Qtum Blockchain Becomes 'Self-Aware' to Avoid Bitcoin-Style Governance Problems

The Qtum Project has introduced a Decentralized Governance Protocol (DGP) that allows Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term parameters to be modified seamlessly without ecosystem disruption. This means that no new software has to be downloaded and no actions need to be taken from network stakeholders and node operators when DGP network upgrades occur.

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Qtum explains that the DGP is built using smart contract technology. It implements a decentralized and democratic governance system which can be replaced and upgraded as needed. The protocol also allows for automated smart contracts to be a voting party. A smart contract can thus monitor the status of the blockchain and automatically propose and vote upon changes to fix problems that are detected.

“The same way blockchain technology modernized smart contract applications, we are using smart contracts to transform the way blockchain software is maintained,” Jordan Earls, co-founder of the Qtum Project, remarked. “This technology is instrumental in Qtum being the first self-aware blockchain that can quickly adapt to a rapidly changing world.”

The Qtum team believes that this is a major step for the blockchain industry to help remove some of the ideological politics out of development, which has impeded the implementation of significant innovations, like in the case of the Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term block-size debate.

Although the decentralized governance protocol can support many changes to the network, Qtum will limit the protocol's power to the more basic blockchain parameters such as the network’s block size limit and gas prices for operational code running on the network.

“Qtum’s Decentralized Governance Protocol will significantly reduce the effort it takes to coordinate a hard fork for these basic blockchain parameters so that the community can focus on important issues,” said Patrick Dai, co-founder of the Qtum Project. “We don’t see this as being a panacea for every issue that may arise,” Dai acknowledged.

Qtum plans to debut a beta version of the Decentralized Governance Protocol in the first testnet of Qtum in June, as well as making its complete source code open-source at that time.