What is Cardano?
Cardano is a revolutionary proof-of-stake blockchain, its cryptocurrency is called ADA. Cardano is developed by world-leading academics and engineers and has a strong focus on sustainability, scalability, and transparency.
Cardano (ADA) is an open-source Proof-of-Stake (PoS) blockchain network supported by organizations such as Emurgo, the Cardano Foundation and IOHK with its beginnings dating back to 2015. It takes advantage of an adjusted version of UTXO (EUTXO) to provide support for smart contracts, which is right now under development.
Emurgo, the Cardano Foundation and IOHK work together helping promotion, development and commercial adoption intentions.
Development progress of Cardano has 5 phases, which are simultaneously rolled out through a process that is depended on academic research and engineering best practices.Full support for smart contracts is expected to be implemented by the end of 2020 with Goguen.
What is Cardano staking?
Staking Cardano is the process of holding your ADA cryptoccurency in a crypto wallet Daedalus or Yoroi to support decentralization and blocks productions of a blockchain network. ADA cryptocurrency holders get rewards in form of ADA every day for depositing and holding coins and tokens in stake pool according to their preferences usually depending on rate of return and fees.
- Your ADA never leave your wallet,
- you have full control over your cryptocurrencies,
- you can spend or transfer them at any time,
- You can delegate your ADA cryptocurrecy from your wallet to the pool of your choice,
- The only risk from staking is that at some point the pool where you delegated your stake is not operating well and not creating any block so you will miss out on rewards.
- No minimum is defined. You can stake 1 ADA.
- You get a reward every 5 days.
You can stake your ADA using Daedalus or Yoroi. Your ADA will never leave your wallet by delegating ADA to stake pool. Only you will have control over your cryptocurrencies and you can undelegate ADA from stake pool whenever you would like to do so. The only risk from staking is that at some point the pool where you delegated your stake is not operating well and not creating any block so you will miss out on rewards.
What is Daedalus wallet?
Daedalus is cryptocurrency wallet which runs on Windows, macOS, and Linux
Daedalus loads a entire copy of the Cardano blockchain and autonomously approve every transaction in its history and this is what makes Daedalus a full node wallet. This is the way how you get maximum security and absolutely trustless operation, without centrally hosted 3rd party servers
What is Yoroi wallet?
Yoroi cryptocurrency wallet is a light wallet for Cardano. Advantage is that you are ready to send and receive transactions immediately because you do not need to download the blockchain when you open the wallet. allows
What is staking pool?
A staking pool allows everybody who own cryptocurrency such as ADA to combine their computational resources in order to enhance their attempt to ge rewards in form of cryptocurrency. It is like union of group of multiple stakeholders using their staking power (more ADA more power, higher probability of getting rewards for blocks) in the process of verifying and approving new blocks.
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