min to read

2019-09-28 19:21:26




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Cardano (ADA) cryptocurrency holders will be able to earn on staking

Cardano’s staking

min to read

2019-09-28 19:21:26

Starting from November of this year, Cardano network users will have the opportunity to make money on ADA staking. IOHK CEO Charles Hoskinson said this at Cardano Summit Bulgaria.

Starting from November of this year, Cardano network users will have the opportunity to make money on ADA staking. IOHK CEO Charles Hoskinson said this at Cardano Summit Bulgaria, writes Cryptobriefing.

 

Hoskinson's statement came shortly after the successful launch of the Shelley test network, which is the first decentralized implementation of the Ouroboros Genesis consensus algorithm. At the moment, an additional functionality is being added into the staking protocol.

 

 “It's a good little sandbox, just like Cardano. The only difference is that it will be possible to register a pool for staking, it will be possible to delegate, there will be all the necessary interface for actual staking,” Hoskinson said.

 

The next step will be to start testing the possibility of staking among real users. All ADA holders will be able to take part in it.

 

As Cardano's senior product manager David Esser explained, it’s planned to take a snapshot of the network in the coming months, after which the ADA balances in Daedulus and Yoroi wallets will be transferred to the test network. At the same time, users who store ADA on exchanges or in a Ledger wallet will not have such an opportunity.

 

 As Hoskinson explained, coins purchased on the secondary market will not participate in the staking, and it will not be possible to sell earned coins on the exchanges. However, those ADA coins, which will be earned on the staking, in the future will be transferred to the main network, which is due to launch in the first quarter of 2020. In order to avoid stressful situations in the market, transfer will occur gradually and proportionately.

 

When the snapshot of the network will be taken, IOHK representatives did not specify.

 

It should be noted that Cardano's main network is currently based on the union model, where the nodes control the Cardano Foundation, IOHK and EMURGO. The launch of the Shelley test network is designed to give developers the opportunity to test the behavior of a decentralized network based on Ouroboros before launching changes in the main blockchain.

 

 “Our ultimate goal is full decentralization and the transfer of most of the nodes to the community. This task is not only difficult from an engineering point of view, but also requires that the changes are reliable for the long-term development of the network,” the developers said.

 

Earlier, Charles Hoskinson said that the Cardano project has every chance to beat Bitcoin and Ethereum.

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