Miguel Palencia on Qtum's approach to blockchain security and governance

0:28and I being in the auction phase since 2013 around six years all right and yeah I'm taking part in different projects are used to be the CTO for DJ and I joined quantum in 2017 full time so yeah I'm really happy to be here and everything that we've been doing today that's amazing thank you for taking the time let's kick it off by giving your best description of quantum as a blockchain

0:52and how you guys believe that it is making the future a better place for smart contracts and also focus on security so what we did with was the week for the big thing for watching and we for also the EBM from Imperium agree more with did some modifications to the ABM to an aptitude liquid for launching

1:22the wheels thumb port and what we did also is only implemented at the state consensus in interested consensus that we're running trying out so punting is now a proof-of-work watching you don't activate it pretty much runs by local state which means that anyone that holds quantum points can produce blocks the that has been really good not just for the ecosystem but in general for the

1:46public because it makes it easier for anyone who wants to be part of the blockchain the quantum logic password to just get inside the quantum logic by purchasing a few porting points I mean it's a lot more cost-effective than having to buy miners and you know having to run a big operation like what you see in Bitcoin my visions eventually grows so much that is only limit people with

2:10really dark funding definitely that's great that you guys are lowering the barriers to entry and allowing people to get involved just by staking some of their quantum coins and I like how you guys have combined the best of the Bitcoin blockchain with the etherium virtual machine and you mentioned smart contracts so I guess that's sort of the focus you know what

2:31does quantum do with smart contracts that aetherium does not do well that was the main target of big at the beginning this you know we saw what happened with some of their most famous appearing contract and still happening today so that was the main target and we designed a lot of security steps to be built inside of the blockchain to have all these kind of things happening and one

2:59key advantage that we have is the content a lot more scalable because we use the new TXO model that means that we can allow for the Lightning Network in wheels several other methods to our rocket launcher scalability on to basically can being over 70 transactions per second while being fully decentralized and without using the light meter but using the Lightning

3:24Network we can take this several thousand that's amazing well it sounds like you guys are well on your way now in terms of the development and gaps that are being built on quantum a lot of people are focusing on app development on a theory I'm just because it sounds really easy is it easy to develop on the quantum blockchain and how many'd apps are people are working on different

3:47applications with quantum right now every single because we shared the same virtual machine and the same vendors support but one really cool advantage we have and this is going to be large I hope we need to be in the next year is

4:14the x86 PM is the new virtual machine that we designed from scratch and this will change the game like it's going to be a lot more powerful than the year it will it will allow developers from different backgrounds like C C++ Ross any entitlements for it so it would be a lot a lot more flexible people will not be limited to this injustice lately and who's going to be a

4:38lot more powerful launching applications interesting and now that sounds like an amazing incentive to have that x86 virtual machine but for the people that have developed gaps on quantum right now are there any incentives I guess you could say the scalability is one where if you're processing a smart contract on quantum as you said it's it's much more

5:01scalable but what incentivizes developers to develop on quantum rather than etherium why should they choose quantum well right now will also be happening VM however we also have lots of resource for our community developers we have direct channels with our core development team and the community

5:29developer channel and we can build something we'll hold it constant constant book is like you know break down on everything that you want to marching either using smart conscious platform the templates in a lot of cool assistance so these mediation to get started developing content also we always you know try to work side by side several over perhaps even we can did us

5:59that's great and I guess really with this blockchain ecosystem in its inception and everyone's trying to grow and bring this amazing technology to the mainstream you're really not trying to compete with etherium and Bitcoin these other block chains you're really trying to complement them would you agree yeah everyone you know the entire technology the whole industry its infancy right now

6:27I believe we're like 1997-1998 of the Internet era so it was like the basic tools were available but you know they needed to evolve for more powerful solutions to come along and I believe the same thing won't happen for watching I believe the next five to ten years we'll be seeing those killer applications that make watching this seamless and be part of our life now you

6:51can realize them that we are using it that's great and now for the daps that have been built so far or maybe it's some things that the foundation is anticipating as real strong use cases in the business world you know that non-technical people can understand where quantum is providing value in a business use case what is currently going on with quantum are their

7:14industries that are already being benefited by the smart contracts on quantum or is there something in the near future for the business people to understand how this is actually providing value to them watching in you can see there's a lot of different use cases that they're trying to approach in that's a really cool thing and they two of the most famous ones in

7:39easy-to-understand our bbm maybe you can think about it like like a YouTube or dodging but you can upload media videos and we directly benefits content creators because they can see on the app and I'm watching how many news they're getting and how how much is the revenue for each one of their of their creations and that's actually pretty cool there's a movie

8:03that was unleashed on cell phone on the video and the video actor I mean this kind of thing is really cool it means to show people what they can do with watching ending simple simple to understand and simple to use way and robbing aids from drawings we pull groaning it is for you can upload content also but you share or buy or even purchase your your copyright in

8:32intellectual property and they're revamping their own launching they're using an amazing solution for scalability which I can't really go further on this but they will announce it soon so maybe this card this kind of thing is really cool and it will show people what they can do with watching but not just that people would start getting the hands for a normal

8:55which is what brings adoption or any good knowledge yeah that's great and speaking of adoption one of the reasons why a theorem was so popular is because of the wallet infrastructure and the interoperability with the ERC 20 standard to allow all these different tokens and coins to fit into one wallet is the cute the quantum wallet is it very easy to use is it easily accessible

9:19or are there other coins you can store on there or does it really require a specific download and do you see that as a barrier to entry for mainstream adoption well for any any qrc 2013 any tab that to be set up and run and run on our own walnut there's a lot of documentation available for that and it's really easy you can actually set up you your own smart contract or your dad

9:49that you purchased on the point if you option in a few minutes it's really easy that's great and the quantum coin specifically I know it's used for staking to help maintain the network and but is it also used for gas fees or what else is the quantum coin used for in these dabs yeah maintaining security and launching itself because since we used a group of

10:17stake consensus and we didn't go through to work one of the key points that we have in security is there doing a 51% attack incontinence almost impossible it means that anyone who wants to it what I mean we need to buy 51% of all of the control coins that are on the market so I mean it will be really really really expensive is almost impossible mm-hm that sounds like great security

10:42but in terms of scaling up yeah it's hard to take over the network but is it like 70 transactions per second is that going to be enough or what is the scaling protocol moving forward are you planning on expanding that because 70 transactions per second will likely not be enough to work multiple international businesses that's one of the reasons why we're

11:09working on the Lightning Network that will be one of our of our main targets for scalability as and we're also doing every research or new technology that's currently available like nimble wimbledon' you know responsive grain and nuts just allows for scalability but also focuses on odyssic on security and privacy so you will be able to develop stuff that hasn't been done yet which is

11:37anonymous assets that privacy is privacy application this is something that the financial institution might really like because one of the one of the features they don't like about the collections is that everything's public in the fact that they can make some of this information private is something that will cater to a lot of different factors the financial part is something that

12:01would be really really really really popular it sounds like you guys have a great plan but and hopefully you can execute it well but in the coming years you know how is the quantum foundation going to sustain itself are the revenue models built into the enterprise solutions that you guys are providing or are you get receiving grants how do you see the business sustaining itself

12:22moving forward was around March so we when we planned the entire development we separated parts to lasted for about four years but you know the market went up and in our resources actually became larger than we originally planned so yeah we do have funding for our quite a

12:49number of years but at the same time you know we recently signed a partnership with Google cloud and we did one last year with AWS and what we're doing with them is also focusing on building SAS application Fluxion is a service application this blockchain service applications will profile or claim more funding in pretty much in a stable and self-sufficient company in the future

13:16that's great it's you need to have a some kind of incoming cash flows eventually unless you're going to do a to CEO or something like that so it's great to see you guys working on building some business models and Google and Amazon sounds like amazing partnerships to have so congratulations to that so far is are you guys expanding your team are you doing more marketing how do you see the

13:37foundation expanding itself moving forward we're always on things are real like we try not to use hype that's not our target has never been a target and we are expanding because we're actually hiring several different developers we're looking for talent it is available on our website parkland or anyone who wants to work for cartoon they can go in

14:06there and there's a several yeah there's there's several options available there's one why don't we really mean that right now is formal developers so anyone who's really kind of doing this they can check out our website sign up awesome well thank you I was just gonna ask if there's people looking to get involved I guess quantum org is the best place to

14:25go and to find more information about the project and that's all the time that we have for today but I'm really looking forward to following up with you guys it sounds like you have a lot on the go and as you expand the team to see the solutions you're providing as this blockchain as a solution sounds amazing so congratulations on everything so far and I'm looking forward to speaking to

14:46you in the near future thank you so much for the invitation and you