In the past ten years, businesses around the world have been faced with the dilemma of either embracing the blockchain technology or shunning it altogether due to the skepticism that surrounds the technology. However, the businesses that have been able to look past the skepticism have achieved incredible milestones while increasing stability, trust as well as being at the forefront of the 21st-century‘ miracle.’
Bitcoin is the largest crypto, but it is still grappling with mainstream adoption. Ethereum, on the other hand, opened up the blockchain world of smart contracts, however, it is facing scalability issues. It is with these current issues that projects like Qtum (QTUM) have found a leeway to explore the technology and reach limits that Bitcoin and Ethereum have not been able to.
The partnership with Qihu 360 and Baofeng was first mentioned in February 2018. Both of these companies lead software development in China. According to QTUM founder who is also the CEO, Patrick Dai, these partnerships are meant to spearhead the commercial adoption of QTUM. At the time, Mr. Dai said, “The timing is good to move from ‘proof of concept’ stage to maximization of useful applications,” Furthermore while talking about the benefits the network was going to get from the partnership with Baofeng, Dai added:
“Baofeng will help Qtum to deploy 50,000 full nodes in one or two years; they will start deploying all the Qtum full nodes in China,” he reveals. “If the Qtum platform can have 50,000 full nodes, it will become the most decentralized platform, vis-a-vis Bitcoin that has about 10,000 full nodes, and Ethereum that has 20,000 full nodes. We are also working with Baofeng on copyright protection, and creating content distribution,”
The partnership with Qihu 360 has been instrumental in the latest development of QTUM platform. It is essential to note that the biggest listed software firm in China is Qihu 360. It boasts of having over 900 million users spread all over the world. While commenting on the partnership with Qihu 360 Mr. Dai said, “We have signed a MOU with them to build a blockchain research lab, create more diversified applications based on Qtum technology, and push the X86 Virtual Machine to be the industrial benchmark,” he also added, “We are also working together on distributed storage and decentralized computing and to maximize the adoption of the technology and create more useful applications that can improve society at large.”
In other news related to Qtum (QTUM), the network has announced the adoption of New-Age Features that will help it in its mass adoption plan. One of the most important is the creation of the dedicated x86 virtual machine (VM). This new development is aimed at allowing QTUM to migrate from the Ethereum Virtual Machine (EVM). The platform has been executing on EVM since its inception, but the new virtual machine gives it the ability to scale the heights of blockchain without the limitations associated with EVM.
QTUM will now have support for a wide range of decentralized applications (dApps). In addition to that, it will support various programming languages including C, Rust as well as C++. It will also feature a standardized coding library, a gas charging model that is optimized, achieve a high level of development, execution and smart contracts management. The team is focused on making the process of deploying dApps simple but give the developers the best network in the industry. Reduced fees and high scalability are among the many befits of x86 Virtual Machine is offering.
QTUM Price Overview
Qtum (QTUM) price is trading at $8.84 at the time of writing. It has formed a double top pattern around $9.2, besides it is correction lower to complete the pattern. There is an immediate support at $8.8, but if it fails QTUM/USD could test the latest demand zone at $8.00. The asset is up over 8% in the last 24 hours. It is ranked 19th in the market with a market cap of about $792 million.