While we hope you have prepared yourself by reading our beginner’s guide to Qtum, we are sure you you would like some more information in order to take a call on what your stance should be towards Qtum.
That is why, in this article, we summarise the pros and cons of Qtum for you in much more detail.
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Pros of Qtum
1. SegWit Compatibility
The Segregated Witness upgrade is crucial to the operational efficiency of a blockchain network and the fact that Qtum comes complete with such compatibility makes it a great offering in this overcrowded market.
What the Segregated Witness or SegWit upgrade does is it removes unnecessary weight from the blocks by removing the information about the signature aspect.
Naturally, this makes the blocks work much faster than they ordinarily would and makes Qtum a more efficient blockchain.
2. Easy Interoperability With Ethereum
Qtum makes use of the Ethereum Virtual Machine or the EVM. This makes sure that blockchain smart contracts from the Ethereum platform can easily be moved to Qtum and vice versa.
The same goes for Solidity programming on the Ethereum network and the interoperability of Ethereum dApps on Qtum. Naturally, this makes it more likely for existing Ethereum developers to work with the Qtum blockchain as well.
In addition, the Qtum blockchain is also capable of handling the standard forms of contracts that already exist, such as the OpenZeppelin.
It can also accept and process various standard ERC tokens such as the ERC-20, ERC-721, ERC-223, ERC-827 and so on. This aspect of the Qtum blockchain ensures rather easy adoptability for developers.
3. UTXO Model Guarantees Higher Scalability and Security
UTXO or Unspent Transaction Output is the model followed by the Qtum blockchain. What it does is it ensures that crypto coins are stored in the form of unspent transactions.
Using the coins in this way makes sure that the scalability and security of the chain is improved.
4. PoS 3.0 Adds A Unique Touch
Proof of Stake 3.0 is a huge improvement on existing consensus mechanisms such as the Proof of Work or Proof of Stake consensus algorithms as it makes sure only those participants who keep their nodes online can partake in the rewards.
In addition, it allows users to stake much smaller amounts which makes it a more accessible blockchain.
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Cons of Qtum
1. Problems with the EVM
Given that the EVM still remains to be developed to its fullest potential, some of its existing problems spill over to the Qtum blockchain itself.
One major aspect involves the security issues frequently associated with the Solidity programming language.
For example, in situations of crowdfunding, the EVM has often faced a Short Address Attack, a problem that remains to be completely resolved.
2. The Allowance For Lower Stakes Opens the Blockchain Up for Security Vulnerabilities with Lowered Responsibility:
We have already mentioned that Qtum allows users to extremely low amounts. While this does allow a higher number of participants to come in, it also creates a problem.
Since participants have low stakes in the network, they are also less responsible. As a result, this promotes certain vulnerabilities in the system.
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