Topic: [ANN] (QTUM) - A Scalable Smart Contract Platform w/ Proof of Stake - page 332. (Read 525257 times)

maybe dev can consider add a short time POW period?

Hi everyone, lead developer here. I'd like to give a brief summary of this section that was revealed, so that you don't have to read through the whole thing to figure out what we're doing. It is indeed a very rough draft also. 

Basically, we're taking Bitcoin Core 0.13, integrating the Ethereum Virtual Machine, and adding an "Account Abstraction Layer" so that existing Etheruem contracts will work on Qtum with minimal changes. The exact way we are integrating the EVM is by adding new Bitcoin Script opcodes, and adding special processing conditions so that when these EVM using transactions are added to the blockchain they are executed immediately (rather than only when attempting to be spent, as is normal).

Along with this, the account abstraction layer allows for contracts to only worry about balances and sending funds. This is a bit more complicated to explain without going into a lot of technical detail, but I'll try. Normally in UTXO based coins (such as Bitcoin of course), you can't just say "I want to send 20 coins to X", you say "I want to send this 10 coin output, and this 5 coin output, and this 8 coin output to X, and also send 3 coins back to Y, which is my wallet." This is called coin-picking, and is one of the reasons that smart contract implementations on top of Bitcoin have been so difficult up to this point. A coin output must be either spent completely or not spent at all. What we've done with this account abstraction layer is make it so that smart contracts on the blockchain have something similar to a wallet. When a user (or other contract) sends coins to a contract, the code will create a standard "funding transaction", which is spendable only by the appropriate smart contract. It would be a great burden for smart contracts to have to pick their own coins (ie, having to write your own algorithm in Solidity), so we have added a consensus-critical coin picking algorithm which all contracts must use. So, for a contract to "send 5 coins to X", the miner will pick contract-owned coins (using the consensus-critical coin picking algorithm), and when it has enough inputs for the value to send, it will then construct the outputs of the transaction. In this case it would be "5 coins to X, remaining coins to sending smart contract (change output)". This transaction is then added to the current block. It's important to note that these transactions are not broadcast on the P2P network, they are only added by miners (and it is consensus-critical that they add them if they put the contract transaction in the block)

I'm sure that explanation wasn't 100% clear, but the TL;DR; of it is that we integrated the EVM onto a UTXO based blockchain, and writing contracts for this should be just as easy as Ethereum, but you get the benefits of the UTXO model. These benefits include mobile/light wallet support by SPV, a more stable model (whereas Ethereum has forked many times to fix problems with this), and compatibility with existing Bitcoin tools and protocols.

same feeling with you..

there are 3 coins i like.. byteball/elastic XEL/ Qtum

uauh.... i had a feeling, that great things would come out this project.... but it was just a feeling....
now with this update, i m even a bit mind blowed.... really cool concept and catchy for everybody.
you have my respect and my total interest..

A quick documentation update, we are working on the English version of the whitepaper right now and we wanted to give a snapshot of our progress.  

Later this week we will have some press that talks about our goals, and a bit about our investors.

Here is a section 2 snapshot of the whitepaper, it discusses how we integrate the Ethereum Virtual Machine onto Bitcoin Core's UTXO model, while using Proof-of-Stake as the consensus protocol.


Here is a link where you can download the section, please keep in mind it was written by a developer and has not gone through a final edit:


Right now the PR team has been giving interviews to western media outlets, so when they run an article, we will post it here and on our blog.  

The signature campaign will start this week, we are just getting the banners designed and calculating the payment schedule.

seems no image.. the link is broken.

http://imgur.com/a/XJ5Hk
http://s019.radikal.ru/i602/1701/8f/0e8a8c4f102f.jpg

We're just doing a rough draft version of the technical whitepaper, and one of the developers mentioned that we should share some of the diagrams that explain our transaction model.  This image goes into depth as to how we plan on integrating the Ethereum Virtual Machine into Bitcoin Core and Proof-of-Stake 3.0

We'll follow up with a more detailed discussion of what this all means, but this post is just meant to be a snapshot of what we're working on:

We'll get Earlz to make an appearance with a more descriptive post later

how about source code ?
have any bounty for web article or social media

seems it's an interesting project.

when the launch ico and the web will begin? I see still incomplete structure on op, wait to join some campaigns

This announcement was released in December 2016 as an abstract way of introducing the project.  Over the next few weeks, there will be updates made to our website and two whitepapers will be released.  We have met with some of the Bitcoin media sites, so there should be some press coming also.

A project of this scope does not move quickly, and I'm sure you will all understand why when we start to release information about our development, partners, and investors.

What about knowing if your team is real?

Wow, I am looking forward to this coin for sure, good luck

it was not yet released

Where I can read whitepaper? I can't find a link to it.

How do we know if your team is real?

waiting for signature and avatar campaign then...

Who star ico dev?