Sep 1, 2020
How to stake Qtum (QTUM): complete guide
The DeFi ecosystem is developing rapidly, making financial services available to all cryptocurrency users. Many blockchain platforms have already switched or are about to switch to the DPoS consensus mechanism, which allows crypto holders to receive rewards from their stake in the pool. In this guide, we will talk about the quantum project (Qtum) and how TO stake QTUM tokens.
Can QTUM cryptocurrency be staked
At the end of August, Qtum developers released a large-scale update that allowed all holders to stake and delegate QTUM coins. The platform launches offline betting, with which the user can delegate the address of a non-staking wallet to a Superstaker — this is the name of validators in the Qtum network. At the same time, the user retains full control over their coins and private keys, which is the main feature of Qtum offline staking. In other words, users only delegate addresses, not the coins themselves, which greatly improves security.
In order to delegate an address, you need to pay a fee to the Superstaker, after receiving which you can stake UTXO’s address. But you still have to meet several conditions:
- UTXOs staking requires 500 network confirmations;
- The default minimum stake is at least 100 QTUM;
- For the most optimal staking, it is recommended to divide the coins between several UTXOs at 100–200 QTUM each.
Creating a QTUM wallet
Download and install the latest version of the Qtum Core V0.19.1 Mainnet Ignition desktop wallet from the official github repository. A light version of Electrum is also available, as well as web wallet, and a mobile app for iOS and Android.
The installation is done automatically. You only need to specify the directory. Qtum Core is a full crypto wallet that stores the full transaction history of the Qtum blockchain, taking up about 7 GB of hard disk space. To launch the wallet, you will need to sync with the Qtum network. This takes several hours, and the duration of syncing depends on the speed of your Internet connection.
When syncing is complete, a ready-to-use wallet will open. Before staking Qtum tokens, you need to top up the crypto wallet. To do this, click “Receive”.
A window will open with payment information. Copy the address, payment link, or QR code and send them to the sender.
You can also create a payment request by clicking on the “Request Payment” button. Enter the payment label, the number of QTUM coins, and the message if necessary, then click “Submit” to create a request.
After the coins appear in the wallet, you can proceed to delegation.
How to stake QTUM
Open the “Stake” section in the left menu and click “Delegates”. You will see a window where you can delegate QTUM tokens. To do this, click on the “ + “ next to “Add new delegations”.
Enter the name and address of the superstaker and set the amount of fee that you will pay to the Staker and for the transaction. You can enter any GasLimit or GasPrice value. By default, the recommended value is set, at which transactions will proceed at the optimal speed. If you really want to reduce the fee, then the transaction will be slow. This option is suitable for experienced users.
This is our staker address:
Everstake
Qd2MmLh2skxSBF1mtzZYq9KCZWz8kY5dh3
After you enter all the data in the fields, confirm your transaction. You have delegated the address and will now receive rewards for QTUM staking.
Disclaimer. If your coins are held at multiple addresses, you must delegate them from every address separately. In this case, it is best to first reset all coins to a single UTXOs address, and then delegate it to the superstaker. The Qtum Core wallet allows you to combine all coins at a new address using the sendmanywithdupes command.
Also, note that superstacker may charge a fee on their own and it can’t be changed. However, superstacker can change the size of the fee. If the staking fee is reduced, then in order to accept the new rules, you need to re-delegate the address. We wish you profitable staking!
More guides and useful articles can be found in the Everstake blog and in our social networks.
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