Guide to Qtum and Its Opportunities for Traders

The transactional paradigm used by Bitcoin (Unspent Transaction Output, or UTXO) is combined with the Ethereum Virtual Machine to create the Qtum blockchain (EVM). The Qtum blockchain operates with its own native token, which is denoted by QTUM. Validators are rewarded with 0.5 QTUM for each block that is mined from the blockchain.

Every four years, the incentive for completing the block is reduced. By the year 2045, it will have dropped to zero, and the maximum supply of QTUM tokens will have increased to 107,822,406. At the moment, the Qtum coin is supported by over 15 different wallets and more than 30 different cryptocurrency exchanges. The Qtum ecosystem comprises seven different payment services, three different platforms for running nodes, and three different staker platforms. The Moonland metaverse platform as well as the QiSwap decentralized exchange are currently in the process of being developed.

When and by Whom was Qtum Initially Developed?

In 2016, Patrick Dai was the driving force behind the creation of the platform. His first job was as a product manager for Alibaba, and he went on to work with blockchain companies such as Factom, VeChain, Bitse Group, and Mailink later in his career. At the moment, Dai is serving as the chairman of the non-profit organization Qtum Chain Foundation, which is situated in Singapore. CTO of Qtum is Neil Mahi. Lead Developer: David Jansen. Miami, in the United States of America, serves as the project’s headquarters.

On the Ethereum network, the Qtum team distributed one hundred million tokens throughout the year 2017. An initial coin offering (ICO) took place in March of that same year, and the participants purchased 51 million QTUM for a combined value of $15.6 million in bitcoin and Ethereum. Additional eight million QTUM were purchased by private investors, leaving the development team in possession of twelve million QTUM. The Qtum Chain Foundation maintains authority over the tokens that are still available.

On September 13, 2017, the primary network was made available to users after its initial deployment. After that, QTUM ERC20 tokens were reprinted on the primary blockchain where they were originally created.

Why is it so important to use Qtum?

The Proof-of-Stake consensus algorithm is used for Qtum, although it has been modified to use the Mutualized Proof-of-Stake consensus algorithm. The proportion of a user’s Stake to the total amount of QTUM that has been staked is directly proportional to the user’s odds of winning a block reward.

The Account Abstraction Layer (AAL) technology has been developed by the Qtum team. This technology enables you to present the user’s UTXO as a single account balance, which makes the process of working with smart contracts more straightforward.

AAL provides support for the programming languages C, C++, Rust, and Python, allowing developers to embed existing apps on the Qtum blockchain using these languages.

Using the Janus proxy adapter, which enables you to run popular projects such as Uniswap and OpenSea on the Qtum UTXO blockchain, you can transfer DeFi protocols from the Ethereum blockchain. This is done by using the Janus proxy adapter.

Additionally, the Qtum development team has built a Decentralized Governance Protocol (DGP), which is designed to give users the ability to change important network characteristics without requiring a hard fork.

What are the steps to take to become a stakeholder on the Qtum network?

Users have the option of either directly staking their QTUM tokens online or delegating that task to another user (offline staking).

You will need the following for online betting:

You will first need to download the Qtum Core wallet, then you will need to synchronize it with the blockchain, and then you will need to send QTUM tokens to the staking portion of the wallet’s side menu.

In the Qtum protocol, there is no requirement that must be met before one can stake. You can compute the anticipated gain with the assistance of a specialized calculator. At the time of publication, the annual yield on staking was calculated to be 5.73%.

The Qtum network received update 0.19.1 on August 28, 2020, and it was active at that time. It enabled the delegation of QTUM tokens to users other than oneself (super stakers).

Using the QTUM Core wallet to delegate QTUM requires the following:

Click the “+” button in the upper right corner of the screen to add a delegate, then input the name and address of the super staker, as well as the amount of money you are ready to pay for delegation fees. The Delegations tab may be found in the Stake menu.

Although superstakers are able to set their own restrictions, the minimum number of tokens required for delegation is 100 QTUM.

Tokens can only be staked if they have a confirmation count of 2,000 or above.

Following the FastLane hard fork that took place in April 2021, the typical block interval went from 128 seconds down to 32 seconds.