The Qtum Foundation, an open source value transfer protocol and decentralized application platform has released a whitepaper detailing the technical workings of the Qtum blockchain stack. Qtum is a smart contract platform for industry use cases, allowing mobile use of smart contracts and employing a Proof-of-Stake consensus protocol. The paper, titled ‘Smart-Contract Value-Transfer Protocols on a Distributed Mobile Application Platform’, was authored by the co-founders of the Qtum project, Patrick Dai, Neil Mahi, Jordan Earls and the project’s Scientific Advisor Dr. Alex Norta.
Qtum’s UTXO-based blockchain supports the Simple Payment Verification protocol from launch, which will allow lite wallets, running on mobile devices, to engage natively with decentralized applications and smart contracts. This feature also allows IoT devices to be secured and operated with smart contracts. Lite wallets enable users to interact with the network without having to download and sync with the entire blockchain, permitting low bandwidth/storage access to smart contracts. With Simple Payment Verification support, transactions can be signed by the device itself rather than having to rely on third-party services to relay messages.