Blockchain technology has huge potential to transform business models, but a large part of this potential is still untapped.
While Ethereum is leading the smart contract platforms, other platforms such as Qtum and NEO are also contributing to the growth of Blockchain integration into the business world, by offering their unique and innovative solutions.
Cointelegraph spoke to Jordan Earls, co-founder of Qtum Foundation, about Blockchain technology in Asia, and the company’s role in the Blockchain ecosystem.
Often referred to as an “Ethereum killer”, Qtum Blockchain is a hybrid platform that combines Bitcoin Core and a modified version of Ethereum Virtual Machine, called Quantum Virtual Machine (QVM).
As a smart contract solution, Qtum utilizes Proof-of-Stake validation for transactions, which is said to be less computationally expensive than the Proof-of-Work validation system employed by Ethereum.
Qtum aims to be a platform where decentralized applications for the business world such as supply chain management, telecommunications, social networking and Internet of Things can be built upon.
Earls explains to Cointelegraph:
“I wouldn’t call Qtum an Ethereum killer, in fact we hope Ethereum continues to grow, because the Blockchain industry is still small. If a platform like Ethereum were to die, then a number of great people would probably leave the industry. That being said, “Ethereum Killers” have the benefit of seeing where the shortcomings of the platform are, and then trying to correct them. The crazy thing about the Blockchain space is that nothing is foreseeable beyond a year’s time. I think Ethereum will hold its own in that time, but other platforms will definitely cut their lead.”
Ethereum as the leader of the smart contract platforms is not without its own technical shortcomings.
Two major problems that Ethereum is struggling with is scalability, as it requires every single node to process every transaction in the entire network, and the computationally expensive Proof-of-Work validation.
Newer smart contract platforms are designed to overcome the shortcomings of Ethereum. According to Earls, most projects in the ecosystem have matured beyond that and now see the greater picture. “Part of my mission as Co-Chair of the Smart Contracts Alliance is to push industry standards and help bring this ecosystem into a better light with governments and businesses”, he says.
Blockchain ecosystem and decentralized applications in China
Compared to the rest of the world, China has been a leader for Blockchain application. The recent temporary ban on ICOs may have dampened the speed of Blockchain development in the region. Nevertheless, it can be foreseen that Chinese space will continue to grow after the temporary ban is lifted.
Jordan Earls offers insight to the current Blockchain ecosystem in China:
“The Chinese Blockchain ecosystem is growing relatively fast compared to the rest of the world. It’s growing so fast that people are having to take a step back and take a breather. We’ve established ourselves as a leader in China and Asia, which is why over ten dapps have chosen to build on our platform before we have formally launched. Our role in China illustrates that we can collaborate globally – start strong in China and become a global technology leader.”
Earls believes that the current state of decentralized applications in China is astonishing. Over the past few months alone, the industry has attracted top talent from large technology companies to build applications that utilize Blockchain technology.
He says to Cointelegraph:
“Some of these projects are disrupting industries that haven’t seen any innovation in decades, like how Energo is building an autonomous energy network, and Inkchain is changing the content industry. Projects are coming to us almost everyday telling us they want to build on Qtum.”
Recently, the company launched a platform that allows utilization of smart contracts on mobile phones through a secure network. The system is known as Skynet and is described as self-regulating, self-modifying, and self-aware. It is the first self-governing Blockchain in the industry.
The features integrated into Skynet that Earls finds the most interesting are the successful integration of the Ethereum Virtual Machine into UTXO Blockchain, and the Decentralized Governance Protocol.
“Many projects are already utilizing Qtum to tackle various business use cases. There is one project named Vevue which is helping content creators monetize their work with Blockchain. And then Aberide is building an Uber-like ride sharing platform on the Qtum Blockchain. Qtum’s mobile focus, and conservative but stable Blockchain, makes an ideal platform for businesses to build practical applications on; finally, I think the entire Blockchain ecosystem is still finding new use cases for Blockchain technology; so, we still have a long way to go.”