The world-renowned crypto exchange for its volume of operations, Binance, recently announced the incorporation of support for the Staking and launch of QTUM, just after offering support to Algorand (ALGO) a few days ago.
The QTUM project
Qtum is a decentralized Blockchain project based on the Bitcoin UTXO model. It has support for smart contracts based on Ethereum Virtual Machine, and is secured by a Proof-fo-Stake (PoS) consensus algorithm. The participation or bet of QTUM coins (what they call Staking) is the process of securing the network by guaranteeing some funds, which in turn derive rewards with new QTUM.
Qtum was designed as a blockchain ready for business. It was launched with an initial coin offering (ICO) in March 2017 and many consider it as a hybrid between Bitcoin and Ethereum, taking the best of both systems and creating an accessible ecosystem for companies to launch distributed applications built on smart contracts. Its creation is borne by a foundation that bears the same name, whose headquarters are in Singapore
In mid-June of last year, Binance Info spoke about the Qtum project and gave it a global rating of BB, which in a nutshell means that the project has good technical characteristics and its risk is moderate.
Binance adds support for QTUM Staking
The exchange published an article a few hours ago in which it participated its support to the staking of the QTUM project as soon as August begins. Binance has already supported the staking of other cryptocurrencies in the past, as it has been in the case of NEO (GAS), Ontology (NGO), VeChain (VTHO), Tron (BTT), Stellar (XLM), Komodo (KMD) and Algorand (SOMETHING).
The Binance team established a reward system for the QTUM participation of all users involved. As of August 1, two equations will be implemented for which the rewards for the QTUM participation would be distributed as follows:
- QTUM generated by each user = Total QTUM bet rewards received by Binance x Proportion of user QTUM stocks
- Proportion of user QTUM stocks = user QTUM stocks / Total QTUM wagered by Binance
In order to qualify for bet rewards, users must have at least 1 QTUM to be taken into account. The first distribution will be calculated through August and will take place at the beginning of September, with a total amount distributed equal to the prizes of bets accrued on holdings during the period. It should be noted that QTUM rewards will be determined daily and paid monthly.
It was decided that on the 5th of each month the distribution of the rewards would be made among the users who took part in the event.
Since Binance learned that he had been betting Qtum for some time, te Exchange planned to distribute these rewards to its users while paying the first distribution of the Qtum Staking Airdrop Program. The exchange will grant 50,000 QTUM, valued at approximately USD $145,000, to users.