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.“Ethereum killer”
Often referred to as an “Ethereum killer”, Qtum Blockchain is a hybrid platform that combines Bitcoin Core and the Ethereum Virtual Machine.
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 entir...