A new public blockchain that would seek to merge popular design aspects of both the bitcoin and ethereum blockchains has raised $1m in funding.
By marrying bitcoin’s transaction model with a similar consensus system to the one in development at ethereum, Singapore-based Qtum is seeking to appeal to distributed application developers who may be experiencing difficulties with one or both systems.
Investors in the company include a host of notable blockchain entrepreneurs, including ethereum founder Anthony Di Iorio, OKCoin CEO Star Xu, BitFund founder Xiaolai Li and Fenbushi partner Bo Shen.
Speaking to CoinDesk, Di Iorio lauded the team’s leadership as one of its main strengths.
“All in all, I believe them to be the best team out of China and Asia,” he said. “This has led them to see where improvements are needed in smart contract platforms, learn from mistakes of ethereum, focus on the region they know best.”
As explained by Qtum’s founders, the open-source technology borrows key elements from each project, and is thus more of a union of both networks, even though it would have its own blockchain and investable token. (Technically, Qtum is a fork of Bitcoin Core version 0.13, running with the