Cardano News Today – Headlines for November 12

  • Cardano’s first, trial snapshot is happening November 12 at 12:00 UTC
  • The official balance snapshot would happen at the end of this month
  • How to participate in the balance snapshot

Cardano News Today – The incentivized trial testnet snapshot of Shelley is scheduled for today, November 12, at 12:00 UTC. According to the newly launched staking site of Cardano, partaking in the trial balance check is not mandatory and it would not have an impact on the ability of users to participate in the incentivized testnet once it goes live at the end of this month.

Cardano Fixes a Date and Time for the First Trial Snapshot

The Cardano network has finally fixed a date and time for the trial, first snapshot of the network. According to the blog post, the trial balance check snapshot will hold today at 12:00 UTC. The date of the trial balance check is in line with the information Charles Hoskinson shared. Hoskinson is the CEO of the firm behind Cardano – IOHK.

Cardano (ADA) Price Today – ADA / USD

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Cardano
$0.038-1.12%

During an “Ask Me Anything” session last week, the CEO said that the trial snapshot for the Shelley incentivized testnet would most likely take place on November 12. According to the company, it is optional for all users holding Cardano (ADA) to participate in the first check. Cardano added that this dry run is to enable them to test the basic functionality and to let the ADA community validate that their balances are captured accurately.

If the dry run goes as planned, the main balance snapshot would go live sometime at the end of this month. The firm has not yet released exact dates for the snapshot and the start of the incentivized testnet. This is because Cardano has always been reluctant when it comes to setting deadlines for important updates and major releases.

The Process of Participating in the Balance Snapshot

 The process of participating in the incentivized testnet and the balance snapshot has remained the same. A few weeks ago, the Cardano dev team said that all users holding any amount of ADA can be part of the testnet. During the AMA session, Hoskinson said that users that want their ADA tokens to be available on the incentivized testnet would have to transfer their holdings to one of the supported ADA wallets, Yoroi or Daedalus.

Hoskinson said that users must do this before the balance check snapshot, which is scheduled for 12:00 UTC today. In a statement, the firm said:

“Any ADA held in exchanges, third-party wallets, or hardware wallets must be moved to either a Daedalus or Yoroi wallet prior to the snapshot if users wish to participate in the Incentivized Testnet.”

 

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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