When the incentive testnet starts working, how many minimum Adas will be needed to do Stake?
Thanks!
I think for the mainnet charles said 1 ADA. So for the test-net probably the same
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Thanks for the information.
Did he say it in any of the live AMA?
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Yes, a while ago he said it don´t know exactly when though.
They want everyone to be able to stake, doesn´t matter if you are rich or poor.
However for the incentivized test-net only ADA in Daedalus or Yoroi-Wallets is going to be snapshotted.
If you have ADA in cold-storage or on an exchange it won´t work (at least thats my current understanding from AMA´s and The Cardano Effect 
).
So to be safe I would recommend transferring ADA for the snapshot to Daedalus or Yoroi and after the snapshot (before importing the seed into any testnet wallet) transferring them back into any hardware-wallet or into a new cold-wallet. In this way your ADA is going to be in a Hot-wallet only for a short time.
Obviously you shouldn´t ever ever keep more than required for immediate trades on exchanges!!!
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Thanks @speedinger
To be clear. This is not really the case, as not the wallets are going to be snapshotted but the whole blockchain. It means, that you only need to have Yoroi and Daedalus compatible wallets to participate in the incentivised testnet, because they’re only available initially on the testnet.
If AdaLite, with no staking capability, would be available on the testnet, then you could leave your funds there, and
- after the snapshot, you would need to recreate the AdaLite’s testnet wallet /w the original mnemonics,
- create a new Yoroi/Daedalus (for staking),
- and move your funds from AdaLite to the newly created and staking capable Yoroi/Daedalus for participating in the incetivised staking.
An other example, if you have a wallet wich is created with cardano-cli, it can participate in testnet, provided that the generated wallet on mainnet is Yoroi compatible, and restoring the wallet on the testnet /w the saem 15 recovery words.
For example a yoroi compatible wallet created w/ cardano-cli:
- No recovery (plausible-deniability) password.
- derivation scheme: v2
- mnemonic language: english
- mnemonic length: 15
- wallet scheme: bip44
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@_ilap Ok then so far Yoroi and Daedalus Wallet are the ones who are going to participate in the testnet, if my ADAS have them in my Yoroi wallet, after the snapshot would I have to pass them to the Yoroi wallet version of testnet?
I could be wrong, but afaik, you will be able to restore it only on Yoroi, as Daedalus does not support Yoroi’s Bip44 wallet. But, I have not checked the Daedalus’ codebase for long time.
In the case in the snapshot then can I use them in the tesnet or should I create a wallet?
You have to create a wallet on the testnet, by installing the testnet version of Yoroi and restore the walllet from the original 15-word recovery phrases that you’ve used on mainnet.
But, it seems that Daedalus will be able to restore from 15-word (probably Yoroi) recovery phrases.
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Correct me if Im wrong, but Daedalus and Yoroi PAPER wallets are also ok for the snapshot.
Yes they will be snapshotted but to be able to stake you need to import their seed/private keys into yoroi or daedalus testnet version so I wouldn´t keep mainnet ADA on the same paper wallets at that time imo^^
Yes, as @speedinger wrote above, as paper wallets are recoverable from Yoroi and Daedalus, but you would need to expose your 27-word passphrase to participate in staking, so move your funds on mainnet after snapshot if you’re a bit paranoid.
you cant be paranoid enough in crypto
That’s not really the case. It’s always the balance of the
- risk assessment of the realistic threats and
- the technical knowledge of the person. But, we humans are not very good at of estimating these two (I meant, we always overestimate our capabilities).
For example, if your funds already on Yoroi (mobile or extension), what’s the difference between; assuming that the mainnet and testnet version of Yoroi wallets have de same security properties; making a new wallet from your original seed phrase on the Testnet version of Yoroi wallet OR:
- Snapshot is done
- Move your fund to different address on the mainnet, by
- Creating a new wallet on Yoroi (new 15-word seed phrase is exposed).
- Move your fund from the old wallet to the newly created one and
- Create new Testnet Yoroi wallet from the original seed phrase?
It depends on, but the chain is as strong as the weakest link, for example it can be the Yoroi’s spending password strength on the PC/Notebook/device. But, in the second case you need to expose both of your seed phrases anyway, while on the first one, you just need to expose the original one.
Do not get me wrong, I know it’s not as simple as it looks and I won’t do either of the above but, will do similar things to the following on an air-gapped device (with no network access at all):
- Creating new Yoroi compatible wallet /w cardano-cli on a fully air-gapped device
- to be more precise Bip44 account addresses e.g. ‘/m/44’/1815’/0’/X,
- Print two copies of the new seed phrase together with the generated entropy (BIP39) from the seeds
- through an usb attached printer only to that air-gapped device.
- as QR (M or Q level) code of the secret and
- as QR (M or Q level) code of the addresses
- put the private parts into (temper resistant) envelopes
- and put one envelope to a bank vault and
- take the second one to a Solicitor (Wish)
- Build a transaction for sending my funds to the new addresses on the the air-gapped device and
- Show the tx on the screen as multiple QRs and
- sending it from the network connected device (example my MacBook Pro).
And the measurement of the paranoidity of the above method is based on the savings that somebody want to protect.
Means, if sbody do this for 50ADA, then he/se’s really paranoid, but if she/he does not do it when she/he has more the 100K or 1M, then she/he has worse mental disease than paranoia.
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i m sorry for asking this question…at the moment i have my most ada in a wallet by bitvavo (exchange party in Holland) and a few in my own Yoroi wallet. before the snapshot, so very soon, i want to transport all my ada to Yoroi for staking. Question. Do i have to create a new Yoroi wallet (on the testnet ans how to do that?) or gives Yoroi the opportunity to stake from my/the current wallet. I cannot find the information on the Yoroi website yet.
You should never ever keep all your savings in any exchange for long (even in any mobile or PC wallet), but until you trade/exchange and move it to your wallet. What I would do if I would not be some technical/geek:
- I would download the Official Yoroi mobile wallet to a non-jailbroken/non-rooted device (these are more secure than PCs/Laptops), preferably iPhone.
- Create a new Yoroi wallet
- and WRITE DOWN (with pen or pencil) the 15-word length recovery phrases to a or two paper(s) and securely store it (in fire, water resistant envelop or similar) in two places.
- Verify it, by deleteing and restoring your wallet in Yoroi from the written down recovery words.
- Move some funds (e.g. 1ADA) from the exchange or old yoroi address to this newly created one.
- Just, to be sure you use the proper address generated in the mobile wallet.
- Move all your funds from the other Yoroi walet and exchange to this new address
- Wait till snapshot
- Do 2. to 4 again, for moving your funds to a newly created (after-snapshot) wallet for long term HODLing.
- And keep the written seed phrase safely off the Internet.
- You even can delete Yoroi, and just have public addresses bookmarked in Chrome/Firefox to check your mainnet balance time to time.
- as YOUR SAVINGS are not in the wallet but in the mainnet, but you have the access keys to those funds in your wallet, so that’s why I would delete it, and just would keep the bookmarked public addresses.
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Thnks ilap for your advises! Still remains one question about the new Yoroi wallet you advised. How do i know that this wallet is on the testnet? And yes, i have my current yoroi wallet on my iphone.
I am not sure, but assume, that there will be some redish badge on the app icon and in the app itself.
Thnks again, i just saw at this forum a new article " dummies guide", he describes it very well.
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