Singapore, Singapore–(Vehement Media – December 3, 2021) – Qtum, one of the biggest and most well-known protocols in the cryptocurrency space, announced that they had gone through their first-ever halving on December 1, 2021, at Block 1,427,004. Following the event, Qtum block rewards will now drop to 0.5 QTUM from 1 QTUM.
The idea of “halving” was introduced by Satoshi Nakamoto while they were coding the Bitcoin protocol. Bitcoin has a strict upper cap of 21 million coins. There will never be any more bitcoins than that. The “halving” ensures the long-term viability of the mining process by controlling the number of coins entering the circulating supply via block rewards. It’s a classic deflationary mechanism, which periodically reduces the supply, increasing asset demand in the process.
In the case of Bitcoin, the protocol goes through halving every 4 years or 210,000 blocks. So far, Bitcoin has been through three halvings, which have reduced the block reward from 50 BTC to 25 BTC to 12.5 BTC to 6.25 BTC. In the case of Qtum, the block reward is dropping from 1 QTUM to 0.5 QTUM.
History of Qtum’s Block Rewards
When Qtum first started, the initial block reward was around 4 QTUM with a 128 second block time. After every four years or 3,942,000 blocks, the protocol goes through a halving event. On April 30, 5:30 am GMT, at block number 845,000, the Qtum protocol went through the FastLane hardfork, reducing block time to 32 seconds and cutting down the block reward to 1 QTUM. Now, post the December 1, 2021, halving event, the block reward will go down to 0.5 QTUM.
About Qtum
Qtum is an open-sourced public blockchain platform, leveraging the security of UTXO while enabling multiple virtual machines, including EVM and ARM VM. Qtum is PoS based and boasts a Decentralized Governance Protocol (DGP), allowing specific blockchain settings to be modified by using smart contracts. Qtum was founded in 2016 and launched its mainnet in September 2017.
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