Cryptocurrencies continue to enjoy the wave of recovery that November has brought. The market looks predominantly green, and QTUM like most other leading altcoins are experiencing reasonable gains.
Price Analysis of Qtum (QTUM)
QTUM continues its impressive upward movement today, rising by 4.21% against the U.S. dollar and 2.65% against Bitcoin. Over the last three days, QTUM has accumulated gains of about 7%, and in the process, moving past the $4.00 support level.
As of this writing, Qtum is being sold for $4.11, holding a market capitalization of $365.6 million, makes Qtum the 26th most valuable digital asset. Continuous growth over the next 24 hours could see Qtum consolidate on a stronger support level of $4.20 which can trigger a stronger bull run.
The daily trade volume of Qtum has also been rising steadily over the last three days. Over the last 24 hours, approximately $197.7 million worth of QTUM has been traded. The rising liquidity of QTUM should be able to provide the needed support for the coin to experience further growth over the next couple of days.
The Progress of Qtum (QTUM)
Although ranked high up the cryptocurrency chain, Qtum is not the loudest of crypto projects, with most of its developments going largely unnoticed. However, in mid-October, Qtum announced a partnership with Amazon Web Services, which caused a stir in the crypto-verse as well as resulting in a spike in the value of QTUM.
After signing what may be described as its biggest deal, the Qtum-verse seems to have gone silent again. Although there little or no information proceed out of the Qtum ecosystem, the research division of the Qtum project (QtumX team) has been working on a project to improve the data management of the decentralized ecosystem.
The Qtum Decentralized Data Access Object (DDAO)
In a bid to improve the efficiency of data management of a decentralized ecosystem, the QtumX team embarked on a technological journey to build the Decentralized Data Access Object (DDAO).
According to Zheng Yi and Li Zhen, lead researchers of the DDAO project, when completed their technology will allow users to access different decentralized platforms with a singular interface to perform ‘CRUD (Create, Read, Update, Delete)’ operations.
The technology as proposed by the QtumX team will essentially eliminate the need for a user to operate more than one decentralized platform. The DDAO would serve as a converging point for existing decentralized platforms. In theory, the proposal sounds great, however, the research team has to scale a lot of challenges in building the DDAO.
One of the major challenges would be solving the problem of the decentralized file system (unsuitable for storing large files because blockchain backs up data at every node), keeping the multiple nodes responsible for data storage always online to enable data retrieval and download, among other problems.
Blockchain projects like BigchainDB, Bluzelle, amongst others have embarked on similar projects to solve the problem of the decentralized file system. No great scientific breakthrough comes without a challenge; it would be interesting to see how Qtum’s DDAO technology makes its way into reality.