Qtum Network, a decentralized blockchain platform that runs smart contracts on multiple virtual machines with proof of stake consensus, announced that it has completed a hard fork to implement Qtum FastLane. Notably, Qtum FastLane was activated from block 845,000 at 6:18 am GMT, April 30th. Consequently, the Qtum network will now process blocks in 32 seconds down from 128.
“We have seen great results from extensive testing, including around a month of running the hard fork on testnet, and are excited about this going live on the mainnet. After the Qtum FastLane hard fork on April 30, Qtum will be a super fast and decentralized proof-of-stake smart contract platform with the UTXO model. More DeFi will come to Qtum,” said Patrick Dai.
Qtum Network and the Essence of the Hard Fork
The Qtum Network was developed by combining the security aspect of the Bitcoin blockchain and the smart contract aspect of the Ethereum Network. In a bid to scale its network and become competitive in the blockchain industry, Qtum Network embarked on a journey to upgrade its system through a clean energy line.
According to the company, the network is now capable of handling more transactions per second thus a huge enabler for the Defi industry in the near future. “The faster blockchain will be more responsive for decentralized finance and other transactions on-chain. With 70 transactions per second and low gas fees, Qtum will be ideal for everything from gaming applications, DeFi-legos, and minting non-fungible tokens at a low cost,” Qtum noted in a press release.
Prior to the Qtum FastLane hard fork activation, the developers had been testing it for the past four months to eliminate possibilities of system errors. Notably, Qtum Price (QTUM) responded positively to the announcement as it was up approximately 2.45% in the past 24-hours and trading around $14.73 according to metrics provided by Coinmarketcap. Ranked position 80 according to its market capitalization, Qtum (QTUM) price is up over 795% in the past year. Besides, the asset has jumped approximately 66.1% in the past 30-days according to CoinGecko.
A decentralized financial ecosystem Qtum Network takes pride in hosting over 20 Defi projects as of March 2020. As the cryptocurrency industry and blockchain technology get adopted by institutional investors and also more retail investors, the Defi industry is expected to play a vital role in ensuring a seamless transition.
Notably, Qtum Network has outlined its 2021 roadmap whereby it intends to implement Qtum Core to enable faster blocks, hardware wallet interface, and virtual machine interface.
Additionally, the network anticipates implementing the Qtum Infrastructure, the Neutron, and later DeFi & DApp Partnerships.