Qtum, an open-source blockchain platform, is set to leverage its new roadmap for 2024 to tap into the $1.7 trillion global blockchain development market. The platform aims to pioneer token swaps with a token bridge, introduce support for Bitcoin Ordinals, and incorporate upstream support to Qtum Core. These advancements are expected to open the floodgates for decentralized finance (DeFi), increase chain volume, and attract developers.
Qtum emerged in response to the growing need for efficient and reliable scaling solutions in 2017. As blockchain technologies gained popularity and mass adoption, scalability became a pressing issue for layer1 chains. Ethereum's congestion resulted in high transaction fees and poor performance, while Bitcoin transactions took hours to complete. Qtum stepped in by seamlessly integrating Bitcoin's UTXO model with the Ethereum Virtual Machine, offering high performance, low transaction fees, and universal interoperability.
According to Forbes, the global blockchain industry is projected to reach a value of $1.7 trillion by 2024, with estimated spending of over $19 billion. Qtum aims to capitalize on this multi-trillion-dollar market and create opportunities for developers, businesses, entrepreneurs, and corporates by leveraging blockchain technology.
Qtum's Robust Scalability Features
Integrating Segregated Witness (SegWit)
Qtum integrated the Segregated Witness (SegWit) protocol to enhance efficiency, performance, and security. Originally introduced in Bitcoin, SegWit separates transaction signatures from on-chain transaction data, improving block space usage. This integration has significantly increased the number of transactions per block on the Qtum blockchain, resulting in improved speed and scalability. Additionally, SegWit brings security-enhancing features to the platform.
Qtum has also achieved onchain scaling by leveraging the Ethereum Virtual Machine (EVM). By enabling larger block sizes of up to 8,000 kilobytes every 32 seconds, Qtum can process more transactions per block while maintaining high-quality security and decentralization. This demonstrates the successful coexistence of the EVM account-based model and Bitcoin's UTXO model.
L2 Technology and Microtransactions
Recognizing the value of microtransactions, Qtum has taken steps to prepare for layer-2 transactions technology. This technology will enable Qtum to establish a Layer-2 network similar to Bitcoin's Lightning Network. The network will support real-time microtransactions with zero gas fees, making it ideal for digital marketplaces, gaming, and crypto faucets. Qtum has already positioned itself to be Bitcoin Lightning Network Ready.
Upcoming Changes in the Qtum 2024 Roadmap
Implementing BRC-20 Token Standard on its Chain
Qtum's support for the Ethereum ecosystem allows it to accommodate existing Ethereum token standards, such as ERC-1155 and ERC-721. The platform's development team is continuously improving the functionality around these token standards to enhance the performance of all smart contracts on Qtum. Additionally, Qtum automatically supports Bitcoin Ordinals by implementing Taproot, Bitcoin's update that introduced Inscriptions and Ordinals.
In its 2024 expansion plan, Qtum is building a set of tools to support the robust implementation of Ordinals on its chain. These tools will provide additional functionality and incentives that are not possible with Bitcoin alone.
Qtum Bridge and USDC
Qtum aims to be infrastructure-ready for builders seeking to create and merge utilities across Web3. The development team is currently working on bridge solutions to facilitate the transfer of digital tokens between Ethereum and Qtum. This will open up new possibilities for the open-source platform. Additionally, Qtum is setting up USDC contracts to support the wrapping of USDC on the Qtum blockchain. This will address the platform's previous lack of a native stablecoin liquidity pool and provide support for Metamask Snaps.
Supporting stablecoins will also create opportunities for Qtum NFTs (Non-Fungible Tokens), allowing ERC NFTs and Bitcoin Ordinals to coexist on a native blockchain without the need for layer2 solutions or bridges.
Conclusion
Qtum's roadmap for 2024 includes a range of updates that leverage the strengths of Bitcoin and Ethereum. By incorporating these updates into Qtum Core, the platform's base layer, Qtum aims to take scalability and interoperability to new heights. With its robust scalability features and upcoming developments, Qtum is well-positioned to serve the growing global blockchain development market.
Frequently Asked Questions
Can I keep a Gold ETF in a Roth IRA
Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).
Traditional IRAs allow for contributions from both employees and employers. You can also invest in publicly traded businesses by creating an Employee Stock Ownership Plan (ESOP).
An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. The tax rate on money that is invested in an ESOP is lower than if it was held in the employees' hands.
An Individual Retirement Annuity (IRA) is also available. An IRA lets you make regular, income-generating payments to yourself over your life. Contributions to IRAs do not have to be taxable
Who is the owner of the gold in a gold IRA
The IRS considers anyone who owns gold to be “a form money” and therefore subject to taxation.
This tax-free status is only available to those who have owned at least $10,000 of gold and have kept it for at minimum five years.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
If you plan to eventually sell the gold, you'll need a report on its value. This could impact the amount of capital gains taxes your owe if you cash in your investments.
You should consult a financial planner or accountant to see what options are available to you.
Should You Buy Gold?
Gold was considered a safety net for investors during times of economic turmoil in the past. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.
Although gold prices have shown an upward trend in recent years, they are still relatively low when compared to other commodities like oil and silver.
This could be changing, according to some experts. Experts predict that gold prices will rise sharply in the wake of another global financial collapse.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
If you are considering investing in gold, here are some things that you need to keep in mind.
- Before you start saving money for retirement, think about whether you really need it. You can save for retirement and not invest your savings in gold. However, when you retire at age 65, gold can provide additional protection.
- Second, make sure you understand what you're getting yourself into before you start buying gold.There are several different types of gold IRA accounts available. Each type offers varying levels and levels of security.
- Keep in mind that gold may not be as secure as a bank deposit. You may lose your gold coins and never be able to recover them.
If you are thinking of buying gold, do your research. And if you already own gold, ensure you're doing everything possible to protect it.
How much is gold taxed under a Roth IRA
The tax on an investment account is based on its current value, not what you originally paid. So if you invest $1,000 in a mutual fund or stock and then sell it later, any gains are subject to taxes.
However, if the money is deposited into a traditional IRA/401(k), the tax on the withdrawal of the money is not applicable. Capital gains and dividends earn you no tax. This applies only to investments made for longer than one-year.
Each state has its own rules regarding these accounts. Maryland requires that you withdraw funds within 60 business days after reaching the age of 59 1/2. You can delay until April 1st in Massachusetts. New York offers a waiting period of up to 70 1/2 years. To avoid penalties, you should plan ahead and take distributions as soon as possible.
Which precious metals are best to invest in retirement?
Gold and silver are the best precious metal investments. They are both easy to trade and have been around for years. You should add them to your portfolio if you are looking to diversify.
Gold: One of the oldest forms of currency, gold, is one of mankind's most valuable. It is also extremely safe and stable. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Silver has always been popular among investors. It is an excellent choice for investors who wish to avoid volatility. Silver is more volatile than gold. It tends to rise rather than fall.
Platinium is another precious metal that is becoming increasingly popular. It's resistant to corrosion and durable, similar to gold and silver. It's also more expensive than the other two.
Rhodium: Rhodium can be used in catalytic convertors. It is also used as a jewelry material. It is relatively affordable when compared to other types.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It's also less expensive. For these reasons, it's become a favorite among investors looking to add precious metals to their portfolios.
How do I open a Precious Metal IRA
The first step is to decide if you want an Individual Retirement Account (IRA). If you do, you must open the account by completing Form 8606. Then you must fill out Form 5204 to determine what type of IRA you are eligible for. This form must be submitted within 60 days of the account opening. Once this has been completed, you can begin investing. You could also opt to make a contribution directly from your paycheck by using payroll deduction.
To get a Roth IRA, complete Form 8903. Otherwise, the process is identical to an ordinary IRA.
To be eligible to have a precious metals IRA you must meet certain criteria. You must be at least 18 years of age and have earned income to qualify for a precious metals IRA. Your annual earnings cannot exceed $110,000 ($220,000 if you are married and file jointly) for any tax year. Contributions must be made on a regular basis. These rules apply to contributions made directly or through employer sponsorship.
You can use a precious-metals IRA to purchase gold, silver and palladium. But, you'll only be able to purchase physical bullion. You won't have the ability to trade stocks or bonds.
To invest directly in precious metals companies, you can also use precious metals IRA. This option is available from some IRA providers.
An IRA is a great way to invest in precious metals. However, there are two important drawbacks. First, they are not as liquid or as easy to sell as stocks and bonds. It is therefore harder to sell them when required. Second, they are not able to generate dividends as stocks and bonds. Also, they don't generate dividends like stocks and bonds. You will eventually lose money rather than make it.
What precious metal should I invest in?
This question is dependent on the amount of risk you are willing and able to accept as well as the type of return you desire. Although gold has traditionally been considered a safe investment choice, it may not be the most profitable. You might not want to invest in gold if you're looking for quick returns. If you have the patience to wait, then you might consider investing in silver.
If you don’t want to be rich fast, gold might be the right choice. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.
Statistics
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
External Links
investopedia.com
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
finance.yahoo.com
law.cornell.edu
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
How To
Tips for Investing Gold
Investing in Gold has become a very popular investment strategy. This is because there are many benefits if you choose to invest in gold. There are many ways you can invest in gold. There are many ways to invest in gold. Some prefer buying physical gold coins while others prefer gold ETFs (Exchange Traded Funds).
Before buying any kind of gold, you need to consider these things.
- First, check to see if your country permits you to possess gold. If so, then you can proceed. If not, you may want to consider purchasing gold from overseas.
- Secondly, you should know what kind of gold coin you want. You can choose between yellow gold and white gold as well as rose gold.
- You should also consider the price of gold. It is best to begin small and work your ways up. Diversifying your portfolio is a key thing to remember when purchasing gold. You should invest in different assets such as stocks, bonds, real estate, mutual funds, and commodities.
- Last but not least, remember that gold prices fluctuate frequently. You need to keep up with current trends.
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By: Media
Title: Qtum Platform to Serve $1.7 Trillion Global Blockchain Development Market in 2024 Expansion Plan
Sourced From: news.bitcoin.com/qtum-platform-to-serve-1-7-trillion-global-blockchain-development-market-in-2024-expansion-plan/
Published Date: Sat, 03 Feb 2024 17:15:10 +0000
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