Qtum is an open-sourced public blockchain platform, leveraging the security of UTXO while enabling multiple virtual machines including EVM and the revolutionary x86 VM. Qtum is PoS based and boasts a Decentralized Governance Protocol (DGP) allowing specific blockchain settings to be modified by making use of smart contracts.
Binance will start staking their Qtum (QTUM) cold and hot wallets, starting from August 1, 2019, and will automatically airdrop staking rewards monthly to QTUM holders. An additional 50,000 QTUM from prior staking activities will also be distributed to QTUM holders. To qualify for staking rewards simply hold a minimum of 1 QTUM in your Binance wallet and receive free QTUM based on the total staking rewards by Binance. Staking is done automatically by Binance, so there’s no manual action required.Step-by-Step:
- Create an account on Binance.
- Hold a minimum of 1 QTUM in your Binance wallet to qualify for staking rewards.
- Binance will take daily snapshots starting from 2019/08/01 at 00:00 AM UTC and distribute rewards monthly.
- QTUM staking distribution will be calculated as follows:
- QTUM generated by each user = Total QTUM staking rewards received by Binance * User QTUM holdings ratio.
- User QTUM holdings ratio = User QTUM holdings / Total QTUM staked by Binance.
- Rewards will be calculated daily and distributed on the 5th of every month. The initial distribution of QTUM staking rewards will be calculated up until 2019/09/01 and the average user QTUM balances will be calculated based on the daily snapshots and the staking rewards will be distributed on September 1st, 2019.
- An additional 50,000 QTUM from prior staking activities will also be distributed to QTUM holders based on their average daily holdings.
- Staking is done automatically by Binance, so there’s no manual action required.
- For more information see this Binance post.