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Qtum, pronounced 'quantum', is described by its founders as an 'an open-sourced public blockchain platform'.
Its goal is to empower business users to easily create, deploy and deliver dApps, smart contracts, and the virtual machines that can be used to build them.
Founded in Singapore in 2016, the blockchain combines the decentralisation of Bitcoin with the functionality of Ethereum, while promising to overcome the scaling issues that have plagued both forebears.
QTUM is the native cryptocurrency of the Qtum blockchain. It is used for the execution of all smart contracts in the network and provides token holders with the eligibility to vote on network upgrades. Users can also stake QTUM coins within the network to earn rewards.
The easiest way to earn QTUM is through an exchange or specialised lending platform. These services lend your QTUM to borrowers and pay you with yield (APY) for doing so, similar to a savings account. Although keep in mind that cryptocurrency lending services do not provide the same guarantees as traditional banks, and are not subject to the same rules and regulations.
Use the table below to compare rates on QTUM then forecast your earnings using the calculator provided.
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Bithumb Cryptocurrency Exchange | 4% | 4.28% | Varies | Variable |
Staking is when a user deposits a certain quantity of cryptocurrency coins into a digital wallet, which can then be used to validate transactions and secure the associated blockchain. Or, more commonly, the validations and security procedures are completed on your behalf by a network of nodes or validators. Staking is a process usually associated with a Proof-of-Stake (PoS) consensus blockchain. For locking away cryptocurrency and contributing to the security of the blockchain stakers are rewarded.
This consensus mechanism is a refinement of Proof-of-Work (PoW), which was made famous by the Bitcoin blockchain. PoW requires miners (validators) to race to solve a mathematical puzzle. The solution is determined by raw computing power. PoS was designed as a more efficient, and environmentally-friendly, alternative. It was intended to unlock the full potential of blockchain technology.
Instead of beating others to solve a mathematical problem, in PoS the next block of transactions is added to the blockchain by a randomly selected node (validator) in the network. The probability of being chosen is commonly weighted by how many coins a user has staked.
In return for staking coins, users receive rewards – in this case, QTUM coins.
To improve the efficiency of the network, Qtum implements a Delegated-Proof-of-Stake (DPoS) consensus mechanism. The DPoS means that token holders that wish to stake in the network don't need to validate transactions. Instead, token holders can 'delegate' their tokens to Superstakers, who then validate the transactions of the network. Rewards collected by the Superstakers are then distributed to all those supporting them. The process of delegating will be the focus of this article.
There are two ways of staking QTUM:
Both approaches have their strengths and weakness. Staking on an exchange requires a user to hold fewer coins, as participants can pool resources. It increases the likelihood of the exchange node being selected to validate transactions. However, storing cryptocurrencies on an exchange comes with increased security risks.
On the other hand, running a node from a personal crypto wallet may require some extra technical knowledge, but it offers more control, fewer fees, and far greater security in comparison.
When considering staking QTUM coins through a personal crypto wallet, there are a few key points to consider.
Qtum provides two proprietary options for staking QTUM tokens. These include the Qtum Web Wallet and Qtum Core. Qtum Web Wallet is a beginner-friendly option and Qtum Core is for more experienced users. Unlike other blockchains, the staking process cannot be completed via third-party mobile and hardware wallets.
While there is no minimum quantity of coins a user needs to stake, the more coins staked, the higher the rewards will be.
The odds of a Superstaker being selected are a function of the number of coins in their wallet plus the number of coins delegated to them by other token holders. The proportion of those coins against the total coins being staked in the network will determine how often a Superstaker is chosen to validate transactions.
As a delegator, a user should also be aware that a small fee is required to stake offline. This goes to the Superstaker for the services provided.
It's possible to stake with the server wallet via a command line, but this is highly technical and we would only recommend this for users with a large amount of technical experience.
This is the most user-friendly option and is the option we recommend for beginners.
Using Qtum Core is a slightly more elaborate process that involves downloading the complete Qtum blockchain to your computer.
With the advancements of cryptocurrency adoption, many cryptocurrency exchanges have grown rapidly. These advancements have led to an increase in features, with many tapping into staking opportunities.
Many exchanges now offer users an easy platform on which they can deposit cryptocurrencies, contribute to a staking pool, and earn rewards. With regards to Qtum, the exchange acts as the Superstaker node and takes care of all of the technical aspects.
In return for depositing and staking coins through an exchange, a user can earn rewards. Binance, the most popular cryptocurrency exchange in the world offers users the ability to stake QTUM.
It is impossible to say accurately how much a user can earn from staking QTUM. Relatively, the more QTUM coins that a user can stake, the more rewards will be received when delegating. The more coins a user can provide to a Superstaker, the greater the chances of that Superstaker being selected to earn rewards.
According to Qtum, delegators can expect returns of between five and six per cent a year. The team at Qtum even provide a handy stake calculator to calculate potential earnings.
Cryptocurrency assets are only as safe as the security measures implemented.
Make sure all key files are backed up, including seed phrases. Never share private keys or a seed phrase and always try to ensure the use of an encrypted crypto wallet. It is good practice to keep a hard copy of your key identity validation data stored in a safe place.
If you can, it is a good idea to stake on a computer that you don't use for general online activities – especially email – as these are a common vector for malicious actors trying to get access to private data.
Overall, if you follow the basics of crypto security, you can be relatively confident that your digital assets will be kept secure.
There's no such thing as free money, even in crypto. However, the Qtum project offers the opportunity of near-passive income from other idle cryptocurrency assets. It also provides token holders with the chance to participate in the next generation of cryptocurrency development.
Qtum has a real chance of retaining all of the strengths of Bitcoin and Ethereum while taking functionality to the next level. If it can solve the persistent issues that have dogged crypto's major players, it may become the go-to blockchain for dApp development.
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