The Qtum project was launched on September 13, 2017, developed by Patrick Dai, the former director of product development at Alibaba and the Qtum Foundation, an organization of the world’s leading developers and blockchain experts.

Qtum is an open-source blockchain platform built on proof-of-stake (PoS) smart contracts. This blockchain platform is built on top of Bitcoin’s UTXO (Unspent Transaction Output) model but still allows the creation and execution of smart contracts on the Ethereum Virtual Machine. Qtum was created to change the way databases are stored. Applications running on the Qtum platform will be stored in databases like the blockchain instead of just being centrally stored on a single server.

Qtum token (QTUM) is a utility token of the Qtum ecosystem, operating on Qtum’s blockchain platform and used for the following purposes:

• Used to pay transaction fees on the network of Qtum
• Used as block rewards for Stake Nodes to make the network stable and secure.