Topic: [ANN] (QTUM) - A Scalable Smart Contract Platform w/ Proof of Stake - page 139. (Read 525459 times)

Enterprisetimes.co.uk writes about Qtum's Decentralized Governance:


"The Qtum Project has announced a Decentralized Governance Protocol (DGP). Its objective is to enable rapid modification of blockchain parameters without ecosystem disruption. Qtum will debut a beta version of the DGP later June. This will include complete source code which will be made open source."



https://www.enterprisetimes.co.uk/2017/06/07/decentralised-governance-protocol-for-blockchains/






 Charles Brett  June 7, 2017  0 Comment  Bitcoin, Blockchain, Contracts, Cryptocurrency, Decentralised Governance Protocol, DGP, Ethereum, qtum
blockchain By Davidstankiewicz (Own work) [CC BY-SA 4.0 (http://creativecommons.org/licenses/by-sa/4.0)], via Wikimedia Commons

Jordan Earls, co founder of the QTUM project (Image credit Jordan Earls, on Twitter)

Jordan Earls, co founder of the QTUM project

The Qtum Project has announced a Decentralized Governance Protocol (DGP). Its objective is to enable rapid modification of blockchain parameters without ecosystem disruption. Qtum will debut a beta version of the DGP later June. This will include complete source code which will be made open source.

“The same way blockchain technology modernized smart contract applications, we are using smart contracts to transform the way blockchain software is maintained,” Jordan Earls, co-founder of the Qtum Project, remarked. “This technology is instrumental in Qtum being the first self-aware blockchain that can quickly adapt to a rapidly changing world,” Earls continued.

“Qtum’s Decentralized Governance Protocol will significantly reduce the effort it takes to coordinate a hard fork for these basic blockchain parameters so that the community can focus on important issues,” said Patrick Dai, co-founder of the Qtum Project. “(Nevertheless) we don’t see this as being a panacea for every issue that may arise.”

Do we need a DGP?

Since the inception of cryptocurrencies, there have been problems in almost all implementations. No project is immune. For example, Bitcoin has had many soft-forks to fix various security concerns. One of the worst was a fork which disabled exploitable script opcodes in very early versions of Bitcoin. Ethereum has also had several forks to fix security issues. The most impactful were ones to fix an exploit in the DAO smart contract, and another which changed the gas price for some opcodes.

A fork should always be treated as an unconventional approach. However, due to the theoretically infinite lifespan of a cryptocurrency, Qtum argues it is extremely improbable that a problem will not arise that necessitates a fork. The Qtum Project embraces the notion that a fork, though not desirable, will be necessary at some point.

What is the Decentralised Governance Protocol for blockchains?

DGP is built using smart contract technology. It implements a decentralized and democratic governance system. This can be replaced and upgraded as needed.

The protocol allows for automated smart contracts to be a voting party. A smart contract can monitor the status of the blockchain and automatically propose and vote upon changes to fix detected problems. With this, the Qtum blockchain becomes self-regulating, self-modifying, and self-aware.

The way DGP works is relatively straightforward. First, a governing party for the DGP makes a proposal to change a parameter. Afterward, all the governing parties for the DGP vote on the proposal. If it receives enough approval votes, the parameter change proposal becomes active. The proposal data is then placed in a standardized format and a particular storage space so that the blockchain software can easily access it without needing to execute the DGP contract directly.

What is Qtum?

The Qtum Foundation has its headquarters in Singapore. It is the decision-making body that drives the Qtum Project’s development, which include the Qtum platform.

In essence, Qtum is a blockchain application platform which combines:

the advantages of bitcoin core
an Account Abstraction Layer allowing for multiple virtual machines, including the Ethereum Virtual Machine (EVM)
a Proof-of-stake Consensus protocol, aimed at tackling industry use cases and providing strong support for decentralized mobile applications.
 

What’s it mean?

For the users of Qtum, this means no new software would need downloading, and no actions need to be taken from network stakeholders and node operators when DGP network upgrades occur. Although the DGP can support many changes to the network, Qtum will limit the protocols power to the more basic blockchain parameters, such as the network’s block size limit and gas prices for operational code running on the network. The Qtum team believes this is a major step for the blockchain industry to help remove some of the ideological politics out of development, which has impeded the implementation of significant innovations.

The ‘fork problem’ is a recurrent software challenge. Cryptocurrencies and blockchains are, if anything, the nightmare occurrence, because these incorporate value. Whether the DGP will prove useful is unclear. Nevertheless, its progress will be worth active monitoring.

Decentralised Governance Protocol for blockchains was last modified: June 7th, 2017 by Charles Brett

Awesome! Sorry I did miss out the timeline you post.

When was the last time that https://coinmarketcap.com/all/views/all/ included a pre-launch token on its listing?

Why Qtum is so Demandable and going higher though it is still a pre launch??

I wonder what will happen when it will launch!

And this will be in number 3 spot in most traded coin in the market.

This is project from China after launch of mainnet it will listed on other big exchanges like poloniex and bittrex. Than price will get decided at the moment there is accumulation into this coin.

Because there are many Chinese people involved

Many here claiming Qtum is overvalued. Look at my previous post for clear advantages it will have vs LTC, ETC, and even ETH (although ETH definitely has a hype advantage). If you want to make the argument that all cryptos are extremely overvalued right now, then okay, that might work out. Your argument that Qtum alone is overvalued falls flat when compared to other cryptos.

Working off of the presumption that you agree with me that Qtum has an edge over ETC and LTC to say the least, let's compare market caps of Qtum with other cryptos.

ETC: $1,655,097,996  (92,371,204 ETC circulating at $17.92)

LTC: $1,528,475,334  (51,449,957 LTC circulating at $29.71)

Qtum: $1,137,000,000 (100,000,000 Qtum TOTAL at $11.37). Keep in mind, valuation is actually higher here than it should be considering the circulating supply is low.

Gnosis/GNO (for shits and giggles because this is overvalued): $2,666,500,000 (10,000,000 GNO TOTAL at $266.65)

You could make the argument that Qtum is overvalued because all cryptos are overvalued. Relatively speaking, however, Qtum is undervalued when you truly look into what the dev team is doing. Yes, I'm aware that Testnet hasn't launched yet, which is what I would say is the reason for the lower market cap than ETC or LTC. Obviously Mainnet is months away, but what will Qtum have in September? A better product than Ethereum has put out, minus the big support (at least so far).

Qtum introduces decentralized governance protocol to manage blockchain network
Tuesday 6th of June 2017


At the time of writing, the QTUM token was trading at 0.003423 BTC.
Blockchain application platform Qtum introduced today a Decentralized Governance Protocol (DGP) that allows blockchain parameters to be modified quickly and seamlessly without ecosystem disruption. For the users of Qtum, this means no new software would have to be downloaded, and no actions need to be taken from network stakeholders and node operators when DGP network upgrades occur.

DGP is built using smart contract technology. It implements a decentralized and democratic governance system that can be replaced and upgraded as needed. The protocol also allows for automated smart contracts to be a voting party. A smart contract can thus monitor the status of the blockchain and automatically propose and vote upon changes to fix problems that are detected. With this technology, the Qtum blockchain becomes self-regulating, self-modifying, and self-aware.

The same way blockchain technology modernized smart contract applications, we are using smart contracts to transform the way blockchain software is maintained. This technology is instrumental in Qtum being the first self-aware blockchain that can quickly adapt to a rapidly changing world.
Jordan Earls, co-founder of the Qtum Project
The Qtum team believes this is a major step for the blockchain industry to help remove some of the ideological politics out of development, which has impeded the implementation of significant innovations.

Although the decentralized governance protocol can support many changes to the network, Qtum will limit the protocols power to the more basic blockchain parameters, such as the network’s block size limit and gas prices for operational code running on the network.

Qtum’s Decentralized Governance Protocol will significantly reduce the effort it takes to coordinate a hard fork for these basic blockchain parameters so that the community can focus on important issues. We don’t see this as being a panacea for every issue that may arise.
Patrick Dai, co-founder of the Qtum Project
Qtum plans to debut a beta version of the Decentralized Governance Protocol in the first testnet of Qtum in June; as well, its complete source code is being made open source at that time.

Qtum: Connecting Blockchain Technology With the Commercial World


Qtum , a forthcoming digital currency and open source community project, announced this week that it had passed $1 million in backing from top industry executives. Some of the project's high-profile supporters include co-founder of Ethereum and founder of Jaxx Blockchain Interface, Anthony Di Iorio; co-founder of Augur and EIR at Blockchain Capital, Jeremy Gardner; OkCoin CEO, Star Xu; blockchain technology advocate Bo Shen; billionaire Kuaidi Dache founder, Chen Weixing; and Chinese angel investor Xiaolai Li, among others.

The Qtum Project began in March of 2016 as a proof-of-concept, led by Patrick Dai. So far the team has completed the design of the Qtum model, the world's first digital currency that can execute smart contracts with a Proof-of-Stake consensus mechanism based on an Unspent Transaction Output (UTXO) model.

Dai, a PhD candidate in Computer Science, previously worked at Alibaba. He began his research and development of blockchain technology in 2013.


In an interview with Bitcoin Magazine , Dai noted a lack of "innovation in blockchain technology coming out of China." Dai hopes to build a new ecosystem that can attract a large number of developers in China and around the world.

Dai added, "Qtum is a global project that aims to connect the existing Bitcoin and Ethereum communities with businesses. The Qtum Foundation, the Singapore-based entity driving development and overseeing the project, has brought together talented Bitcoin and Ethereum developers and also gifted individuals from top global companies including Baidu, Alibaba, Tencent and Nasdaq."

"The team and leadership were the greatest factors," said Di Iorio of his decision to invest in Qtum. "They have a history of execution and are very business oriented. Many consider them to be the best team in China."

Blockchain technology has attracted the attention of many industries. However, commercial use cases have faced challenges. "The Qtum project is for real business needs," said Dai.

Bo Shen, a partner at Shanghai-based Fenbushi Capital and blockchain technology advocate, noted: "For the past couple of years the [Suspicious link removed]munity and business world have been running alongside each other in parallel, and I think Qtum is where they meet."

At present, two of the most prominent blockchain ecosystems, Bitcoin and Ethereum, have incompatible platforms. Qtum aims to pool the development resources of Bitcoin with decentralized application (DAPP) developers from Ethereum.

The financial industry has been one of the most active explorers of blockchain technology, though finance is highly regulated, especially in China. This industry is the largest holder of blockchain-related patents. Qtum also allows users to authenticate their identity through smart contracts, which will enable them to use more decentralized applications, such as those provided by the financial industry.

According to Dai, blockchain technology is not yet mainstream. However, through Qtum's "Go Mobile" strategy, Qtum will push DAPPs to the masses.

The Qtum community has already launched two community projects: SpringEmail and Qloha. SpringEmail hopes to combine blockchain technology with the Simple Mail Transfer Protocol (SMTP), allowing users to use the mailbox to send and receive small amounts of digital currency.

Qloha, which utilizes WeChat's new "mini programs" platform, enables users to send Qtum tokens and chat with bots to order products or services via WeChat. Qloha hopes to extend this feature to other messaging platforms such as iMessage, Telegram and Facebook Messenger to improve the usability of blockchain technology.


Read more: http://www.nasdaq.com/article/qtum-connecting-blockchain-technology-with-the-commercial-world-cm732079#ixzz4jJHCWRwj

I was writing to warn people when Qtum was at $15 ($1.5 billion market cap).  Price is now $9.75 ($975 million market cap).

It's still overvalued.  Their transparency announcement was defensive and only applied to the foundation side of the business.  Any smart person will tell you that just being transparent with the Swiss foundation portion- which is just a shell controlled by the corporate side is meaningless.

Also this IPO was exchange friendly- Qtum's exchange buddies got ICO allocations and they have an interest in pumping the price.  Usually when an exchange lists a coin with no alpha or anything-that means the exchange probably got some benefit such as ICO allocation at terms more favorable than general investors.

So, again:
-Founders/team have no history of successful crypto project
-Founder has been outed as a scammer on a previous project
-Only listed on Chinese exchanges involved with the project
-NO PRODUCT, NOT EVEN A TESTNET
-market cap went from $1.5 billion to $975 million in a couple days- still just vaporware

You have idiots comparing this to ETH.  Vitalik would never launch ETH in such a shady manner coordinating with his exchange buddies with not even an alpha in testnet.

Keep calling it FUD...but ask yourself why no reputable exchange outside of a few Chinese exchanges would list this coin?  How come a coin valued at $1 billion can't get a listing on Polo? Bittrex? Liqui?  Use your brain.  I dared you to buy at $15....I dare you to buy at $9...This is no ETH...and even if it was...even ETH had hiccups/growing pains.  You think a team with no track record, alpha...is going to not have a single hiccup?  Yet people keep throwing money away cuz of "China"....why does a country need its own crypto?  Aren't successful cryptos supposed to be global/borderless and most importantly TRANSPARENT?  I actually think the "it's China" argument makes this less valuable because it tells me this coin is constraining itself to a particular region- a region known for a lack of transparency.  And everything this project has done so far follows in the Chinese tradition of poor transparency.  

looks like a chinese coin only listed in chinese exchanges.

Oh, so it's an IOU.  IOU's are usually higher priced that the actual price when it hits the exchanges.  I remember it happening to Waves when it was an IOU on yobit. 

It can't be listed on other exchanges yet because the actual blockchain isn't live, the only exchanges that are able to trade it in advance can do it because they're the ones that offered a portion of the ICO, so they're able to issue IOUs for the coins sold during the ICO that allow people who bought through them to trade.  People who bought through other places that aren't able to issue an IOU for trading can't trade their Qtums yet, though it does seem like Yunbi sold a large amount of Qtum so there's still some reasonably good volume there.

The real question is whether the cryptocurrency bubble will hold up until September when the Qtum mainnet actually launches, if it does then I think the price will be very good once it hits global exchanges, but who knows, all altcoins might tank before then.

Still, I think Qtum will be interesting long term because of the benefits it offers over something like ETC, and ETC is already priced higher than Qtum so if Qtum actually works it should be priced higher than ETC in my opinion.  But ETC has greyscale pumping it's price up with their investment trust.

Hi Cychan2,

Our Main Network launches in September, this is when Qtum Tokens will be available for withdrawal from the exchanges that hosted our Crowdsale.

We will release our Test Network this month, which will allow entities wishing to provide services or build on the Qtum Blockchain the source code required to start work.

Please see our roadmap for more information:

But it still relies on when the mainnet will launch. Any info for that? I wish them success but they should communicate more and get us at least a draft plan and target dates.

This project is good but it must be listed on the popular exchanges such as livecoin or bittrex exchange for trading.
If it's listed on the chinese exchange then it's not good for all investors overseas .

Because it's prelaunch trading. There's no actual blockchain, i.e., no actual Qtum coins being traded. The only exchanges that can offer prelaunch trading are the five exchanges that participated in hosting Qtum's ICO.

You could make the argument that Bter and Allcoin are unpopular, but Yunbi seems to have decent volume (Qtum had >$30MM USD/24 hr volume just the other day on this exchange).

Is it possible that the price is inflated? Maybe. I doubt it, however. It's unarguably worth more than ETC because it is ETC w/ PoS 3.0, UTXO model-based, and a more ambitious dev. team. Admittedly, the circulating volume of ETC is 92,000,000 compared with Qtum's total volume of 100 million.

LTC? Well Qtum has adopted Segwit as well. Major difference then lies in PoS 3.0 vs PoW. Perhaps is the reason why the current market cap between LTC and Qtum isn't that far apart, and likely will be higher for Qtum at launch given public support seeming to favor PoS over PoW, at least certainly in the Ethereum community. Then there's smart contracts/Dapps, which LTC currently lacks. This combined with the lack of dev. team for LTC, albeit a single dev. was recently hired.

Qtum is Chinese Ethereum 2.0 with a seemingly faster, more innovative dev. team. While it's certainly possible for price manipulation, I highly doubt that is what's going on. I think people are coming to the realization that Qtum has the potential to be a real contender with Ethereum for blockchain technology, and we are still very early in the game.

If Qtum, or more specifically the Enterprise Qtum Alliance, is able to gather support from big companies, there will no doubt be a trend like that seen with the Ethereum Enterprise Alliance Announcements (a jump from ~$12-->~$50, then from ~$90-->~$230). I think this is also being factored into the price, given the collaboration with PwC.

Why is this token only on Chinese exchanges and non popular exchanges?  The price does seem oddly high.  I wonder if it's being manipulated by those who hold the majority of the tokens. 

Only some exchanges are letting users exchange promises/iou for shittoken. Lets say I paid for (scam)ico on yunbi, then yunbi will let me trade promises for shit token. Supply is tiny, and pump is easy.

Real price once release will make BTCspace very sad