With Bitcoin and the creation of blockchain technology, Satoshi Nakamoto started a revolution. Currency had been handled the same way for hundreds, even thousands of years. Then, with the invention of the internet, the financial world changed. But the way consumers handle and process money hadn’t until Nakamoto changed all that.
That’s what makes blockchain so revolutionary. It completely changes the way consumers think about money. But even in the sphere of blockchain technology, it’s easy to think that the revolution has been won and to stick with the status quo. But just like Nakamoto adapted currency to the internet age, blockchain should be continually adapting to the issues that arise.
In order for blockchain to be truly revolutionary, it needs to continually be evolutionary.
Qtum (QTUM) is a China-based blockchain that is seeking to be revolutionary by creating a cryptocurrency that is truly evolutionary. They’re on the cutting edge of the blockchain world, through two key features. DGP and X86.
DGP and Qtum
Qtum’s Decentralized Governance Protocol or DGP is at the heart and soul of what makes Qtum so revolutionary and what leads them on the cutting edge of the entire industry. It solves one of the major problems in the blockchain world. Forks.
Forks aren’t just a problem in the blockchain, but in anything that runs on software. A fork is where a developer copies a project’s source code in order to begin an independent development. Forks occur out of both innocence and spite, and can range in overall severity.
Forks are infamous in the blockchain community, particularly with Bitcoin and Ethereum, the two most popular blockchain platforms. Each experienced their own hard forks, due to much internal debate and disagreement. While the fork fight takes place among the entire community, the reality is that the decision is made by the elite few. The hypocrisy is startling. For something that is decentralized and claims to do away with centralized governing agencies with too much power, blockchain suddenly becomes very centralized when forks and protocol changes are in play.
Qtum recognizes this and attacks the issue head-on. They recognize that forks will happen, but the way a blockchain deals with them is important to the overall integrity of the platform. That’s why they developed their Decentralized Governance Protocol (DGP). As the name suggests, Qtum takes decentralization seriously. Even the way their blockchain is managed is done in a decentralized fashion.
DGP sets up parameters that a blockchain can change, helping avoid disruptive hard forks. These parameters are managed and executed by smart contracts. As these changes take place, there is no disruption on the network, meaning the users don’t experience any of the issues or fallout that traditionally comes with a hard fork.
X86 and Qtum
Qtum is a combination between Bitcoin and Ethereum and is compatible with both. With Bitcoin, Qtum is compatible with its gateways. With Ethereum, Qtum is compatible with its smart contracts. This greatly benefits developers, making it easy for them to switch onto Qtum’s platform and back again seamlessly.
However, Qtum is pushing the bar even higher. Jordan Ears, co-founder of Qtum is working on adding an x86 Virtual Machine as well. The development is in a partnership with Baofeng, helping Qtum run 50,000 full nodes. One of the purposes of building the x86 VM is to support smart contracts in multiple programming languages, Rust being one of the primaries.
Some of the other benefits from running x86 on Qtum are additional programming language support, first-class oracles, a standard library, and new possibilities for smart contracts.
In an interview with Bitcoin Magazine, Jordan Earls explained how he thinks this will improve scalability for Qtum, “We are confident that the x86 VM will be more scalable than the EVM, but we are thus far unsure how much. We are designing the VM and all of its APIs and other aspects to be scalable. We are making a big shift in the smart contract world where we actually reward smart-contract developers (in the form of cheaper gas costs) for limiting the features their smart contract has access to, and we are confident it will be faster than current EVM technology.”
In other words, what Earls and Qtum are trying to do is more impactful than just creating an easy to use blockchain. They are testing a method that more blockchains could utilize to make their own platforms better. With x86, Qtum has the potential to be the first to make this happen.
Qtum took the best of Bitcoin and combines it with the best of Ethereum. When they did this, it was revolutionary, and with DGP and x86, they are evolutionary. Through DGP, Qtum is solving one of the primary issues in the blockchain industry. Likewise, through x86, Qtum is making some of their best features even better. Expect future blockchains to be modeled after Qtum, the future of blockchain tech.