Qtum Price

What Is Qtum (QTUM)?

Qtum is a scalable, decentralized hybrid blockchain that merges the smart contract functionality of Ethereum with Bitcoin’s UTXO transaction model. It uses an advanced technology known as Account Abstraction Layer (AAL), which allows virtual machines such as the Ethereum virtual machine (EVM) to run on top of the base Qtum UTXO layer.

Its decentralized governance protocol (DGP) uses smart contracts to facilitate on-chain governance. Through DGP, basic blockchain parameters can be automatically updated via smart contracts without the need for forking. 

Qtum doesn’t simply combine the strengths of Ethereum and Bitcoin, it also applies an energy-efficient mutualized proof of stake (MPoS) mechanism. MPoS reduces the likelihood of malicious attacks by sharing the block reward between nodes and delaying payment. 

QTUM Price 

In 2017, QTUM’s price dramatically rose over six months, ascending from $3.99 in mid-July to a climax of $100.22 in January 2018.

After that remarkable increase, QTUM steadily fell in the following months. The price found a support zone in the range of $1.50 to $3.50, where it stagnated for about two years.

In February 2021, the price broke a critical resistance of around $13 to rise to $26 in May of the same year. Then it dropped back to its previous support zone, and has been trading sideways since then.

What Is QTUM Used For?

QTUM — the native token for the Qtum blockchain — is used to govern, transact or stake on the network.

The Qtum Chain uses a similar economic model as Ethereum, in which QTUM tokens are used to pay the transaction and gas fees needed to execute smart contracts on the network.

Owning QTUM allows users to participate in Qtum’s on-chain governance by voting on proposals. You can also stake QTUM to become a validator and earn rewards for securing the Qtum network. Whether you’re a Super Staker (online staker) or delegator (offline staker), you’ll receive block rewards that are halved in a similar way as Bitcoin.

QTUM Tokenomics

QTUM’s initial total supply of 100 million tokens was allocated as follows: 

• 51% issued in a March 2017 public sale

• 20% set aside for the founding team, developing team and private investors 

• 29% for business development and academic research

New QTUM tokens are minted and issued as block rewards to secure the network at an initial rate of four QTUM per block. The rewards will be halved every four years to create a finite supply of the tokens.

Who Is the Founder of Qtum? 

Co-founded in 2016 by Patrick Dai (CEO) and Miguel Palencia (COO), Qtum is part of the Qtum Chain Foundation, a nonprofit company registered in Singapore. The Qtum Foundation is responsible for the management, development and construction of Qtum’s blockchain.

Read more: Qtum: Offering the Best of Bitcoin and Ethereum

How to Store QTUM

Official QTUM wallets give you complete control over your private and public keys, allow you to participate in staking and have multi-platform compatibility. Therefore, it’s advisable to store your QTUM in the Qtum Core desktop wallet, or in Qtum Electrum, which supports hardware wallets such as Trezor and Ledger.

Other multichain wallets that are compatible with QTUM include Trust Wallet, Guarda Wallet and Atomic Wallet. 

Where to Buy QTUM

You can buy QTUM from any top crypto exchange, including Bybit. On Bybit, you can trade QTUM/USDT on the Spot market, and QTUMUSDT on a perpetual contract.