Staking QTUM with AVADO

AVADO is bolstering its DAppstore ecosystem and is proud to announce that it will now be supporting QTUM staking. Decentralized finance (DeFi) and distributed systems are flourishing in 2021, and QTUM is a blockchain platform offering heaps of potential for the future of Web3.0 and beyond.

Aug 27 · 5 min read

Future Building Blocks

Blockchain’s influence is being felt worldwide, with enterprises, institutions, and governments of all shapes and sizes now adopting the technology. With that being the case, the demand for a robust infrastructure to build upon is exceptionally high; and so Singapore-based Qtum has sought to meet this demand.

Among the thousands of blockchain and cryptocurrency startups, Qtum has set itself apart from the rest. Using a hybrid of Bitcoin and Ethereum technologies (explained below), the platform is versatile, energy-efficient and cost-effective.

The Qtum blockchain is a flourishing environment for developers thanks to its high functionality, formidable security, and efficiency. Furthermore, it’s compatible with Bitcoin and Ethereum, boasts a range of mainstream programming languages and great developer resources.

The platform’s native cryptocurrency, QTUM, is a utility token used to pay for smart contract execution on Qtum transactions and be leveraged for staking. QTUM users are also granted rights to participate in protocol governance and vote on network changes and upgrades.

What is Qtum

At its core, Qtum was designed to allow smart contracts and DApps to operate on the foundations of Bitcoin technology. It is an open-source project that was built using technologies from both Bitcoin and Ethereum.

More specifically, it uses Bitcoin’s Unspent Transaction Output (UTXO) as a foundation, with the powerful Ethereum Virtual Machine (EVM) on top, thus tapping into the power of smart contracts and decentralized applications (DApps).

It’s a global, peer-to-peer (P2P) and is the biggest Proof-of-Stake (PoS) network of its kind.

Combining Bitcoin’s UTXO model’s security and Ethereum’s smart contract functionality, it’s an exceedingly appropriate platform for large-scale organizations to adopt.

PoS consensus mechanisms are already more cost-effective and less energy-intensive than Proof-of-Work (PoW), a system Bitcoin still uses and one that Ethereum is trying to move away from.

The network processes 70–100 transactions per second (TPS), which can be furthered by Layer 2 technologies like the Lightning network. Comparatively, Ethereum currently processes transactions at a rate of 30 TPS, and Bitcoin a mere 5 TPS.

Qtum, along with QTUM, hopes to become an essential part of many industries and sectors, including social media, finance, logistics, and manufacturing. With its compatibility with Bitcoin and Ethereum, range of programming languages, and developer resources, QTUM is considerably advantageous for a blockchain infrastructure project.

Staking with AVADO

With AVADO, you can now stake QTUM tokens and earn interest while actively participating in the Qtum ecosystem. So what does this mean?

The term ‘staking’ refers to the process of placing a specific amount of cryptocurrency tokens into a smart contract/wallet through which they become an active validating node. By running a validator node, the user is incentivized through interest to continue providing an essential piece of network security and infrastructure.

Usually, this activity requires participants to purchase costly, noisy, and environmentally unfriendly mining rigs by the dozen. On top of that, you’ll also need to be fairly knowledgeable in coding to set up the system.

Instead, with an AVADO box, you can avoid the hassle as it’s a simple plug-and-play piece of hardware that makes running a node as simple as setting up an internet connection, not to mention that you can run nodes across multiple blockchain networks.

The AVADO box is a powerful hardware with great CPU and RAM capacity, complete with internet access. You can even lease out spare bandwidth, processing power, and storage to others.

You see, running a node isn’t just about earning interest. When you become a network validator, you too are helping to process and confirm transactions on that specific network whilst also providing power to any given network’s security infrastructure.

QTUM Staking & Earning

Typically with most staking networks, you’ll need a minimum amount of tokens to run a node. For example, Ethereum presently requires a sizable 32 ETH to operate a node on the network.

With QTUM, there is no minimum amount required as the block rewards work on a lottery basis; this means that you don’t need a considerable investment to start earning QTUM. But the more QTUM you stake, the better your chances of successfully mining the block. These odds are based upon the number of coins in your wallet against the total number of QTUM tokens being staked on the network overall.

At present, the block reward stands at 1 QTUM. Annually, QTUM users can currently enjoy over 10% in return for their staking efforts. Use the Qtum staking calculator to see what returns you can get depending on how much you stake.

Most importantly, through AVADO, all stakers keep all of their hard-earned QTUM. On other platforms, pools, and exchanges, the fee can be as high as 25%.

Staking QTUM with AVADO

Before we begin explaining how to stake QTUM tokens, you’ll need to purchase the crypto from one of many cryptocurrency exchanges such as Kraken, Binance, Bitfinex, CoinSwitch, or Voyager.

Get your AVADO box on the website or start staking with the one you already have at home. As with every other similar DApp available through AVADO, there is next to no technical knowledge required to set the box up, and software updates will be handled automatically so you can stake QTUM without any hassle.

Note: To successfully stake, you need to have a very stable internet connection running 24/7, or you run the risk of losing the block reward.

When you’re ready, follow the instructions below.

From the AVADO DAppstore directory, scroll through until you find the Qtum node package and install it.
Once installed, open the package, and download the Qtum wallet.
AVADO will then configure your Qtum node.
Send your QTUM to the node wallet address.
After the transaction is matured for 2000 blocks (approximately 18 hours), you automatically start staking.

Congratulations, you’re now staking QTUM on the AVADO box!

QTUM Super Staking

Through the Qtum platform, users can become super-stakers, otherwise referred to as ‘offline staking’. There is a minimum requirement of 100 QTUM to become a super staker, but through AVADO, every user is automatically made a super staker.

What Next

2021 has been an explosive year for blockchain and cryptocurrencies, and QTUM is set to build on their successes after a year that has seen them undergo a hardfork, secure several important DeFi, and DApp partnerships as placing serious focus on building and rewarding their community.

At present, 1,253 Qtum nodes are running globally, with almost 2.5 million QTUM addresses and a circulating QTUM supply of just under 100 million, with a maximum capped supply of 107.8 million. Qtum will be having its first-ever halving on December 1st, 2021 (4 pm GMT).

If you are interested in staking your Qtum with AVADO, you can get an AVADO here, including free global shipping.