The Qtum Foundation has launched Sparknet, the first public test of its blockchain platform that combines aspects of Bitcoin, Ethereum’s Virtual Machine and proof-of-stake consensus.
Pronounced “quantum”, Qtum’s blockchain model took its lead from rivalries amongst the most active blockchain communities, cofounder Patrick Dai said.
“We want to illustrate efficient scalability and compatibility between blockchain technologies.”
Qtum’s blockchain operates according to the Unspent Transaction Output model, one which prioritizes transaction consistency and token traceability. A virtual smart contract machine is layered on top of the blockchain.
Cofounder Jordan Earls leads Qtum’s development team. He said the testnet features an Ethereum Virtual Machine in addition to Qtum’s proof-of-stake protocol.
“I’m ready to get this in the hands of the community and see what everyone’s response to it will be, in particular, what features other developers can come up with.”
Among the six applications being built for the blockchain are a P2P mobile streaming platform and a prediction market. Although geared for China, the company said they have global appeal and will be accessible to all developers.