Qtum Completes Testnet Hard Fork Prior to the Real Event in August; Adds Offline Staking

Staking is being championed by the Qtum team as one of the crowning achievements for its ecosystem.

The Qtum network has completed a hard fork on its testnet in the run-up to its mainnet hard fork, which is scheduled to take place on August 28, 2020, on block height 680,000. The testnet hard fork – initiated on June 29 at block no 625,000 and the last phase of the testnet – are scheduled to start on July 6 before the mainnet upgrade undertaking.

This hard fork would introduce offline staking on the Qtum network. The firm also confirmed that, during the testnet phase, more than 300 network participants managed to gain 1000 Qtum through staking. The firm released a statement on the addition of offline staking and said:

“Offline staking is one of the biggest changes to the Qtum protocol to date. Up until now, Qtum has allowed Proof-of-Stake consensus staking only from online nodes that secure and operate the blockchain. As a result, QTUM holders who did not want to run a full node had security concerns, or struggled to meet the resource and power requirements were unable to participate in staking.”

The founder of the Qtum network believes that testnet staking would help users become familiar with its staking ecosystem, and help clients understand how easy it can be to stake your token and earn passive income on top of it. He said:

“This will empower the community to undertake the same tasks in a realistic setting when the mainnet hard fork goes live in late August, bringing offline staking to the Qtum ecosystem.”

Offline Staking Would Make Qtum More Decentralized

Qtum believes the offline staking service would make the network more decentralized than ever as it would attract more traders towards the staking. The staking will be the second hard-fork for the blockchain network; the first one took place back in October 2019 at block number 466,000.

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Rebecca Asseh
Rebecca Asseh
Rebecca Asseh is a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this technology in the simplest language possible.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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