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Qtum to Upgrade Smart Contract Features In Biggest POS Blockchain Fork To Date

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    Leading PoS Blockchain Qtum Is About To Go Through Its First Hard Fork. Here’s What You Need to Know.

Qtum to Upgrade Smart Contract Features In Biggest POS Blockchain Fork To Date
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Proof-of-Stake blockchain Qtum is poised to undergo its first hard fork. The network upgrade, scheduled for October 17, will see a raft of improvements that are supposed to dramatically enhance the platforms' smart contract functionality. These include Qtum Improvement Proposals (QIPs) that introduce a host of performance enhancements and new features.

When the network upgrades, it will enable third-party gas payments, a major milestone which means new users can start using DApps on the Qtum chain instantly. Decentralized application developers can subsidize the cost of onboarding new users in this manner, lowering the barriers to entry. Furthermore, wallets that contain no QTUM can still send native DApp tokens under the new framework.

The largest proof-of-stake smart contracts system continues to make advances

The wide-ranging upgrade places Qtum at the forefront of smart contract platforms. Its new suite of features and improvements make it a good candidate to match the growing demand for a secure and highly versatile blockchain that can host enterprise and consumer applications.

In configuring the platform, its development team took care to utilize use proven technologies that have been rigorously tested under adversarial conditions. The security and transparency of Bitcoin’s UTXO model are combined with Ethereum’s EVM and a customized proof-of-stake mechanism that provides stability and efficiency.

Qtum co-founder Patrick Dai said:

Qtum’s first hard fork keeps the incentives and community stakeholders aligned. Our consensus changes bring more value to developers with greater consistency between block times and expanded feature sets. We see the shift from Qtum 1.0 to 2.0 as a much smoother road rather than driving off a ramp and hoping everyone lands without breaking any parts.

Developer centered improvements, enhanced performance and reduced gas

Other updates that are set to be incorporated as part of the hard fork include a revised difficulty adjustment algorithm to make block times more stable and the ability to support more sophisticated smart contracts.

Developing smart contracts is expected to become easier and to require less gas, the network resource allowing them to run more efficiently. It is also expected to allow developers to create and maintain smart contracts more efficiently which helps to drive down deployment costs. The increased block spacing stability will also increase transaction speeds by an average of 12.5%.

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About the author

Heewon Jang is a freelance journalist and the editor of CryptoGags section.
She is responsible for entertaining crypto content and bitcoin humour

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Bitcoin Price to Hit $250,000 Due to Lightning Network Use by 2023: Tim Draper

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    World-famous investor and Bitcoin bull Tim Draper explains what reasons will push Bitcoin price to $250,000 by 2023

Bitcoin Price to Hit $250,000 Due to Lightning Network Use by 2023: Tim Draper
Cover image via en.wikipedia.org

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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While speaking to the audience at the Malta AI & Blockchain Summit last week, the billionaire and prominent Bitcoin supporter Tim Draper confirmed his previous forecast for the BTC price hitting $250,000 in the near future.

This time he explained that this high price per one BTC will be achieved through the growing use of the Lightning Network and explained how it will happen from his point of view.

Bitcoin still to hit $250,000

The Bitcoin permabull Tim Draper again stated that the Bitcoin price is going to hit $250,000 by 2022-2023. He said this will happen due to the growing use of the Lightning network which allows conducting payments in BTC easily.

Being a major global investor, he nevertheless shares the opinion of many crypto enthusiasts that BTC is not only a store of value but it can also be used to pay for things in everyday life – micropayments, the retail sector, etc, i.e. is perfect for adoption.

Previously, Tim Draper stated that his forecast of BTC reaching $250,000 was actually a quite conservative prediction.

Will Bitcoin get to be worth $1 mln?

As reported earlier on Wednesday by U.Today, the crypto asset manager and a trader Marius Landman tweeted that before Bitcoin hits $1 mln, it is bound to go through ‘super hyper inflation’, in which price drops by $20,000 will be considered insignificant.

He also expects Bitcoin and Litecoin to show ‘subito motus’ (Latin for ‘sudden movements’) soon, saying that this will leave uninformed investors and technical analysts at a loss.

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Bitcoin Price Hits $10,000 on Obscure Cryptocurrency Exchange

Smaller bullish BTC forecasts

Other traders and analysts seem to think more vaguely when they are looking at technical analysis graphs. They are bullish, nevertheless.

The @crypto_rand trader with over 216,000 followers on Twitter simply posts a chart, saying that Bitcoin ‘still looks bullish’.

Another analyst and trader PlanB has published a chart of the way the changes in the Bitcoin mining difficulty have impacted the BTC price. People in the comment thread agree that this data at the moment is bullish for the Bitcoin price.

At press-time, Bitcoin is sitting at $8,823.

BTC price CMC
Image via CoinMarketCap

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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