The Qtum Foundation, the organization overseeing the development of the Qtum Blockchain project, released its economy whitepaper today, titled: Qtum Blockchain Economy Whitepaper. The whitepaper outlines the Foundation’s structure, the blockchain, the team, fund allocation, token distribution, and use cases of the blockchain.
In an effort to combine the potential of Ethereum’s decentralized computation platform, with the simplicity of bitcoin, the Qtum team has designed a system which combines the most valuable assets of both projects. Building on the bitcoin blockchain, Qtum stacks a communication layer which allows it to interact with an enhanced version of the Ethereum Virtual Machine called the Qtum Virtual Machine. It aims to combine the possibilities provided by smart contracts with the stability and maturity of the bitcoin, also giving greater access to a blockchain smart-contract system through lite wallets and mobile devices.
One of the Big Four accounting firms was hired by the Foundation in order to help co-develop the whitepaper and will also assist in the development of Qtum’s governance structure, project management, and risk management. The Qtum Foundation will oversee the development of the Qtum Blockchain, advocate transparency, and promote its open source ecosystem.
The design of the Foundation’s governance structure mainly considers sustainability, management effectiveness, capital use and preservation for the Qtum project. The Foundation consists of various committees, such as Executive Judgment, Code Review, Finance & HR, as well as Marketing & PR. The different committees will work in co-operation to manage Qtum’s daily operations and special occasions with detailed operational procedures and rules.
Patrick Dai, founder of Qtum, remarked: “We are publishing this economy whitepaper because we want the community to know we are disciplined and well organized. Most blockchain projects lack this vision when they are starting, and it’s just another fundamental difference that will help make Qtum a success. Qtum’s goal is to be the most stable, user-friendly blockchain for individuals and businesses. We want people to know who they are working with, and who’s behind the code,”
The whitepaper specifies an array of services, designed to bridge the existing gaps between blockchains and the business world, by allowing smart contracts to adhere to changing commercial rules and regulations consistently. These services will also enable Qtum’s smart contracts to interface efficiently with real-time data inputs from stock markets, weather forecasts, news agencies and other similar services. These augmentations have far-reaching implications for the utility of the Qtum blockchain. In addition, it also details the Foundation’s plan to establish an interface array between the Qtum Blockchain and legacy business entities and government bodies.