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QTUM completes network upgrade, converts tokens, and provides new systems for smart contracts.
The Bitcoin and Ethereum alternative, QTUM, recently completed its main net upgrade on Binance, allowing users to have access to coins. The platform upgrade converted all the previously held QTUM coins successfully, and the exchange will no longer accept deposits of old ERC20 tokens.
The upgrade on the QTUM platform, currently ranked 14 among highest market caps, represents a substantial change to the smart contract functionality. First, QTUM created the Ethereum Virtual Machine, which allows for compatibility with Solidity-based smart contracts.
Second, the upgrade provides for optimized proof of stake (PoS) smart contract generation, as well as a new graphical user interface that allows users to create new smart contracts, send Qtum, and check contract status. While still in fine-tuning stages, the interface provides the basic functionality needed for quicker development on the platform.
As a smart contract system, QTUM represents a new option for developers outside of the Bitcoin and Ethereum chains. The new platform upgrade also enables QTUM to partner with other systems that require smart contract functionality.
For example, Matchpool recently signed an agreement allowing for partnerships with QTUM. Matchpool CEO Ben Shimon said:
“Matchpool is really excited to be launching the platform onto the QTUM Blockchain. We see a huge potential positioning ourselves to use their technology to make our protocol much more efficient when dealing with transactions across the network.”
The Qtum ERC20 tokens can now also be swapped for the new mainnet Qtum ignition tokens for no commissions or fees. There is, however, a minor gas charge to execute the smart contract (.05 Qtum). The platform undertaking the swap is Changelly, and the process is simple and user-friendly. Specific instructions for the transfer can be found here.
The upgrade will be a welcome improvement for users who have sought to create smart contracts within the system. Though Qtum has seen some market reduction overall, the platform just went live in September and is still in the top 20 of market caps.
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