Qtum wallet

QTUM deploys a proof-of-stake (PoS) consensus mechanism to help the network scale on-chain and also has a unique decentralized governance protocol (DGP).

The consensus of the QTUM network is validated using an optimized PoS protocol, derived from Blackcoin. Technically, QTUM can scale to between 70 and 100 transactions per second, but the network is focusing on layer two solutions for scaling.

QTUM deploys a proof-of-stake (PoS) consensus mechanism to help the network scale on-chain and also has a unique decentralized governance protocol (DGP). The recently unveiled QTUM x86 VM prototype is the most significant development for the platform since its launch, enabling developers to program decentralized applications (dapps) in the C language.

What separates QTUM from other smart contracts platform is its reliance on a UTXO transaction scheme while enabling Turing-complete smart contracts functionality. Other smart contracts platforms (i.e., Ethereum) rely on an account-based model due to the sophisticated problems that arise from combining UTXO and Turing-complete applications.

QTUM achieves both using its proprietary account abstraction layer (AAL), a layer in the system stack between the UTXO set and virtual machine (EVM or x86) that allows for developers to build applications and contracts as if it were an account-based model. The AAL is very complex, and also is the critical factor that affords QTUM the ability to add new virtual machines — such as x86.

The landmark development of QTUM since its launch has been the x86 VM, which the team provides extensive documentation on. Along with the EVM, x86 is the virtual machine of QTUM, which is basically the smart contracts engine that executes programs on the network and can operate across different platforms such as Macs, PCs, cloud servers, etc.

Currently, x86 supports the C programming language but is scheduled to integrate support for Python, C++, Rust, and other languages on the QTUM roadmap. The x86 VM is currently in the prototype stage and is scheduled for mainnet integration at the end of 2019.

When you first buy asset, you’re issued with two keys: public and private.

• A public key serves as an address that can be shared with other parties to perform transactions.
• A private key represents a randomly generated number that signs transactions and protects your assets from malicious attacks. If it gets compromised or lost, you won’t be able to access your cryptocurrency wallet to spend, withdraw, or transfer your tokens.

To safeguard and keep track of your keys, you can use online or offline wallets. Online wallets, also known as hot wallets, store private keys on systems or devices that are connected to the internet. Hot wallets are easy and convenient to use, however, they come with several drawbacks. Besides being susceptible to attacks and a honeypot for hackers, with hot wallets, the custody of private keys is often entrusted to a third party such as a crypto exchange, which means you never have full control over your funds. The safer choice are specialized hardware wallets that store private keys offline. Stealing private keys from a hardware wallet would require physical access to the wallet and corresponding PIN or the recovery phrase. What’s more, with hardware wallet, you don’t need to rely on third party custodians.

To stake Qtum using Ledger, you’ll need to:

1. Set up your Ledger device and ensure it’s updated.
2. Install the Qtum app on your Ledger device through Ledger Live.
3. Create a Qtum wallet using a compatible software wallet (e.g., Qtum Core, Qtum Electrum).
4. Transfer Qtum to your Ledger address.
5. Access the staking interface through your software wallet.
6. Participate in staking by delegating your Qtum to a validator node.

Ledger Nano is the industry-leading hardware wallet. With more than five million customers, Ledger Nano wallets have several layers of security that protect private keys, and hence your assets:

• Your private keys are stored on secure element chips.
• A PIN code and a 24-word recovery phrase are required to access the wallet.
• Ledger Nano wallets have been built using highly durable materials for protection against physical damage.

With full isolation between private keys and your computer/mobile, Ledger Nano crypto wallets keep your keys secure and give you complete control over your coins.