Qtum (QTUM), a top 50 cryptocurrency platform with a market cap of more than $238 million at the time of writing (according to CoinGecko), recently published its Q2 2020 report.
The team behind Qtum, which leverages Ethereum’s (ETH) smart contract functionality along with the security of the Bitcoin (BTC) network to issue a digital currency that’s intended for large organizations, noted:
”Q2 2020 was perhaps one of the most exciting for Qtum and the community which saw the code release for Offline Staking, the most requested feature for Qtum that allows users to stake their Qtum from mobile, hardware, and web wallets. Offline Staking underwent an audit from Trail of Bits and a lot of internal testing from the Qtum team, with community testing now in-progress.”
Qtum also increased its online or social media community engagement, due to COVID-19 and many people staying home because of lockdowns. Like many other crypto and blockchain companies such as Binance, Ontology, Paxful (among many others), the Qtum team hosted several AMA sessions, made key development updates, and delivered informative presentations.
Qtum is now planning to host a Testnet Stake-A-Thon for Offline Staking. Everyone will be able to take part in this event which aims to ensure that the Offline Staking Protocol is ready for launch.
Qtum’s offline staking lets users securely delegate their cryptocurrency’s address to a Super Staker node. These nodes run a Proof-of-Stake consensus algorithm for coins that are associated with an offline address. This process is managed through blockchain-based smart contracts.
The offline address is able to receive payouts from block rewards, meanwhile, the Super Staker node collects a fee for providing these services.
When engaging in offline staking, users are not required to sync the entire blockchain or remain online all the time, in order to validate transactions. Operating a full node, for staking purposes, usually requires users to contribute large amounts of computing resources, however, offline staking might help make the process less intensive.
Huobi’s Japan division recently asked users to vote on which tokens they want to see listed on its crypto trading platform. Huobi said that users can vote on whether they want the exchange to list Qtum (QTUM), Ontology (ONT), Tezos (XTZ), and several other tokens.
Japanese regulators say they’re more willing to approve new digital currencies for trading purposes if their developers maintain adequate levels of transparency and aren’t focused on high-risk gambling dApps.
A recent report from Xangle Research, which covers Japanese crypto-asset regulatory policies, noted that the Financial Services Agency (FSA) said that crypto startups may be approved if they don’t offer decentralized applications (dApps) with gambling or anonymity features.
Xangle’s report revealed that Qtum (pronounced Quantum) meets the requirements outlined by the Japan Crypto Asset Exchange Agency (JVCEA), a self-regulatory organization. The report claims that Qtum has addressed the JVCEA’s concerns and questions in a transparent manner. The regulator said that the cryptocurrency has shown that it can maintain enough liquidity and is not offering any gambling or casino-related dApps.
It’s worth noting, however, that Qtum along with most other altcoins (alternative coins besides Bitcoin), have lost more than 90% of their value after reaching record-level highs in late December 2017 and early 2018. Cryptocurrencies remain highly risky and speculative assets, and the sector is full of scams and has been exploited by hackers and other criminals.