- Move ADA ahead of the snapshot – Charles Hoskinson
- Tentative date set for snapshot release
The company that builds Cardano’s blockchain platform, IOHK, is prepared to take a snapshot of the current blockchain on 29 November. Before the scheduled time, users will have to move their ADA tokens into either a Daedalus or a Yoroi wallet. After several months of testing, the incentivized testnet for the Cardano network is gradually becoming a reality. Cardano’s native company, IOHK has been delaying in the release of Cardano’s Shelley to work on all issues and bugs on the complex network.
In an AMA section following the balance check, Hoskinson avoided questions relating to the release date of the snapshot stating clearly that a schedule will be released at least a few days to the snapshot to allow users to prepare.
ADA held in Exchange, third-party wallets or hardware wallets will not be captured for use on the incentivized Testnet. Speaking on the issue, Charles Hoskinson, CEO of IOHK tweeted, “The snapshot will take place tomorrow at epoch 159, slot 6886. Have your ADA in Daedalus or yoroi during that time.”
A balance snapshot is a UTXO snapshot Of ADA balances held across the mainnet. The volume of ADA netted by the balance snapshot is the amount of the testnet ADA. With this, users will be able to use it on the Incentivized Testnet to allot, run a stake pool and eventually earn rewards.
With the early stages of the incentivized testnet ongoing, IOHK released an official statement, stating that, “We’ve already completed the balance check – a practice run that helped us identify a few bugs and issues – in preparation for the balance snapshot, scheduled for just after noon UTC on November 29.”
Tentative date set for snapshot release
Going by the press release, after the balance snapshot, Incentivized Testnet wallets will be accessible after a short provisional period. This time it will be employed by the IOHK team to commit stake pool operators.
It will also be used to assist users in setting up pools with video and documentation held on the Cardano testnet website. The network’s snapshot was first taken on 12 November for Cardano’s Shelley incentivized testnet.
Cardano (ADA) Price Today – ADA / USD
In addition to the development going on for the Cardano ecosystem, AdaPay solution, an ADA payment service created by the Cardano Foundation and COTI, went live on 29 November. This contribution will allow traders to accept payments In ADA tokens with an almost immediate settlement into 35 fiat currencies straight into their bank accounts.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.