Ethereum co-founder Anthony Di Iorio has made no secret of the fact that he sees opportunity in fresh projects like QTUM.
Speaking from Toronto last week, where he was completing the purchase of a three-story penthouse for USD 21 million, he made it clear that despite enjoying the trappings of being a crypto billionaire, he still has his head very much in the game.
“The biggest stake for me is in QTUM and VeChain right now, the two Chinese projects.”
What is it that has Anthony Di Iorio so excited about the smart contracts platform though?
What is QTUM?
In simple terms, QTUM is an open-source blockchain and cryptocurrency which can run smart contracts on multiple virtual machines with proof-of-stake consensus.
Considered a Bitcoin and Ethereum hybrid of sorts, it can be utilized to implement smart contracts and DApps that operate without a single point of failure.
How does it work?
Taking the principal components of Bitcoin and Ethereum, and combining them in a “real life” scenario helps to give us the best of both worlds.
Essentially, developers have taken Bitcoin’s core code and altered the consensus mechanism from proof of work (POW) to proof of stake (POS) and implemented Ethereum’s EVM over the adapted Bitcoin code base.
By utilizing these factors, the platform enjoys the reliability of Bitcoin’s blockchain, as well as the capacity to run any code or DApp on Ethereum’s blockchain without any single point of failure.
Due to its hybrid status, the development team consists of members from both the Bitcoin and Ethereum communities, as well as team members who have worked with Alibaba and Nasdaq in the past.
At first glance, the QTUM ICO may look decidedly average in comparison to recent ICOs, but at its conclusion, it had raised USD 15 million, the fourth highest in cryptocurrency history at the time.
51 million QTUM tokens were administered in the ICO from the 100 million that had been created, with 20 percent distributed among early backers, the development team, and founders, and 29 percent allocated to community initiatives, education, academic research and market expansion.
Despite not enjoying much significance at the moment, the future of QTUM looks promising, with its Bitcoin code base and ability to host Ethereum-based DApps and smart contracts.
This innovation should allow QTUM to scale rapidly.
Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.