Proof of Stake or PoS (Proof-of-Stake): The Qtum blockchain has successfully completed the hard fork of its test network and is preparing for the start of the hard fork in its core network.
According to a statement sent to Cointelegraph The update was released on June 29th in the test network in block 625,000. This event officially introduced the offline stakeout in Qtum.
The main network will be hard forked in August or in the 680,000 block
The network test event, which is scheduled to start on July 6, is the final phase before Qtum starts the main network fork. This is expected to happen on August 28, 2020 or at a block height of 680,000.
At the time of this release Qtum claims that more than 300 network members have staked out almost 1,000 QTUM.
Details offered by the company:
“The offline stakeout is one of the biggest changes to the Qtum protocol so far. So far, Qtum has only allowed a proof-of-stake consensus 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 issues, or had difficulty meeting resource and power requirements were unable to participate in the stakeout. “
Patrick Dai, co-founder of Qtum, said that an operational marathon in the test network will give blockchain enthusiasts the opportunity to develop concepts such as super-staker, delegation of addresses, “and how easy it can be to participate in the consensus of a global network.” He added:
“This will allow the community to perform the same tasks in a realistic environment when the core network fork becomes active in late August, taking the Qtum ecosystem offline.”
Democracy and online security
Qtum states that offline staking will help increase participation in the staking process. This will help democratize the network and make it more distributed and secure.
Cointelegraph previously reported that, Qtum made its first hard turn on October 27, 2019. This branch took place in block 466,000 and updated the Qtum network to enable a number of important functions, including smart contracts and blockroom improvements.