Cardano News Today – Headlines for October 26

  • Incentivized Testnet of Cardano Shelley to Launch in November
  • Users Who Hold ADA In Approved Wallets can Take Part in Testnet
  • The Network Will Teach Users About How To Run Stake Pools

Cardano News Today – Cardano Shelley incentivized testnet is set to launch in November. The users on the testnet will earn real ADA rewards. The staking rewards will then be moved to the mainnet after Shelley is rolled out officially.

IOHK has been criticized severely for its slow development but finally picked up the pace. The network released details about the launch on its official blog. This comes after the celebration of the second birthday earlier in the month.

ADA Holders Can Earn Real Rewards

The network launched a Shelley testnet earlier in the year. The Testnet marks the beginning of a new era of the Cardano blockchain. It plans to introduce staking and will roll out a new incentivized version. Dynal Patel, the senior product manager at Cardano spoke about the announcement, saying that users who join the incentivized testnet will earn real ADA rewards.

He explained that the company made the decision to launch the incentivized testnet to make sure the Ouroboros runs smoothly. The Ouroboros is an advanced POS protocol that is being developed by the company. The protocol is more complicated and requires a stable and robust foundation according to Patel. This is the reason why the network chose to implement the testnet first.

The testnet gives IOHK an insight into how the incentive mechanism of Cardano operates in the real world.

All Holders of ADA Can Take Part in the Incentivized Testnet

Patel said the testnet will start with a snapshot of the ADA balances across the mainnet. All users who hold ADA or transfers them to one of the approved wallets will be allowed to take part in the testnet.

So far, the snapshot date hasn’t been set yet, but Patel confirmed that it is scheduled for November this year. The network plans to test the snapshot before the final one to ensure that all the users are ready.

At the completion of the snapshot, the users can access their testnet wallets as they do it normally from their mainnet wallet. They can also choose how to make use of the funds from their wallets. They can choose to operate or delegate a stake pool. ADA earned in the process can be spent. However, it has to be transferred to the mainnet immediately after launch.

Delegating will not require any technical skills but the company says running the stake pool needs some technical know-how. This is why there are plans in place for people who are not familiar with staking to learn how to run them with detailed documentation.

Lastly, users can calculate the rewards for operating and delegating stake pools. This can be done on a dedicated web page which hosts the calculator. The date for the release of the calculator and the snapshot are yet to be announced.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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