- ADA Holders Are Ready For Staking As Cardano Completes The First Snapshot
- Daedalus Wallet for Staking on Cardano
Cardano News Today reveals the readiness of Cardano to commence staking rewards on its platform. The blockchain network has completed the first snapshot and balance check for Shelley, its incentivized testnet. Its latest step towards proof-of-stake is a major development for the platform. For the first time, investors can earn rewards on their ADA. According to Cardano News, developers and ADA users will be allowed to experiment on stake pools on Shelly. This development is anticipated to support the development of a collection of stake pool on Cardano.
Daedalus Wallet for Staking on Cardano
The CEO of IOHK, Charles Hoskinson, revealed how the snapshot works. According to him, the data in the testnet genesis block is a copy of the data on Cardano’s latest block. This process allows the duplication of the balance data and not the actual movement of the cryptocurrency. ADA News gathered that the development arm of Cardano, IOHK, announced the completion of the snapshot on Tuesday via Twitter.
In addition to the special testnet wallet which will be released soon, IOHK also launched a website. Consequently, ADA holders that have funds in a Yoroi or Daedalus wallet during the snapshot can use the same wallet credentials on any of the networks. However, the snapshot doesn’t include exchange wallets, third-party wallets, and hardware wallets.
Cardano News Today cited Hoskinson on security issues concerning the snapshot. According to IOHK’s CEO, the results of the assessment of new software will be released in January. He advised users who desire extra security to transfer their funds to the new wallet. Hoskinson added that phishing is also a challenge to the project.
He warned ADA users not to release their keywords or passwords. He pointed out that any request for such confidential information can either be an impersonation or a scam. However, Cardano News Today revealed that the Shelly testnet is created to test staking in realistic but isolated conditions. Cardano will ensure that it achieves the required level of decentralization and meet expectations.
In today’s update on the snapshots, Hoskinson pointed out that the purpose of the initial snapshot was to get all users on the same frequency. He stated that in one or two weeks, users will have another opportunity to join the second snapshot. Cardano News Today revealed that testnet staking will finally take place this month.
Cardano (ADA) Price Today – ADA / USD
Name Price $0.038 2.92%
However, users who couldn’t participate in the testnet can stake on the Cardano mainnet when Shelley will be upgraded in early 2020. The upgrade will turn the stake into a default feature. Besides, Hoskinson pointed out that the total amount of ADA will not be doubled by the testnet. The total supply of the token is conserved.