Qtum’s Block Size Limit Will Be Governed by Smart Contracts: Here’s How

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Qtum is an up-and-coming smart contract platform set to launch in September of this year. Sometimes ambitiously referring to itself as “China’s Ethereum,” the project recently raised $15 million in three days through a successful crowdsale or “Initial Coin Offering” (ICO).

On a technical level, the Qtum blockchain will resemble Bitcoin, but will integrate an Ethereum-like Virtual Machine on top for smart contracting purposes. Additionally, Qtum is in the process of implementing a “Decentralized Governance Protocol” (DGP). This DGP will have smart contracts determine the blockchain’s parameter selection, like its block size limit.

Jordan Earls, also known as “earlz” online, is the co-founder and lead developer of Qtum.

“We believe this will allow for Qtum to be the first self-modifiable, self-regulating and ultimately self-aware blockchain,” he told Bitcoin Magazine.

 The Concept

Any blockchain has a number of parameters. In Bitcoin, this of course includes the 1 megabyte block size limit. But it also includes the block reward (currently 12.5), the block interval time (ten minutes) and more. These and three other parameters apply to Qtum as well.

But there are two basic problems with needing to have these parameters. First, they are very hard to get “right,” in so far as that’s even possible, since

Read more ... source: Bitcoin Magazine

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