By
Mayowa Adebajo
March 12th, 2024
The company unveiled the first testnet of its innovative blockchain platform aimed to combine best properties of Bitcoin, Ethereum’s Virtual Machine and proof-of-stake consensus.
The Qtum has announced the release of Sparknet – first testnet of its upcoming unique platform which would combine best properties of Bitcoin, Ethereum’s Virtual Machine and proof-of-stake consensus.
The blockchain’s innovative model is being developed due to the rivalry between developers of the world’s top blockchain communities, explained Patrick Dai, Qtum co-founder. “We want to illustrate efficient scalability and compatibility between blockchain technologies,” he said. The news comes a few months later after the foundation has raised more than $15 billion in a crowdsale.
The Qtum blockchain is based on the Unspent Transaction Output (UTXO) model, which provides extremely consistency in transactions and ensures tokens traceability. Moreover, the platform for smart contracts tops Qtum’s blockchain, giving developers a stable architecture for decentralized mobile applications creation and other blockchain-based ventures.
Jordan Earls, the Qtum’s co-founder and leader of the blockchain’s development department, revealed to reporters that Sparkle features an Ethereum Virtual Machine smart contract implementation teamed up with proof-of-stake protocol.
“I’m ready to get this in the hands of the community and see what everyone’s response to it will be, in particular, what features other developers can come up with,” said Earls. “The Qtum team continues to execute and build what can be one of the most exciting and innovative railroads in the blockchain ecosystem,” said Matthew Roszak, Qtum Angel investor.
The blockchain is ready to meet six decentralized applications which are already in developement and which will include a peer-to-peer mobile streaming platform and a prediction market. And though this services are created for the Chinese market, the Qtum provides access to its testing for developers across the world hoping to receive valuebale feedback which can help improve the platform for end users.
“Like many others around the world, I’m eagerly awaiting the launch,” shared Roger Ver, another Qtum Angel investor who is interested in cryptocurrency projects.
On July 1-2, the Qtum will hold a hackaton which will take place in Moscow, Russia. To learn more about the event, please visit blockchainhack.ru. You can also access Sparkle code repository on the blockchain’s Github page.
Qtum is a blockchain application platform which combines the most innovative and successful advantage of Bitcoin Core, an Account Abstraction Layer and a proof-of-stake consensus protocol which tackles industry use cases. The Qtum Foundation, headquartered in Singapore, is the decision-making center that runs the project’s development.