Hello again in my Crypto Income series!
This time I will show you how you can start staking the Cardano (ADA) coin.
For anyone who doesn’t know what Cardano is, Cardano is a groundbreaking proof-of-stake blockchain network, being developed into a decentralized application (DApp) development platform with a multi-asset ledger and verifiable smart contracts.
Built with the rigor of high-assurance formal development methods, Cardano aims to achieve the scalability, interoperability, and sustainability needed for real-world applications. Cardano is designed to be the platform of choice for the large-scale, mission-critical DApps that will underpin the economy of the future.
Cardano is at rank #14 at the moment on coinmarketcap.com, with a market cap of 1,049,246,940$, a price of 0.040469$ and a total circulating supply of 25,927,070,538 ADA.
Although staking isn’t enabled on the mainnet, you can still start staking your ADA coins on the Daedalus testnet. Even though you are staking on the testnet, you will receive your rewards in your mainnet Daedalus wallet!
The only limitation to start staking ADA on the testnet, is that you had to have ADA on your mainnet wallet before the balance snapshot of (12.00 UTC, November 29, 2019). Anybody that had ada stored in either a Daedalus or Yoroi mainnet wallet at the time of the balance snapshot can participate in the Incentivized Testnet and earn rewards through delegation or running a stake pool.
Delegators only need to download a special Incentivized Testnet version of either Daedalus or Yoroi, while stake pool operators will need to have a bit more technical skill.
For your Attention!