Bullshit detector: what's happening with Qtum after ICO?

Overview from the team kript.io

What is Qtum: a platform for blockchain-based projects. They are mainly oriented towards the Asian market. The developers combined a transaction model of Bitcoin — UTXO (the payment history) with smart contracts and the Ethereum Virtual Machine (EVM).

Their main difference: Qtum promises to create a new type of a smart contract — a so-called master contract. In Ethereum, smart contracts use information that is already recorded in Blockchain. The master contract instead will be able to take data directly from external resources.

The developers of Qtum want to embed a Blockchain in the real business from the domains of finance, social networks, gaming, and the Internet of things.
Website: qtum.org

Token trading:
24th May, 2017.

Where to buy tokens:
Bittrex, Allcoin, YuanBao, ВТС9.

Token price: +146%.

How much they planned to make/made: planned to sell 51% of tokens for 13 000 BTC / sold 51% of tokens for 11 156 BTC and 77 081 ETH — around $15,6 million.

What the token gives you: the right of vote. All important decisions about the development of Qtum will be decided through voting: the more tokens you have and the longer you own them, the more significant your vote will be.

What will happen to tokens: the team is planning to sell another 29% of the remaining tokens after the ICO in the next 3-4 years. The money will go to the further development of the project. 20% of the tokens will be given to the founders, early-birds investors, advisers, and developers.
What they promised/made:
  • release the first testing network Sparknet in June — ✔️
  • release the second testing network Skynet in August — ✔️
  • release Ignition, the Qtum's main operating network, in September — ✔️
Overview after ICO:
  • in February, one of the co-founders Patrick Dai was involved in the scandal. He used to work on the decentralized marketplace BitBay but under another name — Steven Dai. As one of the developers says, when BitBay raised money on the pre-ICO, Dai took 200 bitcoins (well, stole, in fact) and refused to keep working on the project.
Dai denied everything at first, but after lots of evidence started popping up online: messages, photos, — he admitted his guilt. The only truth is that he actually worked on BitBay. According to Dai's words, after he realized that the project was fraudulent, he stopped working on it and didn't take any money. In the official letter, the team of Qtum claimed that they knew nothing about his past and support Dai's version of things.

Eventually, the scandal came to naught. At the end of July, Dai has been named to the Chinese edition of Forbes magazine's «30-under-30» list of young innovators, entrepreneurs and leaders.

  • On September 4th, The People's Bank of China declared ICO's illegal. According to the report, all launching ICO's should be stopped, and those who already conducted it can be badly punished. Qtum is registered in Singapore, so the decision of the Chinese government won't affect the company that much.

Nevertheless, the developers had to declare the tokens' buyback for those who bought them at Chinese crypto exchanges. The selling price will be equal to ICO: 3800 Qtum — 1 bitcoin.

Other platforms reacted differently: the Yunbi Exchange delisted more than 10 ICO-related tokens, including Qtum. The ICO365 exchange simply forcibly took Qtum tokens from customers and returned bitcoins to their ICO wallets. The developers promised to help but noted that they couldn't influence third-party platforms.

  • Qtum periodically publishes the financial reports on their expenses. The latest one was out in early August. During that month, the developers spent 140 bitcoins, since the ICO — 979,5 bitcoins. They haven't earned anything so far.
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