Qtum Whitepaper


Smart-Contract Value-Transfer Protocols on a
Distributed Mobile Application Platform

Abstract. Blockchain-enabled smart contracts that employ proof-ofstake
validation for transactions, promise significant performance advantages
compared to proof-of-work solutions. For broad industry adoption,
other important requirements must be met in addition. For example,
stable backwards-compatible smart-contract systems must automate
cross-organizational information-logistics orchestration with lite mobile
wallets that support simple payment verification (SPV) techniques. The
currently leading smart-contract solution Ethereum, uses computationally
expensive proof-of-work validation, is expected to hard-fork multiple
times in the future and requires downloading the entire blockchain. Consequently,
Ethereum smart contracts have limited utility and lack formal
semantics, which is a security issue.

This whitepaper fills the gap in the
state of the art by presenting the Qtum smart-contract framework that
aims for sociotechnical application suitability, the adoption of formalsemantics
language expressiveness, and the provision of smart-contract
template libraries for rapid best-practice industry deployment. We discuss
the Qtum utility advantages compared to the Ethereum alternative
and present Qtum smart-contract future development plans for industrycases

Key words: smart contract, business network model, DAPP, mobile,
information logistics, cross-organizational, peer-to-peer, distributed system,
e-governance, Qtum framework

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Qtum Whitepaper