QIP farming is live on QTUM mainnet

We have successfully launched our first open beta farming project live on QTUM mainnet.

From today, you can stake QC (https://quickcash.com) token to farm QIP tokens earnings.

QIP Farming pool will generate 10 QIP per block (about 2 minutes on Mainnet), and from now (2020–10–03) to Block Number 713981 is bonus farming period which generates 100 QIP per block! QIP rewards are distributed to miners by their QC amount staked. So join us today!

🐣 What is QIP token?

QIP token is designed as community token in QCore project.

QIP token is used for multiple purposes: community voting, governance, staking. It is also the first Qcore protocol token introduced and used for open beta testing and help to better design our Qcore protocol tokenomics.

QIP token has a maximum supply of 20170914 (we use QTUM birthday as QIP maximum supply). And it has 18 decimal points (1e18). There is no pre-mining, pre-sale or allocation for QCore deveoper team. It belongs to our QCore community!
All 20170914 QIP tokens are only minted for community farming, airdrops or community incentive campaigns. There is 0 fees involved, and you can stake or unstake QC tokens at any time.

💡 What do you need for farming QIP tokens?

You can start farming QIP token today from Official QTUM Core Wallet! It provided QTUM standard security, convenience and you can check all QRC20, and interact with Qcore smart contracts all in one place. No additional tools or plugins to worry about 😊

1. Download QTUM Core wallet from https://qtum.org/
2. You need to have some QTUM tokens as transaction fees in your wallet
3. You also need to have QC (https://quickcash.com) tokens in your wallet

Open QTUM Wallet > QRC20 Tokens

Click Add QRC20 Token + Button

Type in the QC Token Address: f2033ede578e17fa6231047265010445bca8cf1c and Token Name, Symbol and Decimals will be automatically filled. make sure to select your account with QC tokens in “Token Address” dropdown and confirm

You should see QC balance in your account.

Now repeat the same process to add QIP token and add QIP address

4efb948e9e1a2eb67f59890276094d168c6c705c

QIP balance is 0 but don’t worry, we will start farming!

🌾 Stake QC to Farm QIP

1. Get Hex value for your wallet address
   Smart contract interaction need the hex value for your wallet address. Open Window > Console, and type in: gethexaddress <your wallet address>
   Copy the hex value for later use

2. Approve QC allowance for QIP Pool

Before staking QC on QIP Pool. User need to approve the QIP Pool on QC contract. Open Smart Contracts > Send To

Contract Address: type in QC token address f2033ede578e17fa6231047265010445bca8cf1c
Interface (ABI): Copy the QC Token ABI and paste into the textbox
then select: function > approve

address spender: type in QIP Pool address
0d4dc7e1517d3adaa73e9e5fc458f46ac85da592
amount: type in 1000000000000000000
As QC token is a QRC20 token with 8 decimals, this allows QIP Pool to accept maximum of 10000000000 QC tokens. Do not worry, only you can spend your QC token, here we just simply allow QIP Pool to accept the tokens when you stake, set to a large number to avoid having to come back to approve more.

finally, make sure you select Sender Address with your wallet account with QC tokens (if you have multiple wallet accounts)

Click “Send to Contract” button, type in your wallet password and confirm yes

Your request is sent and will get confirmed(mined) when the next block is produced

You can always check allowance by calling the contract

Same as above, type in the address and abi for QC token, and function > allowance, type in your wallet address hex and QIP Pool address, you should see 1000000000000000000 in the result.

3. Staking on QIP Pool

In Smart Contract -> Send To, as an example, we are going to stake 100 QC tokens to farm QIP.

Contract address: type in QIP Pool adress 0d4dc7e1517d3adaa73e9e5fc458f46ac85da592
Interface (ABI): Copy QIP Pool ABI and paste into the textbox
Function: deposit
pid: 0 (means the first pool QC, later we may add more pools for other QRC20 tokens)
amount: type in the QC token amount follow by 00000000 (QC token is 8 decimal), so 100 QC token will be 10000000000

After you receive the block mined confirmation, go to Smart Contract > Send to check your incoming QIP tokens earnings!

Contract address: type in QIP Pool adress 0d4dc7e1517d3adaa73e9e5fc458f46ac85da592
Interface (ABI): Copy QIP Pool ABI and paste into the textbox
Function: pendingRewards
pid: 0 (for QC pool)
user: type in the your wallet account hex value

Above result means we have farmed 200 QIP tokens for our account, remember QIP is 18 decimal token. During bonus period, it generates 100 QIP token per block (after bonus period is 10 QIP per block), we are the only miner staking on the pool. When there are more community miners staking on the pool, rewards will be distributed fairly to everyone depend on the staking amount.

If you want to harvest the QIP token, without unstaking QC token, call deposit function again with 0 in the amount field. Our smart contract is smart enough to understand you just want to harvest the QIP token.

Now we want to withdraw our QC tokens as well as harvest QIP token earnings, use withdraw function

amount: 10000000000 . We staked 100 QC token(8 decimals) previously, so we can simply unstake all QC tokens. 10000000000 represents 100 QC tokens when interacting with contracts.

Now we have our QC tokens and QIP tokens withdrawn from QIP Pool, let’s check QRC20 token section again, as we speak, we have also farmed one more block, so rewards are 300 QIP tokens!

🎈 Summary

We have now demonstrated how to use QTUM wallet to stake QC tokens to farm QIP tokens on Mainnet, Join us in the farming land!

We are also working hard on developing other features in Qcore protocols and more applications are coming soon, thank you for your support and let us know your feedback!

Telegram: https://t.me/qcore
Twitter: @qcoreprotocol