The Qtum Project, a Singapore-based blockchain initiative that combines aspects of both bitcoin and Ethereum infrastructure to build decentralized applications executable on mobile devices, has enlisted the support and guidance of PwC.
PwC, a network of firms in 157 countries that has supported various blockchain projects, supports the Qtum Project’s efforts to promote blockchain technology among global business sectors. PwC, which provides advice, assurance and tax services, will provide feedback on a white paper and on a proposed governance structure.
Proof Of Stake Consensus
The project executes smart contracts with a proof-of-stake consensus mechanism. It builds decentralized applications executable on mobile devices and is compatible with major existing blockchain ecosystems, according to the project’s website.
The Qtum blockchain combines a modified Bitcoin Core infrastructure with an Ethereum Virtual Machine version to merge the reliability of the bitcoin blockchain with the possibilities provided by smart contracts.
Qtum’s hybrid nature, combined with proof-of-stake consensus protocol, enables applications to be compatible with major blockchain ecosystems and offer native support for IoT appliances and mobile devices.
PwC Sees Potential
“PwC sees enormous potential for blockchain to revolutionize business practices as we know them, and the firm has made great efforts in developing strategic and technical capabilities to adapt existing products and services for the new technology,” said CY Cheung, a fintech and cybersecurity partner at PwC China. He said working with the Qtum Foundation, the architect of the Qtum blockchain, aligns with PwC’s goals.
The Qtum Foundation’s blockchain economy white paper details its governance structure. The management structure is designed to enable the project to become an open-source blockchain project capable of meeting the needs of supply chain management, social media, IoT, gaming and other industries.
Also read: PwC Report: Blockchain a once in a lifetime opportunity for financial services
Goal: Smart Contract Platform
Patrick Dai, Qtum Project co-founder, said Qtum intends to become a smart contracts platform for business. The project will make it feasible for industries to develop practical applications on top of Qtum.
The project envisions a future consisting of automated business practices and seamless machine-to-machine communication.
“Having PwC, which has broad expertise across industries and a global network, support Qtum will help us fulfill our mission,” said Dai.
Image from Shutterstock.
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