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Election 2024

Blockchain Project Qtum Moves to Boost Network Participation With Offline Staking

The hybrid blockchain will soon undergo a fork enabling network participants to stake and earn rewards from tokens held in offline wallets.

By Sebastian Sinclair
AccessTimeIconAug 25, 2020 at 12:33 p.m. UTC
Updated Aug 19, 2021 at 3:52 a.m. UTC
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Blockchain application platform Qtum will soon undergo a hard fork enabling network participants to stake and earn rewards from tokens held in offline wallets.

  • Announced Tuesday, the fork – when the blockchain divides to provide an alternative version with different features – will usher in a new code release at block 680,000, expected Aug. 28.
  • The upgrade will enable offline wallet address owners to delegate their blockchain-based holdings – technically termed unspent transaction outputs (UTXOs) – to an online node operating Qtum's proof-of-stake (PoS) consensus.
  • PoS is a distributed consensus mechanism that allows users to vote on governance decisions and support the blockchain by dedicating, or "staking," tokens, earning them network fees as a reward.
  • Qtum previously only allowed participants to stake tokens online via a full node, but participation was limited by users who did not want to, or could not, run a full node.
  • Offline staking is expected to increase participation, while also enhancing Qtum's "democratic, distributed, and secure" functionality, according to a statement.
  • The fork is being supported by cryptocurrency exchanges including Binance, Huobi, OKEx, Coinone, CoinDCX and Gate.io.
  • Qtum launched in 2017 as a hybrid blockchain featuring aspects of Bitcoin and Ethereum to provide smart contract functionality for distributed app developers seeking an alternative platform.
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    • See also: Cardano Introduces Proof-of-Stake With ‘Shelley’ Hard Fork

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