Recap: PAL to Collaborate with QTUM

In May, PolicyPal Network and the Qtum Foundation, ranked 27th on CoinMarketCap (as of 3 September 2018), announced our upcoming partnership. PolicyPal Network is proud to be collaborating with such an innovative and fast-moving blockchain project. Without a doubt, positive synergy will be found in this partnership. In order to better understand what this partnership entails and to learn a bit more about QTUM, read on below!
What is QTUM?
QTUM is an open-source blockchain project and platform that is developed by the Singapore-based Qtum Foundation. The platform is built to be used by businesses and enterprises of all types. QTUM is a hybrid blockchain application platform boasting an array of innovations. A few of these are:
- Decentralised Governance Protocol: allows for automatic optimisation of parameters on the blockchain (such as block size and scheduling) in order to increase transaction speed.
- Proof-of-Stake Consensus: node operators are rewarded for validating transactions.
- Expansion of Smart Contract Ecosystem: QTUM has developed an entirely new ecosystem for the creation of smart contracts called “Qtum x86 Virtual Machine”, where a range of mainstream coding languages can be used to create and use the smart contract. With this new ecosystem, smart contracts will be integrated into business operations more easily.
The Qtum Foundation aims to be the ultimate public blockchain for business. Development efforts will allow them to market this platform to various industries, such as Mobile Telecommunications, Counterfeit Protection, Finance, Industrial Logistics (shipping, warranty, etc), and Manufacturing.
In the first week of June, the Qtum Foundation hosted a meetup in Seoul where they shared major progress updates. The team shared that a prototype of the x86 Virtual Machine is ready, with the possibility of writing in mainstream coding languages such as C and C++. This will help to significantly lower the barrier for businesses to use smart contracts and ease the user experience. Furthermore, the Qtum Foundation announced that they will be releasing QTUM X, a blockchain geared towards easy-use and design for commercial decentralised applications.
How will Qtum and PolicyPal Network work together?
One important component of the QTUM platform and ecosystem is its transaction platform and wallet. PolicyPal Network’s product CryptoProtect will insure the Qtum Wallet. In addition, users of the Qtum wallet will be able to easily obtain decentralised insurance products offered by PolicyPal Network.
CryptoProtect
PolicyPal Network has firmed up a partnership with a global insurer to underwrite CryptoProtect insurance for QTUM wallet providers to offer further assurance and greater peace of mind.
This CryptoProtect insurance will cover:
- Cyber security insurance
- 3rd party losses
- Data breach
Decentralised Insurance Protocol
To enable this decentralised insurance distribution, PolicyPal Network is tying up with various insurance providers to offer automated insurance with automated claims process. For instance, we announced a partnership between PolicyPal Singapore and ERGO for Automated Flight Delay Insurance powered by PolicyPal Network’s blockchain technology.
We will be distributing the B2C products to QTUM holders and these QTUM holders can obtain insurance through their wallet at a discounted rate. QTUM will be the front end for distribution. The specifics as to which insurance products will be available are yet to be announced, so do stay tuned for further updates!
What is the current status for this partnership?
The timeline for this partnership corresponds to the roadmap of PolicyPal Network’s technology developments and releases. The exact release date of CryptoProtect for the Qtum wallet as well as for Qtum users will be published at a later time.
About PolicyPal Network
PolicyPal Network is a decentralised insurance protocol that uses data to bridge the gap between consumers and insurance providers by providing a new level of accessibility within the insurance ecosystem. The company also works with insurers to provide CryptoProtect insurance coverage for digital assets and smart contracts. PolicyPal Network is a member of Singapore Fintech Association and ACCESS. PolicyPal Network’s affiliate entity, PolicyPal Singapore, has an active user base of 50,000 for its app, which helps users to manage, buy and optimise their insurance policies.
Currently, PolicyPal Network has partnerships with insurance companies, FWD and Ergo, to explore potential use cases of our decentralised insurance protocol together. Furthermore, we have also established collaborations with blockchain projects NEM, QTUM, Sentinel Protocol, MediBloc, Digix and traceto.io to offer CryptoProtect and mainstream insurance products for the projects themselves, along with their respective communities.
Learn more about PolicyPal Network:
Website: https://policypal.network
Whitepaper: https://www.policypal.network/whitepaper
Bluepaper: https://github.com/policypalnet/ppn-blue-paper
Telegram (English): https://t.me/policypalnetwork and https://t.me/PolicyPal_ANN
Telegram (Chinese): https://t.me/PolicyPalNetworkCN
Twitter: https://twitter.com/PolicyPalNET
Github: https://github.com/policypalnet
Reddit: https://www.reddit.com/r/PolicyPalNet/
Blog (English): https://medium.com/@policypalnet
Blog (Chinese): https://www.jianshu.com/u/04e398cadb84
Facebook: https://www.facebook.com/policypalnet
YouTube:https://www.youtube.com/channel/UCQGg21l40zG6a_vd8koFx_g
KakaoTalk: https://open.kakao.com/o/gNYy7XQ
