Qtum, the blockchain application platform today announced it has partnered with Baofeng, the Chinese video portal giant to help achieve the world’s first Blockchain Consensus Network (BCN) and build the most decentralized blockchain node network.
With the help of Baofeng, Qtum will run 50,000 full network nodes and become the blockchain platform with the largest number of nodes. Currently, the Bitcoin network has around 10,000 and Ethereum has roughly 20,000 full nodes.
The introduction of such a large number of nodes will expand the security, stability and response speed of Qtum’s blockchain, providing underlying support for more enriching DApps in the future and expanding the Qtum ecosystem.
“We’re excited to have the support of Baofeng, and Storm’s massive user base is a treasure for us,” said Patrick Dai, CEO, and Co-Founder of Qtum. “We look forward to their developers’ ideas and contributions to the Qtum platform, and to dedicating this collaboration to the advancement of blockchain technology.”
It is expected that, with this new energy injected into Qtum’s community, more users will become aware of its blockchain technology and lots of developers will be attracted. As a result, Qtum will continue to develop and be seen as a credible mainstream public blockchain. Baofeng will also work on Qtum’s platform to introduce new video distribution, copyright protection, and payment system technologies.
Baofeng – which was listed in March 2015 by the Shenzhen Stock Market and is now valued at more than 8 billion CNY according to the latest data.
“We are very excited to sign the world’s first Blockchain Consensus Network (BCN) service agreement with Qtum,” said Reccon Cui, CEO of Baofeng Bokocloud. “Baofeng Group operates the world’s largest P2P network, so we are impressed by the security and superior flexibility of the Qtum’s blockchain architecture, and we found that the current ecosystem of Qtum is rapidly developing. We are very happy to cooperate with one of the best blockchain technical teams in this field.”
Toward the end of December 2017, Baofeng made its first partnership for its Bokocloud with Metaverse, who will provide technical support for full nodes for the Bokocloud and assist with upgrades to their consensus mechanism and incentive model. As strategic partners, both parties agreed to jointly research and develop the Blockchain Consensus Network (BCN) as well as Blockchain-as-a-Service architecture, with the aim of expanding blockchain technology applications.