The developers of Qtum, a leading open-source public blockchain platform, announced last month the launch of Unita, a protocol that aims to “solve some of the biggest obstacles for businesses seeking to adopt” distributed ledger technology (DLT).
This, according to a press release shared with Crypto Insider on April 18th, 2019, which revealed that “Qtum’s compatibility with common programming languages enables a wider group of developers to implement Unita’s blockchain protocol into their business technology.”
Unita Protocol Automates Information Transfer Processes At 10k TPS
According to the release, Unita allows enterprises to “securely store data and automate information transfer processes at a (throughput rate) of 10,000 transactions per second (TPS).”
As confirmed by Qtum Chief Information Officer (CIO), Miguel Palencia, the Qtum platform has been developed in a manner which allows for compliance with “consumer data regulations and verification.”
Moreover, Unita has been built using a “scalable consensus algorithm, SCAR, that allows parameter adjustments to take place on the blockchain.” As noted in the announcement, the “dynamic nature of SCAR (can potentially) save substantial amounts of disk space, bandwidth, and other network resources.”
Commenting on the current state of blockchain technology, Palencia remarked:
“Speed and customization are two of the main barriers for enterprises looking to adopt (DLT). By bridging a novel, scalable consensus algorithm with smart contract technology and tools familiar to developers, we strive to make blockchain accessible for enterprises to easily and effectively deploy.”
Unita Provides “Decentralized Data Storage Solutions”
Per the release, Unita “features seamless one-click deployment, cross-chain trading, data management, and additional modules that will assist enterprise clients in their need to process millions of transactions per day.”
Additionally, Qtum’s upcoming Canal and DDAO protocol update will allow Unita to “provide enterprises with secure, cross-chain and decentralized data storage solutions.” Moreover, users will be able to “store private data on their permissioned Unita chain and then transfer necessary data to Qtum’s public network,” the release noted.
As explained in the announcement, Qtum leverages “the security of unspent transaction output (UTXO) while enabling multiple virtual machines including Ethereum Virtual Machine (EVM) and soon, the x86 VM.”
Notably, Qtum uses a proof-of-stake (PoS)-based consensus protocol and its network is managed using the “Decentralized Governance Protocol (DGP),” which “allows specific blockchain settings to be modified by making use of smart contracts.” For example, the “block size of Qtum can be increased without the need of a hard fork” or a backwards incompatible upgrade.
In a brief Q&A session with Crypto Insider, Qtum CIO Miguel Palencia shared his views and insights regarding the potential impact of Qtum’s technology on the crypto industry.
Crypto Insider: Why should developers build on the Qtum blockchain network, and not others like Ethereum, Tron, EOS?
Miguel Palencia: Qtum’s protocol solves existing inefficiencies within established blockchains and provides increased value storage and advanced smart contract capabilities that cater to developers’ specific needs. Qtum has the ability to easily adapt application layers from existing projects, as it is compatible with the Bitcoin protocol and the EVM, which makes it easier to build on the Qtum blockchain. The x86VM will take this compatibility to another level, as it will support blockchain applications developed in C, C++, Rust, Python.
CI: What are the top five use cases for blockchain technology, according to you?
MP: I think the entire industry is in its infancy, however we can see some clear use cases forming which are doable with current technology, including:
– Traceability solutions
– Gaming (qrc721)
– Loyalty points
– Consumer products quality assurance (food, dairy, medicine)
As technology evolves and blockchain applications become more powerful, we will surely see many more use cases.
CI: Please outline Qtum’s Roadmap for the next year.
MP: Following the launch of Unita this past month, our enterprise blockchain solution, we are working on building out strategic partnerships with significant movers in the space to position and expand the utilization of Unita’s benefits. In the immediate, the Qtum Foundation is focused on advancing our scaling, governance and development toolkits as well as Qtum Core improvements in both the backend and frontend.
We are developing our Lightning Network which will be launched with a public testnet initially and later on, mainnet integration. Additionally, we will launch x86 VM to support multiple languages for blockchain applications, to align with our goals of making blockchain technology more accessible to developers and businesses.
CI: What developer incentive programs, or community programs, does Qtum have?
MP: Qtum has some very cool incentive programs, for community members and developers:
– Qtum Community Ambassador Program
– Qtum Bug Bounty Program (devs)
CI: What are your thoughts regarding privacy tech, such as zk-SNARKs?
MP: We are continuing to explore the full potential of privacy technology. I believe one important emerging usage for privacy tech on blockchain will be anonymous assets, which can greatly benefit enterprise adoption as they can create specific assets that will remain private depending on the client’s needs.
The above is to be considered opinion and not investment advice in any way, as an unbiased media, no one interferes with the Editorial content of CryptoInsider.com, writers have freedom to choose their own direction, members of Crypto Insider do not participate in trades based on content.
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