Table of Contents
ADA Cardano Steaking: Features
- The minimum bet amount of 5 to 10 ADA (depending on the wallet).
- The wallet charges an additional amount (e.g., Exodus 2 ADA) for registering an address. If you discontinue Cardano Stacking, this amount is refunded.
- It is impossible to put a part of funds from the address, because the address is put in its entirety. It is necessary to transfer in advance to the new address the necessary amount of coins.
ADA Steaking: How the payoffs are made
In Cardano ADA staking profits from bets are distributed automatically at the protocol level.
Rewards are distributed every 5 days (“epoch”). But beyond that, the wallet may require a waiting time of up to 20 days for approval. Address where you can see cycles of all epochs: cardanoscan.io/epochs
Daedalus wallet steaking Cardano: instructions
- Download Daedalus Mainnet for steaking from the official website.
- Select the desired number and date format, wait for the node to synchronize (this may take up to two hours).
- If you haven’t created a wallet before, select “Create” from the “Add Wallet” section. Write it down, and after that, enter the generated recovery phrase.
- Think of a name and password for the wallet.
- Refill your account with at least 10 ADA.
- Select Delegation Center on the left side of the screen.
- Select the desired wallet and click Delegate.
- Choose an appropriate steaking pool.
- Confirm the delegation and enter the password.
Done – you’ve put your ADA tokens and you’ll get passive income from them. Ada Stacking is up and running. Profits will start coming in after five days, and after each five-day epoch thereafter. You can always view the remaining time of the current epoch in the Delegation Center.
Hint for Daedalus steaking:
If you created a wallet before July 29, 2020, it belongs to the Byron era of Cardano blockchain, when staking ADA was not supported. For Cardano staking to become possible, you will need to transfer funds to a wallet created already in the Shelley era. You can tell which wallet you have by the length of the recovery phrase. 12 words – Byron. 15 or 24 words – Shelley. 27 words – Byron paper.
How to choose an ADA storage wallet
Factors to pay attention to when choosing a cryptocurrency wallet are standard:
- High security. The wallet must allow you to store private keys, activate two-factor authentication, and make backups yourself.
- Currency support. The wallet must support ADA Cardano, and possibly some other currencies if you want to store them together.
- Technical Support. Problems with transactions or other functions of the wallet should be quickly resolved by prompt and competent technical support.
- A simple and straightforward interface that is easy to interact with.
Look at the activity of the project team: how much attention they pay to their project, whether they update it, whether they ensure compliance with modern standards of security and functionality.
How to Participate in ADA Steaking with the Atomic Wallet
The process of steaking ADA with Atomic Wallet is very simple. First, you need to download and install the application Then follow the steps below:
Step 1. Open Atomic Wallet.
Step 2: Get your ADA. You can buy an ADA elsewhere and have it sent to your Atomic Wallet or exchange it directly in the app
Step 3. Then click “ADA” in the coin list.
Step 4: Click Steak.
Step 5. The steaking interface opens: your balance available for steaking, the number of your ADAs – in steak and requested for issuance – and the amount of reward. Click “Steak” to continue.
Step 6. Here you can select only one validator at a time by clicking on their name and view their annual income. Check the information and click Steak. Your funds will be locked into a separate address.
Step 7: That’s it! Your ADAs are now translated into a steak. You just have to wait – the reward is generated with each new block. To withdraw to your address, as needed, you need to click “Claim”.
About Cardano
Cardano is a proof-of-stake blockchain platform based on scientific, peer-to-peer development methods. The project brings together the latest technologies to create best-in-class, secure and sustainable solutions for decentralized application development. One of Cardano’s goals is to drive positive change by creating accountability in existing systems. Below are some of the key functionalities that set Cardano apart from other projects:
Ouroboros
Ouroboros is Cardano’s proof-of-stake, peer-to-peer blockchain protocol that decentralizes the Cardano project. It is designed to ensure Cardano’s scalability in a sustainable yet secure way. One of the main concepts in the structure of Ouroboros is the mathematical concept of infinity. This means that Cardano can be used to develop an unlimited number of applications without affecting the efficiency of the entire network.
The Cardano project is based on the principle of proof
One of the key advantages of the Cardano project is that every aspect of the project is based on the exact sciences. It is built using formal methods, which allows it to remain adaptable to new challenges that might test its capabilities for optimal performance. Before any idea is implemented in Cardano, it goes through a phase of research and mathematical modeling. The results of this process are perceived by development, making Cardano code one of the best when it comes to code security.
Security
Cardano is rightfully one of the safest blockchains for platform organization in the entire crypto-space. This can largely be attributed to the project team’s scientific approach to development. By design, Ouroboros is protected from malware and Sybil attacks. Every transaction and exchange transaction in the Cardano blockchain is transparent and immutable. Transactions are also verified using multi-signatures and an extended UTXO model, which replicates bitcoin’s UTXO model.
Open Development
Cardano is one of the most open and transparent projects on the market. To ensure the optimal functioning of the network, Cardano has a reward mechanism through which users can participate in the operation of the system. Steaking is the main way in which one can participate in keeping Cardano viable and operational. This is possible either as a steaking pool operator or as a participant delegating a steaking pool. This approach gives everyone a say in the direction of Cardano’s development, including the introduction of new features to the network.
Scalability
With Ouroboros, Cardano is one of the most scalable blockchain platforms on the market. This is ensured by the fact that it uses a proof-of-stake algorithm and does not require a huge amount of power to meet the growing needs of users. The project also combines a number of other unique concepts, such as multi-register, sidechains and parallel chains, allowing it to process any number of transactions simultaneously.
