8 months ago
PRESS RELEASE. The new Qtum roadmap for 2024 volition pioneer Qtum’s archetypal USDC token swaps with a token bridge, enactment for Bitcoin Ordinals, and upstream enactment to Qtum Core. These caller features are apt to unfastened the DeFi floodgates, importantly summation concatenation volume, and pull developers.
Nearly 1 decennary ago, Qtum began its travel to merge the advantages of the 2 biggest blockchains, Bitcoin and Ethereum. Today, Qtum, an open-source blockchain platform, offers robust tools for gathering and deploying decentralized applications portion ensuring high-quality information utilizing the energy-efficient, proof-of-stake statement model.
We tin property the emergence of Qtum to the expanding request for businesslike and reliable scaling solutions successful 2017. With the emergence of blockchain technologies and consequent wide adoption, scaling became an contented for layer1 chains. Congestion connected Ethereum was placing other unit connected transaction fees and performance. Transactions connected Bitcoin were taking hours to complete, and if 1 lacked the patience to wait, they would person to conscionable hefty state fees adjacent for measly transactions.
Qtum roseate astir this clip by enabling Bitcoin’s UTXO exemplary to tally smoothly alongside the Ethereum Virtual Machine to bring retired precocious performance, debased transaction fees, and cosmopolitan interoperability astatine the tallness of the scalability debate. This unsocial attack by the Qtum squad enabled it to payment from the information features and stableness of Bitcoin and, astatine the aforesaid time, unfastened up functionality for Ethereum astute contracts.
According to Forbes, the planetary blockchain manufacture is worthy $1.7 trillion dollars and is projected to grounds implicit $19 cardinal successful spending by the extremity of 2024. Qtum aims to service the multi-trillion marketplace and unfastened much opportunities for developers, builders, businesses, entrepreneurs and corporates who make planetary solutions by leveraging the blockchain.
In its 2024 enlargement plan, Qtum is implementing the BRC-20 token modular onto its chain, introducing Ordinals, bridging solutions, and upstream developments from Bitcoin and Ethereum connected its mainnet successful a bid to amended scalability, interoperability and the co-existence of Bitcoin and Ethereum’s champion features.
Qtum’s Robust Scalability Features
Integrating Segregated Witness (SegWit)
Qtum integrated the Segregated Witness (SegWit) protocol connected its concatenation to boost efficiency, performance, and security. First introduced into Bitcoin, SegWit improves artifact abstraction usage by separating transaction signatures from on-chain transaction data.
Integrating SegWit enabled Qtum to summation the fig of transactions per block. Thereby importantly improving velocity and scalability connected the blockchain. Besides, SegWit has security-enhancing features which are an vantage to the Qtum blockchain.
Qtum besides accrued its throughput to a 32-second artifact target, which is faster than Litecoin oregon Bitcoin portion remaining wholly decentralized.
Onchain scaling with EVM
By leveraging the Ethereum Virtual Machine (EVM), Qtum achieved ample artifact sizes of up to 8,000 kilobytes from 2,000 Kilobytes each 32 seconds. This enables the blockchain to process much transactions connected each artifact and inactive support high-quality information levels and optimum decentralization. The larger the size of the block, the much transactions that Qtum tin process, the faster the transaction times, and the little the state fees. This is simply a cleanable illustration of however the EVM account-based exemplary tin co-exist and tally smoothly with Bitcoin’s UTXO model.
To lick the dangers of ample artifact sizes connected proof-of-stake chains, Qtum ingeniously implemented a modified PoS statement to optimize the nodes and support the web from spam attacks. This had the payment of eliminating bottlenecks and preventing immoderate lags connected the network.
L2 exertion and microtransactions
The blockchain embraced the worth of microtransactions and took steps to beryllium acceptable for a layer-2 transactions technology. This volition alteration Qtum to tally a Layer-2 exertion web akin to Bitcoin’s Lightning Network. This caller web would let for micro-transactions connected Qtum to beryllium possible, made successful real-time, and charged zero state fees. As you tin see, Qtum has already taken the indispensable steps to go Bitcoin Lightning Network Ready.
Microtransactions are peculiarly invaluable for usage cases crossed integer marketplaces, gaming, and crypto faucets. These usage cases trust connected hundreds of thousands of predominant but tiny transactions,
Upcoming Changes successful the Qtum 2024 Roadmap
Over the years, Qtum has made important strides to amended the ratio and reliability of its network. Some of these upgrades person reduced transaction times, accrued performance, improved throughput, introduced revolutionary interest absorption models, pioneered caller scaling features that accommodate to changing blockchain requirements, and introduced DGP assemblage upgrades. In 2024, Qtum is going a measurement further by introducing respective cardinal upgrades by the extremity of this year.
Qtum is Implementing BRC-20 Token Standard connected its Chain
Qtum’s enactment for the Ethereum ecosystem has made it imaginable for the blockchain to enactment existing Ethereum token standards, ERC-1155 and ERC-721. Furthermore, the improvement squad has continued to amended the functionality astir these token standards to boost the show of each astute contracts going done Qtum.
Earlier, we mentioned however the blockchain has managed to execute the UTXO exemplary connected Bitcoin alongside the Ethereum Virtual Machine. There it is. This exemplary enables Qtum to enactment each update taking spot crossed some chains. Hence, Qtum automatically has enactment for Bitcoin Ordinals since it’s already implemented Taproot, Bitcoin’s update that gave country for Inscriptions and Ordinals.
To grow upon this successful 2024, the Qtum squad is gathering a acceptable of tools to enactment robust implementation of Ordinals connected its chain. In the meantime, ticker the abstraction since the squad has promised to supply further functionality and incentives that are not imaginable with Bitcoin.
Qtum Bridge and USDC
Qtum 2024 roadmap has promised to beryllium infrastructure-ready for builders who would privation to make and merge utilities crossed Web3. The improvement squad is already gathering span solutions to assistance the transportation of integer tokens betwixt Ethereum and Qtum. This volition unfastened up caller possibilities for the open-source platform. The squad is mounting up USDC contracts to enactment the wrapping of USDC connected the Qtum blockchain.
The diagnostic volition besides alteration the conversion of wrapped USDC to its autochthonal signifier whenever 1 wants to. Since its inception, Qtum has had a ample spread for not offering a autochthonal stablecoin liquidity pool. By introducing caller bridging solutions, the level aims to supply this functionally and adjacent enactment Metamask Snaps (https://metamask.io/snaps/).
Support for stablecoins volition besides unfastened caller opportunities for Qtum NFTs, which person been disposable for a portion but haven’t managed to summation traction. The beingness of BRC-20 connected the level means that ERC NFTs and Bitcoin Ordinals volition beryllium capable to co-exist for the archetypal clip connected a native blockchain without the request for a layer2 solution oregon immoderate signifier of span oregon atomic swap.
Conclusion
Countless updates volition instrumentality spot connected Qtum Core by merging the astir robust updates coming from Bitcoin and Ethereum. Qtum Core is the blockchain’s basal furniture that incorporates an improved Bitcoin Network and a modified proof-of-stake consensus. By leveraging the advantages of the world’s starring chains, Qtum has a extremity of taking scalability and interoperability to the adjacent level.
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