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 Qtum Ignition has a self-regulating, self-modifying, and self-aware component called the decentralized governance protocol (DGP). This makes Qtum's blockchain the first self-governing in the industry.
The features integrated into Ignition that Earls finds the most interesting are the successful integration of the Ethereum Virtual Machine into UTXO Blockchain, and the Decentralized Governance Protocol.
He concludes:“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.”