Qtum Partners with 360 Finance to Form China’s First-ever Blockchain Technology Laboratory

Singapore – 8 Jan 2018 – The Qtum Foundation announced today that it will join forces with 360 Blockchain Research Center, and the BTN Foundation to form China’s first-ever blockchain technology laboratory, as part of the efforts to promote the development and commercialization of blockchain technology. 

360 Blockchain Research Center, BTN Foundation and Qtum have signed Memorandum of Understanding to form a central blockchain technology laboratory on January 8, 2018, making the partnership the first of its kind in China. The joint partnership will see the three parties collaborating on the development of decentralized ledger technologies, the next generation of smart-contracts virtual machines, smart contracts security and formal verification, new consensus models, blockchain software security, blockchain and internet security, decentralized storage and computing technology.

“We are delighted to from this partnership with 360 Blockchain Research Center and BTN Foundation, a milestone event that will hopefully catalyst the commercialization of the blockchain technology.  It’s a win-win-win partnership that can tap the shared strengths to promote the multi-lateral collaboration and the adoption of the blockchain technology in commercial contexts,” said Patrick Dai, founder and chief executive officer of Qtum Foundation, a Singapore-headquartered a decision-making body charged with accelerating the development of the Qtum open blockchain network and protocol that currently supports over three million users and 250 developers worldwide. 

Patrick believes that blockchain technology is instrumental to eliminating transactional redundancies and improving the overall efficiency of business activities across various sectors in the society. Such a partnership is conducive to attracting quality developers as well as to the betterment of the R&D standard in the industry. 

“The strategic alliance of 360 Blockchain Research Center, BTN Foundation, and Qtum Foundation is an instrumental part of our global strategy in diversifying the portfolio and industry reach of our ecosystem. We hope to aggregate more industry-leading experts, developers to cultivate the 360 blockchain ecosystem, in a bid to increase the effectiveness and efficiency of our collaborative platform,” said Mr. Liu Wei, vice president and chairman of 360 Finance, a subsidiary of Qihoo360, the leading Chinese cybersecurity company providing anti-virus solutions. The company has recently supported FBI anchorage in Alaska in cracking three local cyber-crime cases involving significant DDOS attacks.

Mr Liu adds that the newly founded blockchain lab will endeavour to promote the development and commercialization of blockchain technology, as well as to raise China’s authority in the blockchain. 

Mr. Zhang Yunfan, secretary general of the BTN Foundation is affirmative about the prospect of the commercialization of blockchain technology and believes the adoption of it will significantly improve the operational and financial efficiency of a broad spectrum of sectors such as finance, smart equipment, healthcare, entertainment and the Internet of things. “The perception is changing from viewing blockchain technology as a disruptive challenge to that of a key instrumental in enhancing the commercial value. The partnership with Qtum and 360 reflects a broader transformation from information economy to that is taking place – transformation from the Internet thinking to blockchain thinking, from the information era to one that is characterised by network value.”

Qtum has earlier last week announced partnership with Baofeng, a listed major Chinese video portal valued at CNY8 Bln, to form the world’s first Blockchain Consensus Network (BCN) and to build the most decentralized blockchain node network.

 

About Qtum Foundation 

Qtum is the first UTXO-based smart contract system with a proof-of-stake consensus model. The platform use Account Attraction Layer to combine Bitcoin Core and Ethereum Virtual Machine. Proof-of-stake model reduces the computational difficulty in the network and increases scaling possibilities. Developers have deployed by more than 50 decentralized applications across a broad spectrum of sectors. Qtum’s independent blockchain aims to bring smart-contracts technology to mobile and connected devices, to minimize the gap between blockchain and commerce. On Dec. 28, 2017, Qtum and Baofeng, the largest video-hosting portal in China, announced a partnership to transform the music and movie industry. As of January 2018, Qtum posts a market valuation of over $5B USD. (www.qtum.org

 


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