Qtum (QTUM) experienced a market cap increase from around $300 million to nearly $360 million. Over the past 24 hours, its value climbed with 5%, ranking it at 28. Since the beginning of this year, the company had to confront the general slump in the market. However, their September upgrades and announcements caused a rise.
QTUM Addresses Concerns about Scalability
The Singapore-based, open-source platform is tailored to the needs of businesses. It aims to solve scalability issues and while offering a product that is convenient and secure.
Qtum (QTUM) could be described as a hybrid of Bitcoin (BTC) and Ethereum (ETH). Their model incorporated the best from both worlds. Users create smart contracts, while an Unspent Transaction Output, or UXTO store the records. In a nutshell, the UXTO is a less expensive, condensed version the blockchain ledger.
The company gained momentum partly because consumers regard smart contracts and UXTO as incompatible by definition. Smart contracts are independent. Therefore, the real innovation of the company is their Account Abstraction Layer. In layman’s terms, this is a translator between the two systems.
QTUM has accomplished a lot since they launched over a year ago
It is possible that things are looking up for the company since they made their ecosystem more secure. In September, the team released their Core update that seemed to have fixed the significant bugs they faced in the past. They now boast default HD and segwit wallets, and will even be releasing a revamped website soon to accommodate these new additions. Furthermore, their new mobile wallet is nearly ready for deployment on iOS and Android. Additionally, previews indicate it should be a very user-friendly design.
They’ve also improved their Chinese translations and have updated the security of their virtual machine. Furthermore, the update has resolved several issues with gas refunds. A few other notable additions include autosaving of contact fields, as well as the addition of more QRC-20 tokens.
These improvements have drawn attention to Qtum (QTUM), which already features a solid dApp toolkit that is back compatible with both Ethereum contracts and Bitcoin. The Kraken exchange recently added the company to its ranks. The company’s general value increased over the last month, with one spike following the Kraken release. This recent climb can likely due to the forthcoming app. Therefore, Qtum (QTUM) will be one to watch in the coming days.
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