The Qtum Foundation, an open source value transfer protocol and decentralized application platform, has gained support of PwC, one of the leading professional service providers. PwC links companies in 157 countries to ensure high quality in assurance, advisory, and tax services.
The step is expected to fuel blockchain adoption across global business sectors. Reportedly, PwC will provide comments on a white paper to be prepared by the project team, as well as on their proposed project governance structure.
“PwC sees enormous potential for blockchain to revolutionize business practices as we know them, and the firm has made great efforts in developing strategic and technical capabilities to adapt existing products and services for the new technology. We are excited to get involved in the era of innovation and help companies capture the opportunities and benefits brought by the new technology. Working with the Qtum Foundation aligns with our goal,” said CY Cheung, Fintech and Cybersecurity Partner of PwC China.
Headquartered in Singapore, Qtum unites top specialists from different countries. The foundation unveiled the high level of professionalism PwC has brought to the team in Qtum Blockchain Economy Whitepaper. As one of the largest open-source blockchain projects, PwC will be allowed to effectively take hold to meet the needs of financial services, Internet of Things (IoT), supply chain management, social media, gaming and other industries.
“The Qtum Project is committed to becoming a smart contracts platform for business. To do this, Qtum wants to make it feasible for industries to build practical applications on top of Qtum. Qtum envisions a future where business practices are automated, and machine-to-machine communication is seamless. Having PwC, who has broad expertise across industries and a global network, support Qtum will help us fulfill our mission,” added to Patrick Dai, co-founder of the Qtum Project.
Along with announcement of PwC support, the Qtum Foundation has unveiled the paper Smart-Contract Value-Transfer Protocols on a Distributed Mobile Application Platform.
The whitepaper authored by the co-founders of the Qtum project, Patrick Dai, Neil Mahi, Jordan Earls and the project’s Scientific Advisor Dr. Alex Norta, details the technical workings of their blockchain platform.
Qtum’s blockchain supports the SPV (Simple Payment Verification) protocol, which will allow lite wallets, running on mobile devices, to engage natively with decentralized applications and smart contracts for the first time. SPV support means that transactions can be signed by the device itself instead of relying on third-party services to relay messages.
“Getting smart contracts to work on smartphones and tablets heralds a new age in the field of decentralized computation. With about half of all Internet traffic being generated by mobile devices, every real-world use case for decentralized applications would massively benefit from mobile support – especially if we’re taking the tendencies of developing markets into account”, said Patrick Dai, Co-founder & CEO of the Qtum Project
The whitepaper explains that Qtum’s blockchain can seamlessly interact with the Ethereum Virtual Machine and more virtual machines down the line due to the Account Abstraction Layer.
The whitepaper also touches many concerns of industry users appeared after the Ethereum DAO attack. Qtum aims to make smart contract technology mobile and practical to revolutionize business processes and the interaction with customers.