Qtum network to implement the first major hard fork

The hard fork will allow improving the platform’s functionality and performance.
Qtum takes the 36th place in global cryptocurrency market rating.

Tanya Abrosimova Independent Analyst

Qtum blockchain will implement its first scheduled fork today, on October 17. The team says that the major upgrate will allow to introduce a host of improvements related to smart contracts functionality and performance.

Qtum positions itself as the next generation platform for decentralized applications (dApp). According to the project developers, the improvements will consolidate its status as a reliable and universal blockchain for consumer and corporate applications.

The update will allow to make "gas" payments by third parties, and thus compensate dApps developers the costs of new users aquisition.

The team claims that the adjustment algorithm will be updated. Also, added support for complex contracts will reduce the development costs and lower an entry point for developers. The increased stability of the interval between the blocks will increase transaction speed by 12.5% on average.

The Qtum public blockchain combines Bitcoin’s transactional model and a Proof-of-Stake (PoS) consensus algorithm. In October 2018 the network implemented support for native SegWit addresses (bech32 format).

In 2017 Qtum developers raised $ 15.6 million via crowdsale.

At the time of writing, Qtum is ranked 36, according to CoinMarketCap’s rating. The coin with the current market value of $163 million is changing hands at $1.7, down 2.3% on a day-on-day basis.

Author

Tanya Abrosimova

Independent Analyst

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