June 18, 2024

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

Starting in November of this year, users of the Cardano network will have the opportunity to earn money by staking ADA. About itIOHK CEO Charles Hoskinson said at Cardano Summit Bulgaria, writes Cryptobriefing.

Hoskinson's statement was made shortly aftersuccessfully launching the Shelley test network, which is the first decentralized implementation of the Ouroboros Genesis consensus algorithm. At the moment, an additional functionality is being introduced into the staking protocol.

“It's a good little sandbox, just the same.”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 the actual staking ”,— Hoskinson said.

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

As Cardano's senior product manager explainedDavid Esser, in the coming months it is planned to take a snapshot of the network, 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 this opportunity.

As Hoskinson explained, coins purchased onthey will not be able to participate in staking, it will also be impossible to sell earned coins on exchanges. However, those ADA coins that will be earned through staking will be transferred to the main network in the future, which should launch in the first quarter of 2020. In order to avoid stressful situations on the market, rerenos will occur gradually and proportionally,

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

Note that currently the main networkCardano is based on an allied model where 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 the Ouroboros-based decentralized network before launching changes to the main blockchain.

“Our ultimate goal is full decentralization andpassing 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. "– said the developers.

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