How do forks and wallets effect the ADA I have

daedalus

#1

I’m confused about how forks and changes affect crypto that is being held on a wallet. If I purchase 10k ADA and put it on this version of daedalus wallet what will happen to it if it goes through a fork? Would it be the same ADA as before or do I need to somehow update it? What happens if I don’t update it would it all be worthless? I’m also very confused about how ETH can go through an update if no one owns crypto.

How does the wallet update and what prevents the makers of the wallet from accessing the crypto? Is there a way to refuse up date? What if the update ruins whats in the wallet?

Do wallets like daedalus charge fees for transactions and if so who gets the fee?

If I purchase some ADA and leave it in an outdated wallet and not touch it for 3 years is there any chance that it will become worthless? What happens if cardano team is gone ? would the wallet also be gone or is it somehow tied into the block chain?


#2

There will be no hard forks with this protocol thanks to the on chain governance system. So only soft forks are possible.

IOHK’s contract ends around 2020, if you think they did a great job (also read the independent auditors reports on the code they have delivered) you will get a chance to vote for IOHK to continue development for the next term. If you are unhappy with their work you can vote for another company.


#3

Can’t imagine Cardano without Charles myself.


#4

Me too @CherylLHall31, but I’m quite confident he will and IOHK will be voted in for the next term, I love how he has said,

I want them to hold my balls to the fire to see if I did a good job, and we should expect nothing less for a cryptocurrency,. I want accountability and a high standard to become the norm in this space.


#5

Charles always gives a great interview! I especially loved the f bomb drops at the end of that one in particular! Passion - Honesty and Class - I love Cardano - if I could only hold one coin this would be it.