Qtum to Undergo Hard Fork on November 27th

Qtum is set to undergo a network upgrade and hard fork at the block height 3.385.122 on the 27th of November at 23:30 UTC.

Refer to the official tweet by QTUM:

QTUM Info

Qtum is a blockchain platform, founded in 2016, that unifies Bitcoin’s Unspent Transaction Output (UTXO) model with Ethereum’s smart contract capabilities. As a decentralized network, it offers an open-source environment where no permission is needed to validate transactions, enabling anyone with a device and an internet connection to run a node.

The operation of Qtum hinges on four pivotal components: Bitcoin“s UTXO model, Ethereum”s Solidity smart contract platform, an Account Abstraction Layer, and a Proof of Stake consensus mechanism. Qtum leverages a modified Bitcoin Core client to establish its transaction base, which is compatible with the Ethereum Virtual Machine (EVM) and uses Solidity as its coding language. This configuration allows seamless porting of DeFi projects and code from Ethereum onto Qtum while addressing critical security concerns through its custom PoS consensus mechanism.

QTUM, the native cryptocurrency of the Qtum network, serves multiple purposes. It is used to pay for transaction fees based on an Ethereum-like model for calculating gas fees. It allows participation in Qtum's on-chain governance protocol through voting on proposals, facilitating changes in block size or network fees. Lastly, QTUM can be staked as a delegator or a Super Staker for block validation, yielding block reward dividends.