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Cardano Staking: What are the benefits?

Can you stake Cardano? Following Cardano’s Shelley mainnet upgrade that integrated the Ouroboros protocol, Cardano’s cryptocurrency (the ADA) holders can now participate in staking ADA and earn staking rewards. Besides expanding Cardano’s decentralized applications and earning the ADA holders some rewards, staking also helps the Cardano ecosystem since the staking process is the one that […]

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Can you stake Cardano?

Following Cardano’s Shelley mainnet upgrade that integrated the Ouroboros protocol, Cardano’s cryptocurrency (the ADA) holders can now participate in staking ADA and earn staking rewards.

Besides expanding Cardano’s decentralized applications and earning the ADA holders some rewards, staking also helps the Cardano ecosystem since the staking process is the one that is used to select validators who validate new blocks and adds them to the Cardano blockchain.

Contrary to other proof-of-stake blockchains that mostly rely on individual staking, Cardano staking heavily relies on stake pools. Therefore, an ADA coins holder can earn ADA rewards by either delegating his/her ADA stake to stake pools operated by other people or create his/her own stake pool.

Cardano’s staking pools

A Cardano stake pool is a consolidation of Cardano’s cryptocurrency locked using smart contracts that helps to up the chances of being selected to validate blocks and receive a reward in return. 

If you have a large amount of Cardano tokens, you can decide to create a private staking pool where only you as the operator will be staking in it and thus you will not share the rewards with anyone else. 

On the other hand, if you do not have a large amount of Cardano ADA tokens that you can delegate for staking or you do not hold any ADA at all, you can run a public staking pool, which will be a Cardano node within the network that has a public address allowing other Cardano network participants to delegate their stakes to it.

The stake pools are operated by stake pool operators, who are Cardano network participants that have sufficient skills to ensure the node they shall be using remains consistently up to ensure that the Ouroboros protocol and the entire Cardano networks operate successfully.

The Ouroboros protocol, which is the proof-of-stake consensus algorithm used by Cardano, is the one that selects those who will validate and add blocks to the blockchain. It uses a probabilistic mechanism to choose the pool with the highest amount of delegated stake. Therefore, the chances of a pool being selected as a validator increase with the amount of delegated stake.

However, to avoid staking pools from accumulating too much power by becoming too large, the rewards paid out to the delegators in a pool tend to become smaller as the pool becomes larger thus prompting holders to move from pool to pool in search of a small pool that will offer larger rewards. This theoretically prevents one particular pool from gaining dominance.

It is important to note that Cardano’s staking pools do not have voting rights and therefore they do not have control over the governance of the blockchain network. The only people with voting rights are the genesis key holders.

Cardano stake pool operators

Advanced Cardano users can operate their own stake pools and earn higher rewards.

To become a stake pool operator (pool owner), you will require the following:

  • Have a constant internet connectivity
  • Operational knowledge of maintaining a Cardano blockchain node running 24/7
  • Run a relay node
  • Development and operations (DevOps) experience
  • Server operation and maintenance skills

One advantage of staking compared to mining, which is used by some blockchains including Ethereum and Bitcoin, is that staking does not require powerful computers or ASIC devices that consume an enormous amount of power from the grid. You only require a normal computer, and a minimal consistent power supply and reliable internet connectivity.

The other interesting thing is that you can run an ADA stake pool without owning any ADA; meaning you would only be providing the services to ADA coin holders who want to delegate their ADA stakes but yourself you would not be staking. This is a major advantage since most of the other blockchains like Ethereum have a minimum stake requirement for nodes to be allowed to run stake pools.

The pool operators charge a running cost, which they can deduct from the ADA reward paid to the stake poll or charge as a profit margin for providing the staking service.

What you need to start staking ADA

If you do not have the technical skills to run a Cardano pool, you can join a public pool by delegating some ADA stake to it.

Contrary to running a pool, joining one does not require you to have constant internet connectivity and there is no need of monitoring your stake 24/7. You simply delegate your stake to a pool and wait for the rewards, which are automatically paid out.

Cardano does not have a minimum stake amount. Therefore, you can stake as little or as much as you want. However, the reward is proportional to the amount of ADA you have staked with a particular pool.

You also do not have to have a separate staking wallet. There are two separate keys for Cardano addresses; there are keys for staking (which contains staked coins) and there are keys for spending. When you choose to stake Cardano, they don’t leave your wallet, they are just transferred to a Cardano address with staking keys where they are locked from being used as long as they remain in that address. Therefore, your ADA token balance does not change; only that there are two addresses for the staked and the spendable tokens.

However, there is no mandatory time frame for which your staked tokens are locked. You can un-stake your ADA tokens anytime you want.

Where can I stake Cardano?

If you are using the Cardano wallet (the Daedalus wallet), Yoroi wallet, or Atomic wallet, you can access the delegation screen from the wallets and choose a stake pool from there. 

There are also some exchanges like the Binance exchange platform, Kraken exchange platform, and Kucoin crypto exchange offer services thus allowing their customers to stake ADA.

C:UsersSir. CharlieDesktopADA staking on Binance.JPG

ADA staking in Binance Exchange

When using Binance, your crypto assets including ADA coins are stored in the exchange’s Spot wallet and you can view your staked ADA coins by clicking on Wallets >savings > locked staking.

Choosing a reliable Cardano stake pool

For maximum rewards, it is paramount to choose a pool that is reliable and charges a low fee. You can use websites like Adapools and PoolTool to view the status of the various available Cardano stake pools.

C:UsersSir. CharlieDesktopCardano pools on Adapools.JPG

Cardano pools on the Adapool website

C:UsersSir. CharlieDesktopCardano pools on PoolTool website.JPG

Cardano pools on the PoolTool website

Is staking Cardano worth it?

Staking Cardano crypto assets earns you a passive income in terms of ADA rewards for the tokens that you delegate to a pool. That way, you get your tokens to work for you instead of just letting them lay idle.

Cardano staking rewards

Cardano staking operates cyclically and rewards are paid out every ‘epoch’, a term used to refer to every five days.

When a stake pool is selected to validate and add a block on the blockchain, it receives a reward after accomplishing the tasks. The pool operators deduct their running costs from the ADA rewards after which the remaining amount is shared out equally among every ADA delegator in the pool according to the amount that each contributed as stake.

Cardano staking FAQs

  1. Can I stake Cardano on Coinbase?

No, at the moment the only available crypto tokens that Coinbase users can stake are Ethereum (ETH), Algorand (ALGO), Cosmos (ATOM), and Tezos (XTZ).

  1. Can I stake Cardano when using a hardware crypto wallet? 

Yes, the Nano ledger hardware wallet is compatible with Yoroi and Daedalus wallets and use it to stake Cardano.

  1. Can you stake Cardano on multiple pools?

Yes, as long as there are spendable ADA in your wallet, you can stake them in different pools to maximize rewards

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Source: https://www.cryptopolitan.com/cardano-staking-what-are-the-benefits/

AI

Nigeria to Launch a Pilot for Its CBDC in October

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Amazon seems determined to maintain its reputation as an innovative company and is looking to experiment with cryptocurrencies through a digital currency payment and blockchain unit.

According to an announcement posted on Thursday, Amazon is looking for a blockchain specialist to lead its Digital Currency and Blockchain strategy.

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap … You will work closely with teams across Amazon, including AWS, to develop the roadmap, including the customer experience, technical strategy and capabilities as well as the launch strategy.

What Amazon is Looking For

The expert must have at least an MBA or equivalent degree, 10+ years of business or technology experience, team management skills, understanding of data and metrics, and good communication skills.

The corporation did not disclose any salary offer. The person must be based on or willing to move to Seattle, Washington.

Amazon seems to be convinced of the need to innovate in the field of payments and finance. The cryptocurrency and blockchain development team is a sign of the company’s interest in exploring these emerging technologies to offer better financial products.


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According to an email shared by Business Insider, Amazon’s team confirmed its interest in exploring an approach to the world of cryptocurrencies. Still, they did not specify whether it would be through the development of a proprietary currency or through the acceptance of cryptocurrencies as a means of payment:

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon … We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

An Old Relationship With Crypto

Amazon’s interest in the world of cryptocurrencies isn’t new. Back in 2017, it purchased, at least preemptively, a number of domains linking its brand to cryptocurrencies, including amazoncryptocurrency.com, amazoncryptocurrencies.com, and even amazonethereum.com.

However, at the time, Patrick Gauthier told CNBC that the e-commerce giant did not have much interest in cryptocurrencies and had no plans to support crypto payments.

In fact, the Pay With Moon plugin that allowed payments on Amazon with Bitcoin through Lightning Network had to change its business model to instead allow its users to purchase virtual credit cards instead of paying directly on Amazon’s site.

Also, as Cryptopotato reported in February this year, Amazon launched a job offer for a new payments system involving “Digital and Emerging Payments (DEP),” although they did not mention a direct relationship with Bitcoin or any cryptocurrency either.

This time, however, Amazon seems more willing to go public with its casual relationship with cryptos.

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Amazon Wants a Leader For Its Digital Currency and Blockchain Product Unit

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on

Amazon seems determined to maintain its reputation as an innovative company and is looking to experiment with cryptocurrencies through a digital currency payment and blockchain unit.

According to an announcement posted on Thursday, Amazon is looking for a blockchain specialist to lead its Digital Currency and Blockchain strategy.

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap … You will work closely with teams across Amazon, including AWS, to develop the roadmap, including the customer experience, technical strategy and capabilities as well as the launch strategy.

What Amazon is Looking For

The expert must have at least an MBA or equivalent degree, 10+ years of business or technology experience, team management skills, understanding of data and metrics, and good communication skills.

The corporation did not disclose any salary offer. The person must be based on or willing to move to Seattle, Washington.

Amazon seems to be convinced of the need to innovate in the field of payments and finance. The cryptocurrency and blockchain development team is a sign of the company’s interest in exploring these emerging technologies to offer better financial products.


ADVERTISEMENT

According to an email shared by Business Insider, Amazon’s team confirmed its interest in exploring an approach to the world of cryptocurrencies. Still, they did not specify whether it would be through the development of a proprietary currency or through the acceptance of cryptocurrencies as a means of payment:

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon … We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

An Old Relationship With Crypto

Amazon’s interest in the world of cryptocurrencies isn’t new. Back in 2017, it purchased, at least preemptively, a number of domains linking its brand to cryptocurrencies, including amazoncryptocurrency.com, amazoncryptocurrencies.com, and even amazonethereum.com.

However, at the time, Patrick Gauthier told CNBC that the e-commerce giant did not have much interest in cryptocurrencies and had no plans to support crypto payments.

In fact, the Pay With Moon plugin that allowed payments on Amazon with Bitcoin through Lightning Network had to change its business model to instead allow its users to purchase virtual credit cards instead of paying directly on Amazon’s site.

Also, as Cryptopotato reported in February this year, Amazon launched a job offer for a new payments system involving “Digital and Emerging Payments (DEP),” although they did not mention a direct relationship with Bitcoin or any cryptocurrency either.

This time, however, Amazon seems more willing to go public with its casual relationship with cryptos.

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Fintech Giant Zip Co to Provide Cryptocurrency Trading Services

Published

on

Amazon seems determined to maintain its reputation as an innovative company and is looking to experiment with cryptocurrencies through a digital currency payment and blockchain unit.

According to an announcement posted on Thursday, Amazon is looking for a blockchain specialist to lead its Digital Currency and Blockchain strategy.

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap … You will work closely with teams across Amazon, including AWS, to develop the roadmap, including the customer experience, technical strategy and capabilities as well as the launch strategy.

What Amazon is Looking For

The expert must have at least an MBA or equivalent degree, 10+ years of business or technology experience, team management skills, understanding of data and metrics, and good communication skills.

The corporation did not disclose any salary offer. The person must be based on or willing to move to Seattle, Washington.

Amazon seems to be convinced of the need to innovate in the field of payments and finance. The cryptocurrency and blockchain development team is a sign of the company’s interest in exploring these emerging technologies to offer better financial products.


ADVERTISEMENT

According to an email shared by Business Insider, Amazon’s team confirmed its interest in exploring an approach to the world of cryptocurrencies. Still, they did not specify whether it would be through the development of a proprietary currency or through the acceptance of cryptocurrencies as a means of payment:

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon … We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

An Old Relationship With Crypto

Amazon’s interest in the world of cryptocurrencies isn’t new. Back in 2017, it purchased, at least preemptively, a number of domains linking its brand to cryptocurrencies, including amazoncryptocurrency.com, amazoncryptocurrencies.com, and even amazonethereum.com.

However, at the time, Patrick Gauthier told CNBC that the e-commerce giant did not have much interest in cryptocurrencies and had no plans to support crypto payments.

In fact, the Pay With Moon plugin that allowed payments on Amazon with Bitcoin through Lightning Network had to change its business model to instead allow its users to purchase virtual credit cards instead of paying directly on Amazon’s site.

Also, as Cryptopotato reported in February this year, Amazon launched a job offer for a new payments system involving “Digital and Emerging Payments (DEP),” although they did not mention a direct relationship with Bitcoin or any cryptocurrency either.

This time, however, Amazon seems more willing to go public with its casual relationship with cryptos.

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Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

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Source: https://coingenius.news/fintech-giant-zip-co-to-provide-cryptocurrency-trading-services-24/?utm_source=rss&utm_medium=rss&utm_campaign=fintech-giant-zip-co-to-provide-cryptocurrency-trading-services-24

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Locked Out of Millions: Couple Can’t Access $5.8M Worth of Ethereum

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Yuki and Art Williams, who purchased 3,000 Ethereum coins back in 2014, can not open their crypto wallet. The family claims that the essential JSON file was never downloaded, and thus they don’t have access to their $5.8 million.

In Search for Help

According to the American media 7news, the Washington DC family Yuki and Art Williams possess 3,000 ETH coins in their crypto wallet. Unfortunately, the wife and husband can only see them and not access the assets. The couple insisted that when they bought the assets in 2014, the JSON file was never downloaded. Art Williams said:

“The instructions were to leave your computer on for an hour and a half and as the progression bar showed it populating the JSON file would appear. Unfortunately for us, it did not appear.”

Calculated in today’s prices, the wallet contains $5.8 million. Mr. Williams told 7news that the Ethereum Foundation promised him to solve the issue and send him a backup JSON file. However, the family is still waiting.

In another attempt to access their funds, the couple e-mailed the Foundation based in Switzerland and showed them proof of purchase and screenshots of the problem. 7news also tried to reach out to the Ethereum Foundation but received no comment.

The last move that the family is yet to make is to hire a law firm that would open a case in court in Switzerland. The attorneys would demand that the Ethereum Foundation grant a JSON file to the desperate couple during the process.


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“Devastating, to say the least. Obviously, that’s life-changing money,” added Mr. Williams.

The Man Who Lost Access to 7,002 BTC

Investing in cryptocurrencies is not risky only because of the volatile nature of the assets. Apart from that, investors need to save and protect their private keys. In case someone loses their private keys, that could lead to an irreversible disaster. Such is the case with Stefan Thomas and his bitcoins worth more than $223 million.

As CryptoPotato reported earlier in the year, the resident of San Francisco produced an educational video called “What is Bitcoin?” for another crypto fan and received 7,002 bitcoins for his services.

However, Thomas didn’t pay much attention to his new holdings as they had a little-to-no value at the time, and he lost the digital keys to the wallet. In the following years, though, BTC’s price exploded, and now the 7,002 coins are worth around $223 million.

The wallet called IronKey allows users ten attempts to guess the password. So far, Thomas has tried eight times to access the funds, but they were all unsuccessful. If he fails ten times, the wallet will be encrypted forever.

“I would just lay in bed and think about it. Then, I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again,” the man revealed.

To avoid any of the above, it’s highly recommended that you take crypto security seriously and make sure to always follow these tips.

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Source: https://coingenius.news/locked-out-of-millions-couple-cant-access-5-8m-worth-of-ethereum-17/?utm_source=rss&utm_medium=rss&utm_campaign=locked-out-of-millions-couple-cant-access-5-8m-worth-of-ethereum-17

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