Qtum, the blockchain application platform, has partnered with Baofeng, the Chinese video portal giant, to help achieve the world’s first Blockchain Consensus Network (BCN) and build the most decentralized blockchain node network.
With the help of Baofeng, Qtum will run 50,000 full network nodes and become the blockchain platform with the largest number of nodes. Currently the Bitcoin network has around 10,000 and Ethereum has roughly 20,000 full nodes.
The introduction of such a large number of nodes will expand the security, stability and response speed of Qtum’s blockchain, providing underlying support for more enriching Dapps in the future and expanding the Qtum ecosystem.
“We’re excited to have the support of Baofeng, and Storm’s massive user base is a treasure for us,” said Patrick Dai, CEO and Co-Founder of Qtum. “We look forward to their developers’ ideas and contributions to the Qtum platform, and to dedicating this collaboration to the advancement of blockchain technology.”
It is expected that, with this fresh blood injected into Qtum’s community, more users will become aware of blockchain technology and lots of developers will be attracted. As a result, Qtum will become one of the most reliable mainstream public blockchains. Baofeng will also work on Qtum’s platform to introduce new video distribution, copyright protection and payment system technologies.
For Baofeng – which was listed in March 2015 by the Shenzhen Stock Market and is now valued at more than 8 billion CNY according to the data from the Shenzhen securities exchange – this partnership demonstrates the great potential of dynamic integration between blockchain technology and the traditional video industry.
“We are very excited to sign the world’s first Blockchain Consensus Network (BCN) service agreement with Qtum,” said Reccon Cui, CEO of Baofeng Bokocloud. “Baofeng Group operates the world’s largest P2P network, so we are impressed by the security and superior flexibility of the Qtum’s blockchain architecture, and we found that the current ecosystem of Qtum is rapidly developing. We are very happy to cooperate with one of the best blockchain technical teams in this field.”
Qtum has caught the eye of many from the traditional business world because of its efficient underlying blockchain technology and precise roadmap.
The partnership with Baofeng demonstrates how blockchain technology is becoming mature enough to be utilized across a variety of fields.
Qtum is a blockchain application platform. At its core, Qtum combines the advantages of the Unspent Transaction Output (UTXO) model, an Account Abstraction Layer allowing for multiple virtual machines, and a proof-of-stake consensus protocol aimed at tackling industry use cases. The Qtum Foundation, headquartered indecision-makinga decision making body charged with accelerating the development of this open network and protocol. Learn more at qtum.org.