coding a blockchain application should be as easy as creating a webpage in HTML.Ethereum has built an open-source software platform that any coder can use to write blockchain-based applications.

Additionally, anyone can join Ethereum’s network and offer up a computer’s computing power to the network.Then, the applications that are built on Ethereum’s software platform run on the collective power of all the computers that have joined Ethereum’s network, rather than in one centralized datacenter.Ethereum’s chief communications officer, Stephan Tual“Basically, what we’re doing is building the world’s biggest computer,” says Stephan Tual, Ethereum’s chief communications officer.He imagines a scenario where more and more people will volunteer their desktops’ computing power to run programs that were built on Ethereum’s software platform.For Tual, the premise behind evangelizing the blockchain isn’t to dissolve a centralized source of power for political reasons, like Bitcoin was conceived to do; it’s to help businesses save the money and effort they would need to run these Internet of Things applications in the cloud.Ethereum is making the blockchain a reality for some of tech’s biggest players.“What Ethereum offers is really making it easy to build this stuff without needing to worry about cryptographic principles that are, quite frankly, obscure for most developers,” says Tual.

The number of computers–and computing power–on Ethereum’s network is growing.A Really Slow, Really Big ComputerThere are applications that don’t lend themselves to blockchains, such as playing video games or running other applications that require similarly substantial computing resources.“Ethereum is a really slow computer.It’s a very big computer that always tells the truth, which is quite interesting, and also has no downtime, which is another cool property it has.But it is pretty slow, compared to your laptop, for example.Because it’s the lowest common denominator that determines how fast it’s going to run,” Tual says.But blockchain technology is perfect for simple tasks that need to run constantly.Connected devices that perform crude, repetitive tasks, like monitoring temperature or turning lightbulbs on and off, would benefit the most from the blockchain’s peer-to-peer networking.IBM and Samsung have employed Ethereum in their joint Internet of Things project called ADEPT, which stands for Autonomous Decentralized Peer-to-Peer Telemetry.

Along with Ethereum, the companies plan to use two other peer-to-peer applications in the project: Telehash for inter-device messaging and BitTorrent for inter-device file sharing.Ethereum will execute code between the devices.“The reason that they need this stuff is that they don’t want to pay,” Tual says, laughing.They don’t want to pay for its maintenance.” Mist, a graphical user interface for Ethereum’s software platform.Ether’s ValueEthereum’s network of computers is growing every day, as members are rewarded with CPU power for breathing life into Ethereum’s web of applications.And the Ether cryptocurrency holds clear financial value to the people who are developing the Ethereum platform.Last summer, the company made $18 million on a pre-sale of Ether.That money now pays the salaries of Ethereum’s London-based management team, as well as its 30 developers in Berlin and Amsterdam.While Ethereum will eventually spend that initial pre-sale fund, Tual hopes the company will reap the rewards of the foundation he says it’s currently laying for the Internet of 20 years from now.