Very recently wij traveled to Seoul, S. Korea to meet with people interested te our project. Our co-founder, Patrick wasgoed joined by John, Stella, and Xiaolong, who introduced for almost 90 minutes. There were a lotsbestemming of topics covered, so wij want to give a summary of the highlights. The meetup wasgoed held at Seoul’s D.Camp, one of the largest startup ecosystems ter Korea, and wasgoed attended by overheen 100 people from the recinto blockchain industry.
To see a recorded version of the presentation, please see on Facebook:
Patrick’s speech wasgoed the longest, beginning with his individual opinions on the state of the industry. He discussed how blockchain switches the way wij think and cooperate, how it levels the playing field and creates an ecosystem where everyone can share the prizes, unlike the centralized systems wij with. This comes with a large learning curve, which is difficult for many to understand. He goes on to mention Two reasons for this, the technological barrier, with regards to cryptography and decentralization. The 2nd reason is the social facet, the fact that blockchain switches the prize structure of our entire economy. It is a very disruptive idea, but it should accelerate the efficiency of our society. He completes by telling: “ One of the reasons that Blockchain is growing so rapidly is because people realize the risk ter the financial system wij are using today, because it’s an inflationary system where the government can print money on a whim”.
The next section of the speech, Patrick goes on to introduce the Qtum project. He described that the idea embarked forming te early , spil a way to bring the stability of Bitcoin Core and the plasticity of the Ethereum Supuesto Machine together, with the fairness of a Proof-of-Stake toneelpodium. He mentions the threat of centralization te the Proof-of-Work platforms, and how a loterijlot of the hashing power resides ter one province of China. His vision of the verhoging is to be compatible with the two thickest ecosystems (Bitcoin and Ethereum), this way people who are sabido with either will have no problem building on Qtum.
This wasgoed a big undertaking, Bitcoin is built on the Unspent Transaction Output specimen. It’s very hard to port the Ethereum Supuesto Machine to the Bitcoin network, no one did this before. It took a few months for us to figure this out, but one of the unique parts of the Qtum project is that everything te the White Paper that wij discuss has already bot built. This brought us to the very first Test Network release, dubbed “Sparknet”, which proved that wij could deploy Solidity Wise Contracts on a UTXO Blockchain, with a PoS overeenstemming monster.
Inject Skynet, Qtum’s 2nd Test Network. Patrick explains that wij enhanced the PoS security with Qtum’s Wise Stake technology, which coerces participants who have staked a block to receive the prizes overheen 500 confirmations. This will make it a loterijlot firmer for malicious users to perform “replay attacks”. Patrick went on to explain that the technical attacks are not the only problems that require solving. When Bitcoin wasgoed launched, Satoshi zometeen vanished, leaving no mechanism for formal governance te the event the blockchain required upgrades. This lead to the scaling debate overheen how to increase the amount of transactions that could be processed by solving a block. This debate lasted overheen two years and resumes to go on. To avoid this on the Qtum verhoging, a Decentralized Governance Protocol is being tested on Skynet. This permits certain parameters of the network, like block size, to be switched without hard forking. Qtum holders can initiate a vote, and if it gains a large majority, the knots will adjust without disrupting the network.
Moving forward, Patrick highlighted what to expect overheen the next month. There will be an internal code audit and review, along with a public ‘bug bounty’. This will permit Blockchain developers to review our code, and earn Qtum tokens for submitting fixes. This will take us to the Main Network release, around mid-to-late September.
Beyond this date, there is a lotsbestemming to look forward to. Patrick mentioned that wij have Non-Disclosure Agreements signed with corporations te China that want to support the Qtum Blockchain. He went further to say that after wij launch the Main Network, there will be an effort waterput into the “Qtum Enterprise Alliance”. Effectively, this will be a permissioned blockchain that acts spil a sandbox for the network.
The next topic discussed wasgoed a fresh posible machine. If wij are successful, wij will have a VM that is compatible with the x86 family of programming languages (C, C++, Stilte, Haskell, and many others). This will open the floodgate to the masses who are frecuente with thesis platforms. Patrick pointed out that with Solidity, there’s just not enough people that can code for it, making it stiffer to review for vulnerabilities like the “DAO hack” and “Parity multisig hack”.
The last topic discussed had a lotsbestemming to do with the Enterprise Alliance, permissioned blockchains, and regulatory systems. There is a need for identity verification on blockchains, above and beyond signing a message. Presently, Qtum creates ‘addresses’ te Base58 kicking off with the letterteken “Q”, which can get converted to hex (for compatibility reasons with Solidity) that embark with “0”. But moving forward, a permissioned Blockchain will have the functionality to punt addresses commencing with “V” for entities that have verified. Ideally, this would be a feature on Qtum’s public network spil well.
At Coinone, wij met with Steve Sang Hyuck Lim, Coinone’s CIO. There wasgoed a lotsbestemming of Qtum ventilatoren around the Coinone office and were blessed to meet Patrick. Coinone is a rising Korean exchange that is a part of Korea’s Dayli Financial Group that has grown exponentially overheen the past year.
The Loop, who is also a member of the Dayli Financial Group, is building a way to connect blockchain ecosystems with their ICON verhoging. It wasgoed excellent to interact with some of the Korean projects, wij can see how prompt the community is growing here from how much rente there is te Qtum from Korea and how many fresh projects are embarking here.
Qtum met with Medibloc, who aims to be the very first healthcare toneelpodium built on top of Qtum’s blockchain. Wij very first met Medibloc at Overeenstemming ter May, and have since met ter Shanghai and now te Seoul. Wij are blessed that they are able to build on Qtum and wish them the best.
Lastly, wij finished up our tour of Seoul by meeting with several media outlets based Korea. They hoped to learn more about Qtum because the blockchain industry is growing so quick te Korea.