Qtum Adds Protcol to Blockchain Management
Qtum Project, a hybrid blockchain application platform, has introduced a new protocol that enables rapid modification of blockchain parameters without ecosystem disruption. The company will debut a beta version of the protocol this month that will include complete source code, which will be made open source.
Called Decentralized Governance Protocol (DGP), the new protocol is designed so that individual blockchain parameters can be modified through a specially designed smart contract on the blockchain. Most importantly, this technology allows these blockchain parameters to be changed without any disruption to the ecosystem. After a setting change, no new software must be downloaded by users and no intervention is needed from stakers and node operators.
DGP implements a decentralized and democratic governance system which can be replaced and upgraded as needed. The protocol also allows for automated smart contracts to be a voting party. A smart contract can thus monitor the status of the blockchain and automatically propose and vote upon changes to fix problems that are detected.
“The same way blockchain technology modernized smart contract applications, we are using smart contracts to transform the way blockchain software is maintained,” said Qtum Project co-founder Jordan Earls. “This technology is instrumental in Qtum being the first self-aware blockchain that can quickly adapt to a rapidly changing world.”
The company said it will limit the protocol’s power to the more basic blockchain parameters, such as the network’s block size limit and gas prices for operational code running on the network.
“Qtum’s Decentralized Governance Protocol will significantly reduce the effort it takes to coordinate a hard fork for these basic blockchain parameters so that the community can focus on important issues,” said Qtum Project co-founder Patrick Dai. He adde: “We don’t see this as being a panacea for every issue that may arise.”
