Patrick Dai

Qtum, Baofeng to create ‘Blockchain Consensus Network’

Patrick Dai

Qtum today announced a strategic collaboration agreement with Baofeng Bokocloud to create the world’s first blockchain consensus network service. Baofeng plans to revolutionize existing video creation and distribution systems with new copyright protection and payment systems powered by blockchain technology. Baofeng Bokocloud will also help Qtum run more than 50,000 full nodes (compared to Bitcoin’s 10,000 and Ethereum’s 20,000), growing the Qtum ecosystem substantially.

Baofeng’s Storm Player app has provided simple Internet audio and video solutions since 2003. With 200 million users, Storm Player is one of the most popular online video players in China. Baofeng is a $8 billion CNY company and is listed on the Shenzhen Stock Market.

“We’re excited to have the support of Baofeng, and Storm’s massive user base is a treasure for us,” said Patrick Dai, co-founder and CEO of Qtum. “We look forward to their developers’ ideas and contributions to the Qtum platform, and to dedicating this collaboration to the advancement of blockchain technology.”

As the world’s first Proof-of-Stake smart contract platform, Qtum combines the advantages of Bitcoin’s Unspent Transaction Output (UTXO) model with an Account Abstraction Layer allowing for multiple virtual machines. Qtum has gained recent attention from the traditional business world for its efficient underlying blockchain technology and detailed roadmap.

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