AMA Session Avado and Qtum

AVADO has recently partnered with Qtum, a blockchain platform that boasts incredible potential for the world of decentralized applications (dApps).

On September 18th, we hosted a Q&A with Qtum in our Telegram group to introduce the project, its offerings, and the benefits of staking the QTUM cryptocurrency on the AVADO Box.

What Is Qtum?

The dApp ecosystem is in full bloom with hundreds of exciting innovations. Qtum, a company founded in 2016, is a platform that harnesses a hybrid of Bitcoin and Ethereum technologies, a particularly attractive characteristic to dApp developers.

By offering the powerful and flexible programming capabilities of Ethereum while maintaining compatibility with Bitcoin, Qtum has created a best-of-both-worlds blockchain solution for online transactions and business-focused dApps.

A critical element that Qtum has taken from Bitcoin is the unspent transaction output (UTXO) model. In short, it’s a ledger/accounting system that Bitcoin uses to provide high levels of transactional security; the system creates a receipt of sorts for unspent coins after a transaction.

Drawing inspiration from Ethereum, Qtum places an additional layer on top that is the Ethereum Virtual Machine (EVM) and leverages smart contracts, which are self-executing blocks of code that can verifiably process transactions on a blockchain depending on how they are programmed.

The Qtum blockchain is a peer-to-peer (P2P) proof-of-stake (PoS) network, and it is the largest of its kind. With the security of Bitcoin and Ethereum’s smart contract potential, the platform is well-positioned to be an asset to large-scale organizations. The reason being is that PoS blockchains are less energy-intensive, cost-effective, and scalable, making Qtum a unique alternative for developers and users.

At present, the Qtum network already outshines both Bitcoin and Ethereum in transaction output. It can process 70–100 transactions per second (TPS), and this capacity can be furthered by Layer-2 technologies such as the Lightning network.

A particular highlight is that Qtum features elements and aspects of many other competing blockchain and cryptocurrency networks; for example, the platform’s native crypto, QTUM, is used to pay fees to users (stakers) who operate the network, and the amount of newly minted QTUM awarded to stakers is dependent on the amount of QTUM staked.

QTUM has an on-chain governance system, which allows for adjustment of Gas fees and block size without the need for a hard fork.

From finance to media, the project seeks to become an integral part of many industries. Thanks to its unique hybrid foundations, the platform boasts many programming languages, developer resources, and much more.

What is AVADO

Despite it still being early days for blockchain and cryptocurrency technologies, there is already a huge demand. From decentralized finance (DeFi) to dApps, this exciting new frontier has a lot to offer the world, which is why we built the AVADO Box, a device that delivers high-tech without the technical know-how.

As AVADO users know, one of our missions is to allow everyday users to become active supporters of whichever project they choose, which is why staking on the AVADO Box is as easy as plugging in a couple of cables, clicking a few buttons, and letting the box do all the hard work.

Through AVADO, users can easily stake their QTUM tokens and earn over 10% in annual interest on top of the earnings from block rewards. Unlike many other blockchains, there is no minimum amount required to stake on Qtum; block rewards operate through the consensus algorithm where your chances of winning are determined by the amount of QTUM staked.

AMA

In mid-September, AVADO and Qtum hosted another Q&A on the AVADO Telegram, and we’ve selected our favorite questions from the community.

Q: What are the long-term benefits for stakeholders?

Users can stake their QTUM online or offline for returns, but as stakers, they’ll be supporting the ecosystem as a whole by validating transactions and securing the network. Qtum also has many ongoing promotions, such as the Galaxy and Stake-A-Thon staking incentive programs, and these run pretty frequently.

Q: How are staking rewards calculated, and what other incentives does Qtum provide to stakers?

Each block publisher receives a block reward of 1.0 QTUM (currently) in addition to any fees and gas for transactions in that block. On average, there are 2,700 per day. As noted earlier, the probability of solving the block increases depending on the number of QTUM staked by any single user. You can also use the Qtum stake calculator to get a rough idea of the expected time to get a block reward and the current earning potential.

Q: Security is an AVADO lifeline. Does Avado provide insurance to enhance protection?

With regards to safety, Qtum recommends using a dedicated staking box like the i7. Using a regular laptop or personal computer for staking exposes numerous risks like hacks and malware. Users can bolster their security by having backups of their wallets which can be critical files on a USB and other external hardware sources. Keep the backups stored offline.

Q: Is there a price roadmap for staking?

For QTUM, no. But you can go to the Qtum stake calculator and see current returns.

Q: Are the staking rewards funded through inflation or fees?

For Qtum, both. The inflation rate for newly minted Qtum coins stands at about 0.57%, which is furthered by the block reward that includes fees and gas for transactions in the block.

Q: How reliable are your security systems? Are you ready for any future challenges?

Packages on AVADO are constantly kept up to date and are automatically pushed through to the AVADO box (which can be disabled). In doing so, we can regularly maintain and improve upon the existing security and adapt when we need to.

Q: You (AVADO) talked about taking back control of your privacy and data with a built-in VPN standard, isn’t data at risk with a VPN?

The VPN encrypts data between your computer and the AVADO Box. User data doesn’t interact with any third-party service as the VPN server is built-in.

Q: Is there live support for the AVADO that we can access when we encounter any issues?

We have a very responsive community of specialists that are always willing to help. Our community is global, so in most cases, you’ll be able to find another user/expert who can guide you. We also have email support as saskia@ava.do.

If you are interested in staking Qtum with AVADO or would like to learn more about either of the projects, please check out the official AVADO website here and Qtum here. Welcome to the new era!

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AVADO is a plug and play Mini PC making it very easy to run blockchain applications. AVADO is running at your home with no technical knowledge needed.