Qtum - UTXO based POS Smart Contracts | Testnet LIVE!

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The Qtum Project


The Qtum[pronounced Quantum] Foundation is a non-profit organization, developing an open source turing-complete blockchain stack, with the aim of driving the use of decentralized applications and smart contracts towards massive, mainstream adoption. Gathering some of the most prominent thought leaders in the space, Qtum has managed to remove industry-wide technological hurdles, which have up until now prevented blockchain technology from realizing its full potential.  In contrast to most of the existing dApp platforms, the Qtum blockchain is built upon Bitcoin’s well-established UTXO transaction model and employs a Proof-of-stake consensus mechanism. These augmentations have far-reaching implications for the utility of the Qtum blockchain, like the ability to execute smart contracts from mobile devices as well as appliances connected to the Internet of Things. With this architecture, Qtum is compatible with both - Ethereum contracts and the Bitcoin ecosystem, while adding a wide range of capabilities absent from both.    
Following through on its vision, the Qtum foundation aims to establish an array of services, designed to bridge the still existing gap between blockchains and the business world, by allowing smart contracts to consistently adhere to changing commercial rules and conditions. Designed for real-world, plug-and-play usage, these services will also allow Qtum smart contracts to efficiently interface with real-time data inputs from stock markets, weather forecasts, news agencies, and the like.

Qtum’s Technology

Building on bitcoins reliable and proven-to-deliver blockchain, Qtum stacks its Account Abstraction Layer, allowing the UTXO-based blockchain to seamlessly interact with a modified version of the Ethereum Virtual Machine (EVM). With this innovation it is now possible to execute smart contracts and run decentralized applications, simply and securely, in environments that were previously out of reach for Ethereum, combining the endless possibilities provided by smart contracts with the stability and maturity of the bitcoin ecosystem.

Going Mobile & A Blockchain Powered Internet of Things

One of the main advantages of Bitcoin’s unspent transaction output (UTXO) model is its ability to sustain lite wallets. Lite wallets, utilizing the SPV protocol, allow users to interact with the bitcoin network without having to download and sync with the entire blockchain.  This stands in stark contrast to the way the Ethereum blockchain operates. In order to engage with an Ethereum-based smart contract, one first has to download and sync the entire Ethereum blockchain, which to date weighs up to 50 GB - rendering the mobile use of decentralized applications infeasible.
On Qtum’s UTXO-based blockchain however, it is now possible to execute smart contracts from lite wallets, which can easily be installed on any given mobile device, heralding an age of mobile decentralized applications. With about a half of all internet traffic to major sites being generated by mobile devices, this ability is absolutely necessary to allow for a massive, mainstream adoption of decentralized applications (DApps), smart contracts and the p2p economy enabled by them.

Lite wallet access also allows the syncing of a variety of devices and appliances to the Qtum blockchain, operating them according to pre-determent smart contracts. With this, a blockchain-secured IoT can be established, enabling a trustless, decentralized Sharing Economy.  Compatibility across the board Utilizing an EVM analog, the Qtum blockchain is compatible with existing ethereum-based smart contracts. Ethereum contracts can be ported to Qtum with little to no change to their code and execute as expected. Furthermore, Qtum implements complete backwards compatibility, meaning that once a decentralized application or contract is deployed on the Qtum network, it will stay operational, even if the system is updated. With this, Qtum solves a huge problem, very well known to ethereum developers, who very often find their applications rendered useless by recurring changes to the Ethereum network.

The bitcoin-based UTXO transaction model also ensures that Qtum will be mostly compatible with the existing bitcoin ecosystem, allowing Qtum users to benefit from the industry’s top-notch innovations, fueled by hundreds of millions of dollars already invested in the space.
Scalability, Speed, and Efficiency Both, The Ethereum and the Bitcoin blockchain, are based on a Proof-of-Work (PoW) consensus mechanism, which secures the blockchain by rendering  attacks very costly due to artificially arduous computations, demanded from miners participating in the block-verification game. This is known to be very resource intensive, in both terms of energy consumption and time.
Qtum is among the first fully decentralized and Turing-complete blockchain stacks to utilize an attractive and much more energy-efficient method to maintain coherence: the Proof-of-Stake (PoS) consensus algorithm, rendering attacks costly and inefficient, without having to waste precious computational resources and energy. Further increasing efficiency, bitcoin’s UTXO transaction model, implemented on Qtum, allows the network to process several transactions in parallel and in any given order. Unlike Ethereum’s architecture, which demands all transactions to be processed one at a time, in chronological order.

Bridging the Gap between Blockchains and the Business World

To bridge the gap between legacy business sectors and the blockchain space, Qtum introduces the Master Contract concept. Master Contracts allow DApps and smart contracts to trigger real-world, off-chain data inputs, auditable by a verified Oracle or the contracts mediator - while the contract’s essential elements, such as participants and authorization structures, are secured on the blockchain itself.

This allows blockchain-based commerce to adhere to changing commercial rules and conditions, while interfacing with real-time data inputs from stock markets, weather forecasts, news agencies, etc..  Cooperating with a series of partners and third parties, Qtum aims to establish a smart contract hub, offering secure and thoroughly tested contract templates, tailor fitted for a multitude of industries and use cases, such as supply chain management, telecommunications, IoT, social networking, and more. With this, it will be easier than ever for established sectors and legacy institutions to interface with blockchain technology and enjoy their benefits.


The Qtum Foundation for Open-Source Governance

The development and maintenance of the Qtum Blockchain, as well as all services provided by Qtum, are directed and supervised by the Qtum Foundation - a non-profit organization, representing Qtum’s stake and token holders.   In order to avoid the inefficient conduct, open source and blockchain projects often suffer from, and to ensure a coherent and standardized implementation of the Qtum blockchain, the Qtum Foundation was established. The Foundation will oversee the development of the Qtum Blockchain, advocate governance transparency, and promote the safety and harmony of the open source ecosystem.    

The Foundation consists of various committees, such as Executive Judgment, Code Review, Finance & HR, as well as Marketing & PR. Members of the Judgment Committee, the foundation’s highest executive authority, are elected by Qtum token holders. All other committees and vital functions are appointed by, and report to the Judgment Committee.   


Meet The Team

vWDizoM.png?1  Patrick Dai, Co-founder.
Patrick is a Computer Science PhD candidate at CAS and has worked for Alibaba

x9UZ2Bp.png Alex Dulub, Developer
Alex has a 15 years background in software development and 3 years working on blockchain frameworks and business applications, as well as cryptographic protocols and crypto libraries. Alex is also a serial math\programming competition winner. His programming stack includes C\C++, Node.js, Angular.js, React\Redux

JHE249U.png  Amelie, Designer
Amelie is a UI designer for Qtum project. She graduated from Berlin University of the Arts with a Masters in Visual Communication Design.

O0zPgnM.png  Baiqiang D.
Baiqiang studied physics at Peking University and has worked for several software companies including Jinshan Software and Cheetah Mobile

bIh2Uin.png Caspal Ouyang
Caspal is an experienced web developer and has worked at Baidu. Caspal has 21 gold medals for Rubik’s cubing 1 record in Asia and 29 records in China. Caspal was ranked #1 for solving a 4×4 & 5×5 blindfolded and ranked #1 for solving a 3×3 Rubik’s cube with his feet in China.  

WlFJQIs.png  Jordan Earls (Earlz), Co-founder and lead developer
Jordan is a trusted and well-known member of the cryptocurrency community and has been developing software since he was thirteen. Jordan has reviewed over 100 altcoins and identified multiple exploits in alternative cryptocurrencies.

fz2mZq0.png  Ibai Basabe, Ph.D, Researcher
Ibai holds a PhD in Mathematics from the University of Florida with concentrations in Logic and Topology, an MS degree concentrating on data science and machine learning and an MM degree concentrating on piano performance. Ibai has been interested in Bitcoin since 2012 and has expertise in many aspects of the technology.

wwWOVfw.png  John Scianna, PR Manager
John has been following bitcoin since 2012 and a community member since 2013. John has been a miner, journalist, and has worked for several startups including CoinPip and the DC-based blockchain advocacy group, the Chamber of Digital Commerce.

vfdEGsR.png Mike P, Internal IT
Mike is a blockchain technology developer and enthusiast, fell in love with blockchain since 2013 and has developed proof-of-concept platforms, block explorers, online wallets and one of the largest altcoin mining pools. Mike has taken part in several cryptocurrency projects since 2013.

V9bWysq.png Neil, Co-founder & Head Developer
Neil has 20 years experience developing software and has four years experience in the blockchain space. Neil has Master’s degree in Business Administration from ISCAE, but later specialized in computer science. Neil was also a professional poker player and speaks four languages.

wzGkyqT.png  Roman, Developer
Studied in Belorussian State University specializing on informatics and software development. Started working on blockchain projects in 2014 as C++ developer. Took part in numerous custom projects based on bitcoin/bitshares/ethereum.

NOxaOhT.png  Time Markov, Developer
Time is C/C++/Qt/QML developer with 9+ years experience in building cross-platform applications. With about one year experience in the blockchain space. Enjoy in working with this team.

qIiCsRv.png  Brett F, Community Manager
Brett worked as a Linux System’s administrator from 1999 – 2004 and then worked at a Linux desktop support company from 2005-2014. His blockchain experience started in mid-2013, and met most of the Qtum’s founding members in 2014.  He manages the Slack, Bitcointalk, Twitter, and other social media channels.  He also contributes to the PR side of the project, providing research, writing, and interviews.

Qtum In The Press





Qtum In The Blogosphere

Community Resources

Website:  https://qtum.org
Slack (1075 members):  https://qtumslack.herokuapp.com/
Twitter:  https://twitter.com/QtumOfficial
Facebook:  http://facebook.com/QtumOfficial
Reddit: https://www.reddit.com/r/Qtum/
Wechat:  Message account "QtumFoundation: for an Invite, currently 3000+ Chinese community members
YouTube: https://www.youtube.com/channel/UCa4iVp5iMC8gijxBvzZI3UA

Latest Updates

This section will be a recap of the latest news announced by the Qtum team.


Posted: 1/15/2017 10:14:10 PM Edited: 6/28/2017 3:48:40 AM
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A quick documentation update, we are working on the English version of the whitepaper right now and we wanted to give a snapshot of our progress.  

Later this week we will have some press that talks about our goals, and a bit about our investors.

Here is a section 2 snapshot of the whitepaper, it discusses how we integrate the Ethereum Virtual Machine onto Bitcoin Core's UTXO model, while using Proof-of-Stake as the consensus protocol.



Here is a link where you can download the section, please keep in mind it was written by a developer and has not gone through a final edit:



Right now the PR team has been giving interviews to western media outlets, so when they run an article, we will post it here and on our blog.  

The signature campaign will start this week, we are just getting the banners designed and calculating the payment schedule.

Summary of the above from lead developer in original post here: https://bitcointalk.org/index.php?topic=1720632.msg17463100#msg17463100

Hi everyone, lead developer here. I'd like to give a brief summary of this section that was revealed, so that you don't have to read through the whole thing to figure out what we're doing. It is indeed a very rough draft also.  

Basically, we're taking Bitcoin Core 0.13, integrating the Ethereum Virtual Machine, and adding an "Account Abstraction Layer" so that existing Etheruem contracts will work on Qtum with minimal changes. The exact way we are integrating the EVM is by adding new Bitcoin Script opcodes, and adding special processing conditions so that when these EVM using transactions are added to the blockchain they are executed immediately (rather than only when attempting to be spent, as is normal).

Along with this, the account abstraction layer allows for contracts to only worry about balances and sending funds. This is a bit more complicated to explain without going into a lot of technical detail, but I'll try. Normally in UTXO based coins (such as Bitcoin of course), you can't just say "I want to send 20 coins to X", you say "I want to send this 10 coin output, and this 5 coin output, and this 8 coin output to X, and also send 3 coins back to Y, which is my wallet." This is called coin-picking, and is one of the reasons that smart contract implementations on top of Bitcoin have been so difficult up to this point. A coin output must be either spent completely or not spent at all. What we've done with this account abstraction layer is make it so that smart contracts on the blockchain have something similar to a wallet. When a user (or other contract) sends coins to a contract, the code will create a standard "funding transaction", which is spendable only by the appropriate smart contract. It would be a great burden for smart contracts to have to pick their own coins (ie, having to write your own algorithm in Solidity), so we have added a consensus-critical coin picking algorithm which all contracts must use. So, for a contract to "send 5 coins to X", the miner will pick contract-owned coins (using the consensus-critical coin picking algorithm), and when it has enough inputs for the value to send, it will then construct the outputs of the transaction. In this case it would be "5 coins to X, remaining coins to sending smart contract (change output)". This transaction is then added to the current block. It's important to note that these transactions are not broadcast on the P2P network, they are only added by miners (and it is consensus-critical that they add them if they put the contract transaction in the block)

I'm sure that explanation wasn't 100% clear, but the TL;DR; of it is that we integrated the EVM onto a UTXO based blockchain, and writing contracts for this should be just as easy as Ethereum, but you get the benefits of the UTXO model. These benefits include mobile/light wallet support by SPV, a more stable model (whereas Ethereum has forked many times to fix problems with this), and compatibility with existing Bitcoin tools and protocols.


Posted: 1/15/2017 10:15:13 PM
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Q&A about Qtum project:


Q) I have read the qtum whitepaper over last 1 hour so understanding may not be 100% but this is my assessment. Basically it is just another bitcoin fork with extension to the bitcoin scripting language to support solidity contracts?

A) First of all, Qtum is far from being “just another bitcoin fork”. We have a vision for the Qtum project and one of the biggest and most professional teams ever seen in crypto with support from real world companies and investors. Our goals for Qtum go far beyond the crypto scene and it will be a top project, not just another fork.
Our choice of bitcoin core as a main base for Qtum is based on the fact that bitcoin is the most mature, stable and secure blockchain available, in comparison to ethereum or bitshares or others which are still considered unstable with the numerous problems and security issues they had since they launched. In addition to bitcoin having the biggest support from the community which offers a large collection of tools and software related to bitcoin which can be used by quantum as well, in contrast to the other blockchains which sometimes lack even the simplest software (mobile wallets, stable desktop wallets …).
Also we use bitcoin script as a bridge between the EVM and regular transaction, the Qtum model was very well designed, and is much more complicated than you make it sound.

Q) There is no compelling reason to choose  UTXO over smart contract via balance. It is like comparing a general journal vs a general ledger, which is better? The answer is it depends. I guess it is only UTXO because it is using a bitcoin fork and calling it UTXO as a feature is just a gimmick. In fact i suspect scalability becomes bigger problem since you need to maintain SPV to manage UTXO for multiple different states? Will be interesting to see how to implement wallets.  Does that make hyperledger better since they supports both utxo and balance?

A) Our choice of UTXO is simply choosing the best technology, there have been some efforts made through some articles to make the account model seem as performant and secure as the UTXO model, however, it’s not. Without going into much details, the account model is too naïve and simplistic and offers no parallelism, it always reminds me of the cup telephone transaction model.


For us, a hybrid model as the one used by Hyperledger was the wrong choice since it will cause us to be incompatible with neither bitcoin nor ethereum. In Qtum we have a priority to keep full compatibility with bitcoin which will allow us to implement future bitcoin BIPs to Qtum thus taking advantage of the developments done by the bitcoin core team and community.
For more details, please refer below:

1) If we wanted just a simple smart contract platform to build on top of, it would've been significantly easier for us to just fork Ethereum.

2) The UTXO allows for the SPV protocol to work. Ethereum currently does not have anything like SPV. There's no way to run a simple wallet on Ethereum without downloading the entire blockchain, or trusting a centralized 3rd party.

3) The UTXO model is overall much more simple, and because it's been used by Bitcoin, it has been thoroughly tested and proven to be secure. Although Ethereum's account model is conceptually easy to understand, it requires more complexities and edge cases in order to secure it from replay and double spend attacks.

4) Scalibility should not be a problem for Qtum. Although contracts can create state changes etc, these state changes are not directly stored on the blockchain. Rather, state is considered the accumulation of all actions and differences created by executing each smart contract. This could admittingly make syncing the blockchain slower (because block processing will be slower than Bitcoin), but the other benefits provided are worth this performance hit. Furthermore, the only additional thing stored in the UTXO set right now is contract code, and contract-owned outputs (though their data becomes unimportant after the output is initially processed). There may be plans proposed later which prune the UTXO set's stored data as well, to reduce the UTXO set size further.

5) SPV will work almost identically to how SPV wallets work today. For a quick summary, a light wallet downloads block headers, and then sends P2P nodes requests (using bloom filters) to get all transactions for each block matching the keys that this wallet own. Because the contract system creates normal transactions, this already works. IF you a contract sends funds to a SPV wallet, the SPV wallet will see these funds and can spend them, today. Our next step with SPV wallets would be to implement a workflow so that people can send money to a contract, while also picking which function and what data to send. We do not need to extend the SPV model to work for Qtum, it already works because of our focus on compatibility.

6) Regarding Hyperledger. I'm no expert on it, so I could be wrong. But I think that their support could end up being worst of both worlds. Now, anything wanting to interact with Hyperledger must be capable of dealing with the quirks of both models. From my understanding also, they only support either UTXO or Accounts on one ledger at a time also (though there is much functionality for messaging and sending things between these ledgers). So I do not think it makes Hyperledger's model better, but rather more complex. Perhaps this complexity provides more power to Hyperledger's model, but it also introduces more security concerns and increases the implementation cost of Hyperledger itself, and any application that uses it (due to to having to deal with both models)

Q) It extended bitcoin script to accept  solidity string but another company called CounterParty have already done it on the Bitcoin public blockchain without having to use a new public blockchain. So where is the need? Furthermore, will qtum have to constantly keep in sync with "solc" the solidity compiler to maintain compatibility?

A) Qtum is very different from XCP, XCP uses bitcoin blockchain to store data, and the user have to run XCP software on top of that. Some major drawbacks are the cost of XCP transactions which increased so much that it threatens the whole project now and the complexity to build external software on top of XCP.
Qtum aims to offer an all-in-one solution, not based on any external possible points of failure.

For solc support, we made Qtum with that in mind, Qtum uses the exact same ethereum VM, so it will run any solidity compiled code, in the case of EVM updates, and we will be easily able to update it in Qtum as well.

Q) Qtum is a new altcoin platform but there are enough ethereum, ripple and bitcoin out there. Why another one? It is not a bridge as I was led to understand. It is another bitcoin fork.

A) In addition to my previous reply about Qtum not being “just another bitcoin fork”, I would like to add that quantum is not the average altcoin, it will be one of the best, if not “the best” we have all the means for that, and we will do it.

You say it is not a bridge, but really it is. It is bridging the technology. We are taking what makes Bitcoin great, and what makes Ethereum great, and bringing them together as one. We expect to bridge not the actual monetary value (ie, the market cap) held in each coin, but rather the communities and separate interest. Right now there is a real divide between serious Ethereum users and developers, and Bitcoin users and developers. By aiming to be compatible with the technology involved with both, we hope to merge these communities and be an answer both for 1) Those who want Ethereum smart contracts, but are uncomfortable with the stability of the Ethereum account model and lack of protocol support such as SPV; and 2) Those who like Bitcoin, but are unhappy with it's limitations for implementing smart contracts and more powerful types of transactions. We as a team are also tired of these copy-paste coins that people constantly make to try to get a quick buck, and we would not have chosen to make this it's own altcoin if we had not weighed the cost and benefits very carefully.

Q) What is the block confirmation time? Bitcoin is 10minutes and Ethereum is 18seconds?

A)  Ethereum blocktime of 18 seconds is a bit exaggerated and causes a lot of empty blocks and uncles thus bloating the blockchain with useless data (which resulted in the currently atrophied ethereum blockchain), and bitcoin block time of 10 minutes is a bit too long for a smart contracts platform. We aim to have a block time of 1 to 3 minutes for Qtum.

Q) I did not go too deep into the details of the POS but the protocol is similar to Peercoin's DPOS and it maybe susceptible to coin age accumulation attack if the intention is to incentive to miners that leave their stake longer on the chain. In fact it should be the opposite to prevent long range attack, Bitfury and Vitalik has written good articles on the types of attacks it is susceptible to.

A) Qtum uses BC PoS v3.0 which has removed all major attack vectors, including coin age accumulation. In conclusion, Qtum will be the first standalone UTXO and PoS based smart contracts platform thus making use of the best available technologies to deliver an outstanding blockchain solution.



Posted: 1/15/2017 10:16:08 PM
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Posted: 1/26/2017 11:59:13 PM
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Small update: The social campaign is now FULL, thank  you for your interest!

There are still some Jr. Member, Member, and a TON of Legendary slots available in the Signature and Avatar campaign, which pays up to 0.065 BTC per week! Check it out:

Posted: 1/27/2017 10:10:03 PM
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From the original post here: https://bitcointalk.org/index.php?topic=1720632.msg17650522#msg17650522

Qtum Update:  January 28th, 2017

It has been a few days since we gave a status update, so we would like to give an overview of what’s going on behind the scenes.

Recently, we have begun work on a new website.  That should be ready in about 3 weeks, until then, we will continue to use the current one ( The section where we list our Angel Backers has been updated, we will reveal more names shortly once we have approval.  We plan to discuss with our Angels why they decided to support our project, and what they expect from our team in the future. 


The Qtum Crowd Sale will start on March 1st.  We currently have enough funds to last until the sale ends on April 1st.  The Crowd Sale will be hosted by major Chinese exchanges, which will be announced in February.  There will also be a direct sale that is done on our website.  The concrete information about the Crowd Sale will be announced in our business whitepaper prepared by PricewaterhouseCoopers.  The technical whitepaper will come out mid-February.  The draft section that we released a few weeks back was from the last revision of the whitepaper, so that portion will be completely redone for the new version.

On the Press front, we have done a decent job gaining  traction with Blockchain industry sites.  Our focus right now is engaging with the mainstream press.  A large part of this project involves preparing a Blockchain project for real world business applications.  We already have a signed partnership agreement with a company valued at 100 million dollars USD, which we will discuss later.  We are currently in discussions with more companies, who are excited about our “Go Mobile” strategy.  This was actually the portion of our project that convinced a billionaire to back Qtum.

Our development team is currently merging the Proof-of-Stake protocol into Bitcoin Core v0.13, along with some testing of the Account Abstract layer we implemented to allow the EVM to run on a UTXO model.  The screenshot earlier of the mobile wallet is what you can expect to see once we have a working testnet.  Jordan Earls can give a better update on this later, and it’s best to ask him questions directly if you want more details.

Again, if you would like to speak with our team directly, there is always someone on Slack:



Posted: 1/29/2017 9:43:06 PM
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From the original post here: https://bitcointalk.org/index.php?topic=1720632.msg17660633#msg17660633

Qtum Update: January 29th, 2017

Patrick will be speaking at the European Ethereum Development Conference, February 17th - 18th in Paris.  If you are going and would like to attend his venue, please let us know: http://edcon.io


Q: What is EDCON?

A: The EDCON (European Ethereum Development Conference) is a conference that will take place in Paris at the Ecole Supérieure de Commerce de Paris - Europe (ESCP) on 17-18 February 2017. The conference will cover Ethereum technology and research (PoS, Scalability, Privacy) as well as Ethereum-based applications.

Q: Who is organizing EDCON?

A: EDCON is organized by LinkTime with the support and cooperation of developers from the Ethereum Foundation and the wider Ethereum community, as well as ADETIF, the Ecole Supérieure de Commerce de Paris - Europe (ESCP), the Asseth (French Ethereum, nonprofit), La ChainTech (French blockchain, nonprofit).

Q: What topics will be discussed at EDCON?

A: Talks will cover:
    * Ethereum base-layer technology
    * Ethereum research (PoS, scalability)
    * Privacy (eg. zero knowledge proofs)
    * Formal verification
    * Ethereum consortium chain development
    * Applications being built on Ethereum
    * Growing the Ethereum community

Q: How do I buy a ticket?

A: There are two types of tickets: standard tickets and VIP tickets.

Standard Ticket: Able to attend the Main Conferences, morning community event and activities of Ethereum Community in Subconference.

VIP Ticket: 100 Tickets only. Able to attend the Main Conferences, Cocktail Party and activities of Ethereum Community in Sub-conference. VIPs are able to build deeper connections with core developers, investors and entrepreneurs. Highly recommended for those who want communicate more with core participants.

Tickets for the conference are available here: https://edcon.io/register.html.


Posted: 1/29/2017 9:44:22 PM
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Qtum co-founder Patrick Dai will be hosting a QA session on slack Wednesday 10pm EST


Please join the slack here: qtumslack.herokuapp.com


Posted: 1/31/2017 5:58:14 PM
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REMINDER! - This is TODAY in just about 6 hours from time of this post!

Qtum co-founder Patrick Dai will be hosting a QA session on slack Wednesday 10pm EST


Please join the slack here: qtumslack.herokuapp.com


Posted: 2/1/2017 8:48:15 PM
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Qtum Update: Feb 2nd, 2017


Qtum Q&A session with Patrick Dai, Jordan Earlz, and guest Bo Shen took place yesterday.  Posted below is a very long list of questions responded to. Please keep in mind, this list is just responses from the team. There are over 600 people on Qtum Slack currently, and there were quite a few active participants, so for these images some of the extra talking was edited out. A full transcript will be provided later on the Qtum website but if you would like to read it in full, you can join the Qtum Slack.

Link to screenshots of Q&A



Qtum development update, testing Smart Contracts on Bitcoin Core, and making it work with Proof-of-Stake:




Posted: 2/4/2017 8:40:10 PM Edited: 2/4/2017 8:45:52 PM
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Qtum Press From Japan:

Crypto Currency Magazine

The Bridge

Qtum Press Update:
8btc.com goes in depth with article about the Qtum project:



Posted: 2/6/2017 6:02:45 PM
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Qtum Foundation Update:


The Economy Whitepaper, which details how Qtum will govern the Singapore based Qtum Foundation.

A couple new articles for Qtum today

Qtum article by Finance Magnates
Major Bitcoin Investors Back New Blockchain Platform Qtum


Qtum article by International Business Times
Qtum is building bridges between Bitcoin, Ethereum, Hyperledger, R3 Corda


Posted: 2/9/2017 9:47:18 PM
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Transcript of Dev Q&A on Slack:
Q&A About the Qtum Project #2


New Qtum articles:

The Huffington Post -
Qtum Project Releases Economy Whitepaper


Chain Finance -
The Blockchain’s Rising in the East - Meet the Chinese project Qtum



Posted: 2/12/2017 12:46:22 AM
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From the original Qtum blog post here

Qtum Crowdsale Update

The Qtum team has been working very hard to prepare for the upcoming crowdsale. Although the official date and other details are yet to be published (will come soon), we are so excited to announce that you will be able to participate in our crowdsale through any of the following channels.

1. Bizhongchou (bizhongchou.com)
2. Yunbi (yunbi.com)
3. Yuanbao (www.yuanbao.com)
4. ICO365 (www.ico365.com)
5. Qtum official crowdsale website (crowdsale.qtum.org) – coming soon

Get started with registering on these website so you will be able to participate once it kicks off!


Posted: 2/13/2017 6:29:16 PM
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Article from news.bitcoin.com here


Qtum’s Patrick Dai Talks Smart Contracts and Bitcoin Security, announce Roger Ver as an Angel Backer


Posted: 2/16/2017 6:11:20 PM
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Posted: 2/19/2017 1:33:29 AM
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Qtum Technical Introduction and Demonstration



Qtum mobile wallet and Apple Watch demo video



Qtum iMessage demo video




Posted: 3/2/2017 9:48:18 PM
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From the original post here: https://bitcointalk.org/index.php?topic=1720632.msg18059831#msg18059831



Some of you may have received our newsletter earlier about the crowd-sale.  For those of you wondering, here is a list of the exchanges that will be available.  Please note that we will no longer be using an official crowd-sale website.

Qtum Crowd-sale Updates

We are so excited to announce that Qtum crowd-sale will start at 12 PM GMT, March 16th, 2017 and end at 12 PM GMT, April 15th, 2017 (30 days). Both BTC and ETH will be accepted. Other terms and details including pricing and discounts will be announced on March 9th.

In addition, due to the legal compliance consideration, we have decided that Qtum crowd-sale will be available on the following exchanges. Please note the list of exchanges is not final, we may modify it before Qtum Crowd-sale start date.

Bizhongchou (https://bizhongchou.com/)
Yunbi (https://yunbi.com/)
ICOAGE (http://icoage.com)
Allcoin (https://www.allcoin.com/)
ICO365 (http://www.ico365.com/)

In order to fully comply with Singapore’s anti-money laundering and counter-terrorism financing laws and regulations, the Qtum Foundation will practice ‘know your customer’ exercise in the Qtum crowd-sale. Hence, we decide not to use Qtum official crowd-sale website although it is ready to launch.

Posted: 3/6/2017 10:40:54 PM
Gender: Unknown
Country: Unknown
Threads: 60, Posts: 902



From the original post here: https://bitcointalk.org/index.php?topic=1720632.msg18059831#msg18059831



Some of you may have received our newsletter earlier about the crowd-sale.  For those of you wondering, here is a list of the exchanges that will be available.  Please note that we will no longer be using an official crowd-sale website.

Qtum Crowd-sale Updates

We are so excited to announce that Qtum crowd-sale will start at 12 PM GMT, March 16th, 2017 and end at 12 PM GMT, April 15th, 2017 (30 days). Both BTC and ETH will be accepted. Other terms and details including pricing and discounts will be announced on March 9th.

In addition, due to the legal compliance consideration, we have decided that Qtum crowd-sale will be available on the following exchanges. Please note the list of exchanges is not final, we may modify it before Qtum Crowd-sale start date.

Bizhongchou (https://bizhongchou.com/)
Yunbi (https://yunbi.com/)
ICOAGE (http://icoage.com)
Allcoin (https://www.allcoin.com/)
ICO365 (http://www.ico365.com/)

In order to fully comply with Singapore’s anti-money laundering and counter-terrorism financing laws and regulations, the Qtum Foundation will practice ‘know your customer’ exercise in the Qtum crowd-sale. Hence, we decide not to use Qtum official crowd-sale website although it is ready to launch.

Posted: 3/6/2017 10:42:33 PM
Gender: Unknown
Country: Unknown
Threads: 100, Posts: 743

Vindyen you must make alot money supporting these ICO scammers, you were also the guy spamming the BitBay ICO everywhere for them, Patrick Dai last major scam.

Ver Backed Qtum Founder Ran Previous ICO Scam

Source: http://coinjournal.net/ver-backed-qtum-started-bitbay-dai/ 

Patrick Dai, the founder of Qtum, has admitted to using another name and running another cryptocurrency before Qtum. He left the currency after it faced controversy involving himself and did not reveal his past to potential investors. He admitted to his past after being confronted with irrefutable evidence.

Qtum claims several high profile investors, including Roger Ver, Anthony Di lorio, and OKCoin CEO Xu Star.

According to chat logs, Steven Dai was the founder of Bitbay. That coin attracted significant controversy after a convoluted scheme that netted the founders thousands of bitcoins was revealed. The chatlogs revealed that the Bitbay launch was manipulated by two notorious alt-coin market whale groups known as bobsurplus and Gekko, the BTER exchange itself, and possibly Dai.


After two years of silence, Steven Dai is back as Patrick Dai.  A photo of BitBay funder Elmer Lin standing next to Patrick Dai seemingly proves that Lin met Patrick Dai.

unnamed (6)unnamed (5)


Questions about Dai’s past were initially ignored by the Qtum foundation and Dai. Two days after the issue was first raised on Twitter and through Slack, Dai finally issued a statement admitting to his past persona. He has ignored requests for comment sent to his email. The Qtum foundation itself initially replied to a request for comment saying that a statement would come the next day but has since ignored requests for additional comments.

In his statement, Dai denied any wrongdoing during the BitBay Scandal. He claims that he decided to leave the community after discovering the “questionable ends and actions” in the coin.

According to Qtum’s website and an article on the Ver owned Bitcoin.com, Roger Ver is one of many high profile investors in Qtum. Others include Ethereum alum Anthony Di Lorio, Jeremy Gardner and the CEO of Chinese Exchange OKCoin, Xu Star. [Side Note: Ver is reportedly suing Star’s OKCoin in an unrelated issue.]

We contacted Ver, Di Lorio and Gardner to confirm or deny their investments. Only Gardner replied, confirming his investment. When I asked if he knew of Patrick Dai’s past as Steven Dai, he did not respond.

The Qtum foundation did release their statement, saying that they were initially unaware of Dai’s past but are standing by him.

The BitBay scheme was primarily revealed through chatlogs released by Zimbeck. After the scandal’s release, Zimbeck defended Dai as the only honest person in the group that included Dai, Bobsurplus and Gekko. Today, both Zimbeck and BitBay’s largest investor say Dai left them without support and they allege he stole funds from the BitBay Developer fund and ICO on his way out.

Dai denies that he stole money from Zimbeck or the BitBay investors.He also points to one $500 payment to Zimbeck for development after the scheme was revealed. Zimbeck contends that $500 over two years is not sufficient funding of a coin and is only a fraction of the haul he says Dai gained from the BitBay scheme.

While much of the conversation on Slack has focused on if Dai stole from the BitBay ICO or if he was an innocent victim of Bobsurplus and Gekko. That ignores the larger point: why wasn’t his past disclosed previously?

If Dai was completely innocent in the BitBay scandal, and if he had no ill-intentions with Qtum then he should have been upfront with all of his investors. If he revealed it to the high-profile VCs that have invested is also irrelevant. The fact that he was asking for ICO investment without revealing his past to the public means potential ICO investors would have invested without that information.

Besides the founder who changed his name after being involved in a scam, Qtum has some other red flags.

Besides The Founder, What is Wrong With Qtum?

Qtum does a few things right. The developers designed a competent website and wrote two interesting whitepapers. Digging a bit deeper, reveals some troubling issues.

The site includes a Team page with pictures of various team members. That would be a good thing, except for what it doesn’t include: No social media links. No last names (besides Patrick Dai) and no evidence that the team members are who they claim to be. One, “Caspal” claims to hold thirty Chinese and Asian records for Rubik’s Cube competition, as well as 21 gold medals.

According to the World Cube Association,  there is no one named Caspal in the top 100 solvers in the world. Nor is there a “Caspal” in the top 100 solvers in Asia, or even in the top 100 solvers in China. I checked the top ten solvers in China’s photographs, and none of them matched Caspal’s photograph.

While it is possible that Caspal was a Rubik’s Cube champion in Asia under a different name, without a real, full name, it is impossible to be sure. Especially since they are ignoring my interview requests. It sounds absurd slamming a coin for possibly exaggerating the Rubik’s Cube solving capabilities of their team but if they thought it important enough to mention, it must be important enough to question.

Some of the team behind Qtum, also seem to be working on a completely unrelated Blockchain as a Service project called Bitse. Besides Dai, there are two Qtum team members working on the Bitse project and have their last names listed: Neil Mahi and Time Markov.

Neil Mahi, is the second person listed on the Qtum team page after Dai. Googling his name gives no relevant results. The Bitse team page calls him “One of the most seasoned and greatest blockchain application developers” yet no one has heard of him. He is supposed to have 20 years coding experience, yet he hasn’t published anything to Github under that name, or even made a Facebook or Twitter account. What kind of coder, especially a “blockchain” developer, works for that long and has nothing public to show for it?

Time Markov is unGoogleable because his name brings up results for Markov’s Chain, a mathematical principal named in the 1900s. Searching for “Time Markov bitcoin” and “Time Markov blockchain” reveals no relevant results.

Furthermore, Qtum isn’t open source, at least not yet. Their GitHub page is empty. They won’t release the code until after the ICO. Of course investors will have committed their money by that time. They are ultimately asking investors to join in based solely on the experience of their team.

But that team only includes a few minor figures from the crypto world, a whole bunch of unknowns with no google search results, someone who probably exaggerates their Rubik’s Cube capabilities and a founder who either has a past that he seemingly hid from investors and involved the loss of hundreds of Bitcoins.

How Did Qtum Get So Much Attention?

As is so often the case in the cryptocurrency world: Shitty journalism led to its ride. The actions of the bitcoin media is almost understandable. After all, many probably assume that if the likes of Ver are involved, then it must have been vetted by someone. But the truth could be that the Angel Investors are depending on the media.

The first mention of Qtum in a semi-reputable cryptocurrency news site comes from CryptoCoinNews. Their article mentions Qtum winning a hack-a-thon prize hosted by ChainB.

Next, an article by CoinDesk founder Pete Rizzo announced that Qtum received funding by several high profile investors. There, Rizzo mistakenly called the cryptocurrency “open-source” though it’s Github page is empty.

With the credibility of CoinDesk behind it, Qtum began getting more mainstream attention.  Nasdaq.com, Siliconangle and EconoTimes all wrote articles based on the CoinDesk original.

Then, on January 24th, Bitcoin.com’s Jamie Redman wrote an article about Qtum. That article, like the ones before it, parroted the claims made by the Qtum team.

But the biggest bump to Qtum’s visibility was an article by a Forbes Contributor. Roger Aitken will seemingly write about any two-bit cryptocurrency project. Aitken wrote a poorly researched article that shows his tenuous grasp (at best) of blockchain technology. He says Qtum is attempting to be the “blockchain of China” even though regional cryptocurrencies are a long dead fad and were never workable.

Aitken’s articles take phrases straight out of the Qtum website, word for word. “[Jordan] has been developing software since he was thirteen, reviewed over 100 altcoins and identified multiple exploits in coins” appears both on the Qtum website and Aitken’s article.

After Forbes, several other media outlets covered Qtum, including Finance Magnates and the International Business Times UK. Later, Bitcoin.com released a later article with a curious note at the bottom.

“Disclaimer: Roger Ver, CEO of Bitcoin.com, is a Qtum investor.”

With Ver’s name officially attached, Qtum seemed likely to be the first big ICO of 2017 largely due to the articles that gave it credibility.

Qtum.org's Alexa.com statistics
Qtum.org’s Alexa.com statistics

The problem with all these articles is that no one stopped to ask: who is Patrick Dai? Why does Googling his name reveal so few results? And most important: What did he actually do before Qtum?

Because what someone has done in the past is usually the best indicator of how they will behave in the future.

Posted: 3/7/2017 12:15:35 AM
Gender: Unknown
Country: Unknown
Threads: 100, Posts: 743

Due Diligence Pack for QTUM

"Steven Dai walked away from BitBay with publically invested Bitcoin & millions of BAY from the initial offering which has never been returned. The BitBay team recommends extreme caution when it comes to investing in any cryptocurrency project associated with Steven (AKA Patrick) Dai.'



A very interesting couple of days for QTUM so I will chime in:

Firstly a big shoutout especially to Gleb on Bitcointalk much of this due diligence comes from him and many other community members. This will be updated continuously.


  • No code on Github :’(
  • No Escrow.
  • POS 51% distribution — 51% of coins being sold to users. Leaving 49% in the owners hands, with regard to stability of the network and otherwise it would only take 3% in order to gain staking control or any form of control over the entire network.
  • Using multiple different identities and aliases.
  • Connection with multiple projects one being Bitbay.
  • Deletion of connections and associations.
  • Previous ICO’s and a history of leaving projects.

Deletion of various News:


This article originally commented “ PricewaterhouseCoopers involves in the Qtum Project

Numerous blockchain startup projects have emerged in the last couple of years, and most of them have emphasized on their strong technical capabilities. Although Qtum team has already demonstrated its technical capabilities as one of the best in the blockchain community, we wanted to make sure our project could stand out in such a bombing marketplace. Therefore, we started the Qtum project with a focus on the well-designed governance structure and robust business applications. To achieve this, the Qtum Foundation engaged a distinguished professional firm, PricewaterhouseCoopers (PwC), to assist throughout the project. We believe PwC’s involvement will benefit the project in many ways with its global network and thought leadership in the financial technology industry.

Currently, PwC is supporting the project team. This includes providing comments on a whitepaper prepared by the project team, as well as on their proposed project governance structure. PwC Shanghai Fintech & Cybersecurity Service Partner CY Cheung (LinkedIn) and Senior Manager Kevin Feng (LinkedIn) are key team members involved in the Qtum project. Click here to see a post recently shared by CY Cheung about his view on the project.”

“Qtum also claims to be partnering with PwC Asia, which both its team members and investors said will be providing accounting services for the project.”

Source: http://www.coindesk.com/blockchain-angels-invest-1-million-bitcoin-ethereum-hybrid-qtum/

Original Tweet that started entire controversy over Patrick Dai’s Identity:


BitBay response to association with QTUM co-Founder Patrick Dai:

The BitBay development team has been asked to comment on the possible link between one of BitBay’s original founders, and Patrick Dai, a co-founder of the QTUM Project. BitBay’s lead developer, David Zimbeck has confirmed the man using the name Patrick Dai from QTUM, was known as Steven Dai when he was associated with BitBay.

Steven Dai walked away from BitBay with publically invested Bitcoin & millions of BAY from the initial offering which has never been returned. The BitBay team recommends extreme caution when it comes to investing in any cryptocurrency project associated with Steven (AKA Patrick) Dai.

BitBay is more interested in letting people know about the future than reliving the past. Even without support from the original founders, David Zimbeck has continued with the development of BitBay. A fully functional decentralized Smart Contract client is freely available for public use and is the most advanced crypto currency product available today. You can see more about the current state of the BitBay project by reading up in this thread or visiting bitbay.market You can also join our slack by using this link http://bitbay.market/wp-login.php?action=slack-invitation

Source: https://bitcointalk.org/index.php?topic=890531.msg17942817#msg17942817

Original Logs from the Bitbay internals:

[10/24/2014 11:13:01 PM] xuguang dai: hi sir

[10/24/2014 11:13:03 PM] xuguang dai: thanks!

[10/24/2014 11:18:06 PM] xuguang dai: Hi sir, Thanks for you reply, i have added your Skype account.

i will Fund you do some Research for sure, no need worry about that.

Hope we can have a deep talk later.

if you can help with the Bitbay Project, i will send you 100BTC+10% of BitBay coins.

so no need worry about this sir.

we want have a long cooperation with you sir. i am very impressed with your talent.

[10/24/2014 11:24:17 PM] xuguang dai: if you want a talk sir, we can talk any time you want

[10/24/2014 11:24:37 PM] xuguang dai: Here is my Mobil phone: *

[10/24/2014 11:27:00 PM] xuguang dai: i will go to sleep now, and will wait up 6 hours later. when you online, we can have a deep talk on this new Project sir. Thank you very much.

[10/24/2014 11:40:34 PM] David Zimbeck: Hello

[10/24/2014 11:40:51 PM] David Zimbeck: ahh you were up late

[10/24/2014 11:41:08 PM] xuguang dai: yes sir

[10/24/2014 11:41:14 PM] xuguang dai: i am still online

[10/24/2014 11:41:16 PM] xuguang dai: haha

[10/24/2014 11:41:16 PM] David Zimbeck: ok

[10/24/2014 11:41:28 PM] xuguang dai: i planned to go to sleep just now

[10/24/2014 11:41:29 PM] David Zimbeck: yeah all i do is sit in front of a computer

[10/24/2014 11:41:31 PM] David Zimbeck: haha

[10/24/2014 11:41:38 PM] xuguang dai: but you leave me a message

[10/24/2014 11:41:43 PM] xuguang dai: so i just get up

[10/24/2014 11:41:45 PM] xuguang dai: haha

[10/24/2014 11:41:51 PM] xuguang dai: i am waiting for you sir

[10/24/2014 11:41:54 PM] David Zimbeck: Thanks

[10/24/2014 11:42:10 PM] David Zimbeck: ok so far, I have read over your offer it looks good

[10/24/2014 11:42:15 PM] David Zimbeck: however i have some questions

[10/24/2014 11:42:38 PM] David Zimbeck: since this Bay software is originated in China, will it all be in Chinese?

[10/24/2014 11:43:05 PM] David Zimbeck: As for the UI, do we have anyone who has designed a UI/Mockup

[10/24/2014 11:43:08 PM] xuguang dai: no sir

[10/24/2014 11:43:28 PM] xuguang dai: This a international Project

[10/24/2014 11:43:34 PM] xuguang dai: so not just in China

[10/24/2014 11:43:46 PM] xuguang dai: we will have a big ipo on bter soon

[10/24/2014 11:43:58 PM] xuguang dai: ok thats good

[10/24/2014 11:44:02 PM] xuguang dai: yes sir

[10/24/2014 11:44:09 PM] David Zimbeck: so can you describe what it is you want coded?

[10/24/2014 11:44:16 PM] David Zimbeck: In Halo, we use email and Bitmessage

[10/24/2014 11:44:26 PM] David Zimbeck: the markets as well go on top of Bitmessage

[10/24/2014 11:44:39 PM] xuguang dai: yes sir, can you add halo technology into Bitbay wallet?

[10/24/2014 11:44:46 PM] David Zimbeck: yeah of course

[10/24/2014 11:44:48 PM] xuguang dai: just like blackhalo ?

[10/24/2014 11:44:51 PM] David Zimbeck: thats what I do :)

[10/24/2014 11:44:55 PM] xuguang dai: yes, that’s what i want

[10/24/2014 11:45:19 PM] xuguang dai: so, i do not want to waste your time

[10/24/2014 11:45:31 PM] xuguang dai: i will send you the preANN Thread of Bitbay

[10/24/2014 11:45:47 PM] xuguang dai: so you have deep look into that Project sir.

[10/24/2014 11:46:21 PM] David Zimbeck: ok however have you gone live with the thread yet?

[10/24/2014 11:47:03 PM] xuguang dai: Not yet, we are still prepare the PreANN Thread now.

[10/24/2014 11:47:22 PM] David Zimbeck: ok no problem, what type of markets do you want on BitBay?

[10/24/2014 11:47:26 PM] xuguang dai: will have a PreANN Thread on bitcointalk 2 days later sir

[10/24/2014 11:47:45 PM] xuguang dai: First,BitBay Project aim to Decentralize Everything.

We have Centralized market place such as Amazon and Ebay and Alibaba for goods, we also have Centralized Software and APP distribute place, such as Apple Store and iTunes,We also have Centralized market place for Location Based Service,such as Car Rental and House Cleaning Staff and so on..We have Centralized market place for everything in real life, include videos and music and books, also personal skills.

Now everything gonna Change.

Bitbay Project will Change this forever. Bitbay platform will be a decentralized market place for goods and service. We will integrate the most cutting-edge technology in crypto world with real lifes. We will also expand the boundary of crypt currency.

Just image, you can buy everything and service in Bitbay platform with Bitbay currency. If you want to buy some goods, you can pay it with Bitbay, if you want any services,such as you want a experienced programmer to teach you how to code, you can pay it with BitBay, if you want a Pizza from Papa John’s, you can pay them bitbay, if you want a driver,you can find a good driver in our Service/skills market place,and you can pay him Bitbay.

[10/24/2014 11:48:07 PM] xuguang dai: We want to complete Smart contract into BitBay sir

[10/24/2014 11:49:02 PM] David Zimbeck: Right its necessary when dealing with Cryptocurrency

Source: https://bitcointalk.org/index.php?topic=850267.4255;wap2

Correlation with Sixchain project:

Source: http://domainbigdata.com/sixchain.com

Correlation with Patrick forking Ethereum:

Source: http://www.8btc.com/how-to-fork-ethereum

Comparison photos between xuguang Dai and Patrick Dai


After Effects of Bitbay:

Source: https://bitcointalk.org/index.php?topic=890531.msg17962282#msg17962282

Correlation between Patrick and other projects:





“www.tilepay.org/ Tilepay is a IOT platform based on bitcoin blockchain technology,people can buy and sell data directly all over the world. It’s a Data Alibaba. in alibaba, we buy and sell goods, for in tilepay,we buy and sell IOT data all over the world!

shellcoin.cn/ Shellcoin&shellpay is a blockchain based online payments solution,it’s based on bitcoin idea,but the speed is more fast. We support game company to use shellcoin in their games and also people can use shellcoin in real life in Shanghai. People can use shellcoin to buy coffee or buy foods in real life..we are explorer more possibility on how to use shellcoin both online and offline. Also based one shellcoin blockchain..we also offer a open platform named shellparty: on shellparty platform: EVERY ONE CAN RELEASE HIS OWN CURRENCY!this will change the world!”

Source: https://www.itjuzi.com/person/29071


“Shuai Shu, BitSE co-founder, CTO. Graduated from the China University of Science and Technology and the Chinese Academy of Sciences, Dr. during the zone chain technology development, participation in many domestic and foreign block chain project.”

Source: https://www.okcoin.cn/t-1013401.html

“Combined with BitSE in the block chain industry experience, Shuai early that the block chain technology on the financial industry’s main impact is mainly based on two dimensions: First, the block chain technology”.

“结合BitSE在区块链行业的经验,帅初认为区块链技术对金融业的主要影响主要建立在两个维度上: 一、区块链技术使得数字资产的发行,清算,结算成本大大降低,但是面临着数字资产信托和法律法规的问题”

Source: http://chainb.com/?P=mpost&id=2214

“good morning everyone! First of all I would like to say, welcome to the Shanghai block chain center, I am very happy, here to show you our quantum chain project. I was CTO, I worked before in Alibaba, and then I was a Ph.D. in computer science.”





Personal Statement from Patrick Dai:

Source: https://bitcointalk.org/index.php?topic=1720632.msg17970584#msg17970584

”Dear Qtum community,

Lately some concerns have been raised regarding my past involvement with the BitBay project.

Firstly, I’d like to confirm that I was indeed involved in the project, going under the name of Steven Dai. I, Xuguang Dai by birth, have been using the western nicknames Patrick and Steven interchangingly in order to engage smoothly with western partners. This is a commonplace practice in Asia, and in fact, I still use Steven from time to time.

As it is clear by now, the BitBay project was indeed highly problematic, with many goodwilling investors and entrepreneurs, including myself, losing some money and time invested in the project due to malevolent activity of some individuals.

My involvement in the project began in 2014, with the intent to support the development of decentralized commerce and the blockchain space in general. However, I soon found out the hard way that not all involved in BitBay’s operations shared these goals.

With questionable ends and actions surfacing, I decided to leave the project in 2015, after doing my best to support the remaining developers and handing them all BitBay related holdings under my control. These assets included about 70 BTC, which were transferred to BitBay’s developers before my departure from the project.

I want to assure you that I regard integrity and rightful conduct as my main priorities in all my business activities, past, present and future. I am confident that my performance in cooperation with the rest of the Qtum team will assert itself very soon.


Patrick Dai”

Shu Qui Name Correlation:


Source: http://www.wanbizu.com/xinbi/Qtum/201701048620.html

Jonhson Dai Name Correlation:


Source: http://web.archive.org/web/20110202023938/http://vechain.com/

Response from QTUM Foundation:


Bitbays Response to the QTUM Foundation:

“Let me be very specific here. And you investors make up your mind from there. This will elaborate on my somewhat emotional conversation on Slack. My hands were literally shaking from emotion as it brings back very painful memories. I’m not afraid to confront it again though.

The point being he got 10% of BitBay for free that was sold on us. He got 191 BTC minus the 20 he put in the dev fund.

The dev fund was 100 btc. There was 5 members so you divide that by 5. Thats 20 each.

This deducts it to 171.

Steven did release the 2nd key to that multisig. It was a dev fund it wasn’t Stevens money other than 20 btc.


Bob and Gekko stole some of it so that lowered it down from 100 to roughly 50–60. I would have to check year old Skype logs to know exactly what Steven said they took.

Steven told me via Skype that him and Lin from BTER would raise it to over 100 but they never did. Instead he just gives me the 2nd key

to the multisig (you know its multisig BitHalo because it starts with a “3”).

So if Steven/Lin added anything to that it was less than 16 btc. Since Bob and Gekko got 1/2 of the dev fund.

So that means Steven got 155–171 BTC and 10% of BitBay which he got for free. Steven Dai will not be wise to deny those numbers.

Then he admits much later that him and Lin bought some at the bottom so potentially Steven had 20%.

Dai will not deny this as he knows we can produce more chat logs and he himself can probably give you txids of his wallets. Ask him yourself.

He then proceeded to sell all of that on BitBays head while I stayed and built this project. He got free coins and didn’t stay to help build this. Him leaving in 2015 is immediate. He started BitBay in November 11th 2014 so thats only a couple months. Our statement stands. By his own admission, he did in fact abandon this project with investors money and did no work in return for it.

If anyone thinks that is okay then that is very sad indeed.

If Dai wants to say he and Lin did not sell all their BitBay all he has to do is send .001 BitBay from each account he holds to prove how much he has left. Of course that will never happen. He rambled on slack about “Giving it to BTER” whatever that means. It went to the inky void I guess.

Why did I say “Steven is a nice guy” after the ICO went south? I was not happy with him at all. Lets make this clear. But I do try to be professional. Because everyone in BitBay was told by Steven himself he would not leave the project which turned out to be a lie. I have skype logs of me trying to contact him for years. Google voice logs of me trying to call him to no avail. After repeatedly pestering him he gave 500 dollars. He said he would do so every month. That also turned out to be a lie. I sent him messages monthly and private emails and phone calls which all got ignored after that. Dai may also claim he paid for a website and this is true as well. Our team did try to get him to participate it was extremely hard and was more work than its worth.

Dai raised the point that Elmer asked for a settlement. That is Elmers business, not ours. He got seriously effected since he flew to China and met Gekko and Dai and Lin in person and lost over 100 bitcoins. I personally have no interest in Dai’s money. All I wanted was his time and energy to honor his word to investors.

Most importantly, this is the skype log where Dai pumps the coin with his own money


Then he gets it all back with a refund from Lin(BTER). Lins exchange later gets “hacked” for millions of dollars in their cold wallet. They gave Bobsurplus 500 BTC before the project even finished funding which is extremely crazy. There is a txid for that. Bob claims he “did marketing” for that. Instead he FUDs his own project from Bays launch since it was a character assassination. The project was set up to crush me, it was a hit job. They chose the “Baywest” toilet paper logo for the BitBay logo. Something Gekko and Bob were proud of. None of their financials were made aware to me until I saw the ICO funding. I was the one to blow the lid open on it. Bob/Robert Duskes/International Rob was counting on that, used fake profiles to shill me the second the ICO started, Barabbas is Iconicexpert and Bobs shill profile(tons of evidence they use this to shill on the internet on reddit and other forums this was already exposed), and you can get clear evidence of shilling by looking up “Diabolic” for example on bitcointalk which Gekko/Ryan Wright created for the sole purpose of attacking me.

Bob starts a “Zimbeck is a scammer” thread to divert attention. No actual accusation was made by the way, its just a dump of chat logs proving i knew him. Guilty by association. And to be honest gets me upset that Bitcointalk mods did nothing about it. Mprep seemed to be partial to Bob in private convos which makes me lose a lot of respect for this forum. Theymos never even responded to a single message despite me trying at his emails, reddit and BCT. Because of the chat log spam it ranked high on Google. Bitcointalk lets anyone post an accusation and these propagandists counted on it.

To make matters worse they had been using me as a fall guy from the day the ICO ended and you can see evidence of this. Kronengburg broke under pressure and admitted to being paid to harm my rep. You can look at his comment history if you like.


Steven was just a liaison for Bobsurplus and Gekko. I didn’t know who Bob was until a few days before ICO. They needed my name for the destruction of my reputation and profit off the years of hard work I put into Halo.

They all worked together on BitSwift as Paul from BitSwift will confirm. Its really old news. I made the mistake of claiming Steven was involved in Ghostcoin and that was a rumor I had heard a long time ago which i realize can’t be backed up. However I do think Steven will even admit himself working on BitSwift and Paul can back up my claims and I doubt Steve will deny this. BitSwift was a Bobsurplus thing and that is not good news. Paul tried to warn me after ICO but by that time it was too late.

A bit of info on bobsurplus and what he did to BitBay:


We don’t want to relive the past. Just be aware this is the guy running Qtum. It saddens us that Qtum is going forward with an ICO despite all this. We won’t “fud” Qtum. We simply tried to prevent further damage Dai might cause by enriching himself with investors funds as he did with us. Anything beyond this you should direct your questions to Patrick Dai.

We will issue our condolences to the Qtum team as well and any conflict of interest developers may face working for him. Just take a very long pause to think about what is being said here and decide if you are okay with taking investors money and letting Dai manage it knowing what you know now. We personally think ICO is a bad idea. If Dai already got a million, why not prove his concept first and not even hold an ICO? If he releases a working project then move forward. Just run it on testnet until its done? But thats probably wishful thinking… there is no justice in crypto it seems. Can you prove he will not get free coins in Qtum? Can you prove he doesn’t have a deal with private investors for them to get free stake or refunds from the ICO funding? The same modus operandi was used on us in BitBay and that you can prove beyond the shadow of any doubt.

BitBay has moved beyond what they have done, through all the adversity. I’m going to finish this project even if it kills me. Even if i don’t make a dime off it. I’ve worked 2 years since ICO and will work 10 more for free if I have to. We don’t want your money, angel investment, nothing. We are not interested in riding your marketing. This will be my last comment on the subject. My full time job is coding, not social media management.

Do as you wish with what you know now.”

Supply Manipulation:

[2014–11–15 9:19:48 AM] Steven Dai: and we control 60% of the Total Bitbay..

[2014–11–15 9:19:52 AM] Steven Dai: that will be huge

[2014–11–15 9:21:18 AM] Gekko: how much total % we have now?

[2014–11–15 9:24:09 AM] Steven Dai: 1283BTC by myself and 500BTC by bob…i hold 0.44billion and i think that group hold about 0.19 billion..so we control about 0.63 billion together

Source: https://bitcointalk.org/index.php?topic=850267.4610;wap2

Final Thoughts

This is probably the furthest down the rabbit hole I have had to go with a project, I believe the QTUM foundation needs to make more clear statements as to who this person is and what is their correlation with other projects. They also need to demonstrate working code around this technology.

This project has been delisted from http://icocountdown.com

Posted: 3/7/2017 7:22:35 AM Edited: 3/7/2017 7:25:35 AM
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The Qtum Whitepaper Has Been Updated:

Please visit https://qtum.org/en/white-papers to download.



Account Abstraction Layer Overview

Building on bitcoins reliable and proven-to-deliver blockchain, Qtum stacks its Account Abstraction Layer, allowing the Bitcoin Core 0.13 blockchain to seamlessly interact with the Ethereum Virtual Machine (EVM). With this innovation it is now possible to execute smart contracts and run decentralized applications, simply and securely, in environments that were previously out of reach for Ethereum, combining the endless possibilities provided by smart contracts with the stability and maturity of the bitcoin ecosystem.

Until now, attempts to implement smart contract solutions on top of the bitcoin blockchain have had issues, been lackluster, or failed to break into the mainstream business market. This is primarily due to the fact that the bitcoin blockchain employs an Unspent Transaction Output (UTXO) scheme to associate coins with addresses, rather than the easier to understand, but otherwise problematic, account-based model used by Ethereum.

An account based model works pretty much the way one would imagine:  if Alice has 10 tokens, and sends 5 of them to Bob, who has zero tokens; 5 tokens are simply subtracted from Alice’s balance and added to Bob’s, who now owns 5 coins.  On a UTXO blockchain, however, Alice does not directly hold 10 tokens, but a series of outputs, which are collections of coins resulting from previous transactions.

In such a model, instead of owning 10 tokens, Alice would, for example, hold 3 outputs: (a) consisting of 6 coins, ( consisting of 2 coins, and (c) consisting of another 2 coins. In this scenario Alice couldn’t simply send 5 coins to Bob, but instead she (or her wallet, for that matter) would have to pick the best-suited output and receive “change” in return (a process called coin picking). In our example this means that Alice would transfer output (a), consisting of 6 coins, and receive 1 coin back as “change”. This “change” is what is called the Unspent Transaction Output, or UTXO. After the transaction Alice would still hold 3 outputs, this time (a) consisting of 1, while ( and (c) remain 2.

Employing such a seemingly complex bookkeeping scheme allows the Bitcoin blockchain to support Simple Payment Verifications or SPVs. The SPV protocol enables the support of light wallets, which are wallets that can interact with the Bitcoin network in a decentralized and trustless manner, without having to download the entire Bitcoin blockchain. This property is immensely useful for mobile applications or in any low bandwidth/storage environment.

Until now, Ethereum smart contracts couldn't execute in such environments exactly because Ethereum’s account based blockchain does not provide a SPV analog. To solve this, Qtum builds its decentralized application platform on the proven-to-deliver Bitcoin blockchain and introduces the Qtum Account Abstract Layer, which serves as a communication layer between the Bitcoin Core 0.13 protocol and the EVM.

To achieve this, Qtum has extended the Bitcoin 'Script' language, adding 3 ‘opcodes’ so that it functions as a vehicle to transport code to the EVM, while adding special processing conditions, executing these EVM-using transactions immediately when added to the blockchain - allowing the EVM to operate within a UTXO environment.

In order to relieve Qtum smart contracts from the need to perform coin picking for every transaction, Qtum comes coded with an automated, generic coin picking algorithm which allows contracts to ignore the UTXO mode of operation, while functioning normally, as if deployed in an account-based environment. This method is what enables Qtum to be compatible with pre-existing Ethereum smart contracts, allowing them to be executed on Qtum with little to no change to their code.

For more information about Qtum’s architecture in general, please read this post or review our  Technical Whitepaper.    




(from: https://qtum.org/en/lm/account-abstraction-layer-overview)


Posted: 3/8/2017 2:07:29 AM
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Have questions about the Qtum project? See the FAQ section of the website:




Posted: 3/9/2017 4:13:31 AM
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From the original information provided here: https://qtum.org/en/crowdsale#question-1%20



6. How can I participate?
The Qtum Crowdsale will be facilitated on selected online crypto-currency exchanges and crowdfunding portals. You can participate via any of the following venues:

  • Bizhongchou (bizhongchou.com)
  • Yunbi (yunbi.com)
  • ICOAGE (icoage.com)
  • Allcoin (allcoin.com)
  • ICO365 (ico365.com)
  • BTC9 (btc9.com)

7. How are the funds secured?
All funds collected during this sale will be deposited in secured multi-sig wallets. Keys to said wallets will be held by several officers and executives of the Qtum Foundations, making it so that all outgoing transaction have to be verified by multiple parties.




Posted: 3/9/2017 8:09:42 PM