The Qtum main network went live on September 13, 2017. It’s hard to believe that 6 years have passed so quickly.
With over 40 wallet releases, the Qtum core team has improved the speed of the blockchain while keeping the code upstream with the latest developments from Bitcoin Core and Ethereum.
As we look ahead, the Qtum team will focus on Ordinals support and other ways to improve the third-party developer experience with our v24.1 hard fork in late 2023.
When the Qtum team began this journey back in 2015, we envisioned a blockchain that would retain the battle-hardened stability of Bitcoin Core’s UTXO model while offering smart contract functionality on a decentralized Proof-of-Stake mechanism.
This recipe has been surprisingly relevant over the years. Even on scalability, the Qtum team deployed a set of smart contracts that would allow the community to adjust the gas fee and block size and dubbed this the “Decentralized Governance Protocol.” This effectively made Qtum faster than Ethereum or Bitcoin without sacrificing decentralization.
Decentralization remains a key concern among the Qtum team. Over the years, we’ve witnessed marketing campaigns that boast a high throughput, or “transactions per second,” that rival even networked centralized databases.
We believe this approach is flawed, and the solution to mass adoption is to retain a high level of decentralization on the base layer while allowing various layer 2 solutions to achieve the “millions to billions” of transactions to exist on top of a sound blockchain.
Some of the Qtum development team’s guiding principles come from questions over the years about centralization:
Can anyone run a permissionless full node without holding tokens or running the software on a networked device?
Can anyone easily deploy a test network?
Can any individual or entity halt, pause, or roll back the blockchain without community consent?
Is the project steered by a powerful personality who claims not to be in charge but still leads the direction or heavily promotes the project?
Can the community reject updates to the project and continue operating on a fork, or fork the project in the direction they want to go?
This thought exercise can get quite long and is probably material for another document entirely. However, it’s worth noting after 6 years, the Qtum team still puts true decentralization on a pedestal.
Key Features
Launching the mainnet was a significant milestone in realizing the project’s vision. It introduced some vital features, such as the Account Abstraction Layer (AAL), which made it simpler for developers to create decentralized applications (dApps) by allowing for easier interaction between the UTXO and Ethereum’s Virtual Machine (EVM).
Qtum opted for a more eco-friendly Proof-of-Stake (PoS) model instead of Bitcoin’s energy-intensive Proof-of-Work (PoW) consensus mechanism, making the network more scalable and democratic.
Qtum’s mainnet introduced a smart contract platform to enhance safety and ease of deployment and interaction.
The crypto community was thrilled about a platform that offered the security of Bitcoin along with the flexibility of Ethereum.
As we commemorate the anniversary of its mainnet launch, it’s important to acknowledge that every technical achievement results from the community’s trust and active involvement in this journey.
Major Updates and Hard Forks
Over the years, Qtum has undergone several major updates and hard forks to improve its capabilities and security features. Some of the most notable updates include:
- One of Qtum’s most significant updates was the hard fork to Bitcoin Core 0.18, which improved the platform’s security and stability.
- In March 2020, Qtum introduced offline staking, making it easier for users to stake their tokens without running a full node.
- In August 2020, a hard fork was implemented to include the Qtum Improvement Proposals (QIP-5, QIP-6, and QIP-7) to optimize gas usage and improve transaction efficiency.
- In May 2021, Qtum introduced the FastLane upgrade to improve transaction speed and network performance, making it more scalable and efficient.
- Qtum Core v24.1 will include a hard fork to activate new features like Ordinals. This update will be mandatory for all users.
Partnerships
Qtum has successfully formed partnerships with key industry players, resulting in impactful collaborations. Some include:
- Fox Wallet
- C14
- Coinstore
Community Engagement
Qtum’s success is largely attributed to the team’s community engagement initiatives. They regularly organize events to keep the community updated about the platform’s developments and involved in the process.
- XSpace Thursdays is a regular event where industry leaders and experts from the Qtum team share insights, exchange ideas, and receive feedback.
- AMA sessions are hosted by the core development team and sometimes feature special guests. They provide a platform for the community to ask questions and receive direct answers.
- Qtum hosts hackathons to promote the growth of a thriving developer community focused on advancing the platform.
Community-Led Initiatives
- Qtum Tank: This is an initiative where anyone with a blockchain project or idea can present it to the Qtum team and community for feedback and potential collaboration.
- Oases x Qtum Campaign: Community members can create NFTS and win QTUM tokens.
- Community Governance Proposals (QIPS): Some governance decisions, like minor protocol changes or funding for community projects, are put up for a vote, allowing the community to have a say in the platform’s direction.
As we commemorate the anniversary of the launch of Qtum’s mainnet, it is crucial to pause and reflect on the amazing journey that has brought us to this point.
Qtum has always been driven by a vision to merge the strengths of Bitcoin and Ethereum, to resolve the most critical challenges in the industry, including scalability, security, and usability.
The launch of the mainnet marked a significant achievement, not only from a technical standpoint but also as a realization of a long-held aspiration to build a secure and adaptable platform.
The Account Abstraction Layer (AAL) and transition to a Proof-of-Stake (PoS) were defining moments for Qtum’s innovation commitment.
These features have not only made the platform more accessible but also more eco-friendly, aligning with the broader goals of sustainability within the tech industry.
But what truly sets Qtum apart is its community. The platform’s success is a collective achievement made possible by an engaged community that has shaped its direction.
So, if you haven’t joined this incredible journey yet, now is the perfect time. Here’s to many more years of innovation, growth, and community building!
References
If you’re as excited about Qtum’s journey as we are, don’t just stand on the sidelines. Become a part of this incredible story by joining the Qtum community today.
Here’s to the future of Qtum!
