Patrick Dai, Co-Founder and CEO of Qtum sits down with Nasdaq's Brad Smith at the Consensus Summit 2017 to discuss his company's work simplifying the conversion between Bitcoin and Ethereum. He began the conversation by noting that he felt as though "the whole world was embracing the blockchain technology," which encourages him to do more when he returns to China.
Smith asked Dai the question posed to others at the conference, "How would you explain blockchain to a 5th Grader? Dai responded, "I would tell them that it is the future of the Internet. The future of money, the Internet, and the future of society. Blockchain is a decentralized network that costs less. It can replace the old escrow service from the traditional industry. With it, you can build a virtual escrow service. You can automate all business transactions. I feel this is really powerful. A seemless transfer of any value on the blockchain with low or no fees."
Qtum was developed by Dai and the other founders to combine the to biggest systems of the blockchain -- Bitcoin and Ethereum. From the companies website, "Combining a modified Bitcoin Core infrastructure with an intercompatible version of the Ethereum Virtual Machine (EVM), Qtum merges the reliability of Bitcoin's unfailing blockchain with the endless possibilities provided by smart contracts."
Qtum views itself as a "toolkit for building trusted decentralized applications."
Asked what excites him about blockchain, Dai replied, that he's excited to see "blockchain has the potential to become the money-transfer protocol or what we call the value-transfer protocol of the next generation."
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