I’ve known of Cardano for quite some time now but didn’t really pay much attention to the platform until a Youtube video sparked my intrigue. Suffice it to say, I like the fact that Cardano’s language is like none others out there; I was also particularly drawn to the fact that the developers at Cardano seem REALLY active and REALLY committed to this project. Since its the developers who ultimately dictate things, I’d like to get involved any way possible. I’m a day trader but also interested in getting involved with the stake of proof component (and meeting some new friends…the grandpa forums have gotten rather hostile towards one another recently). Feel fee to drop me a line whenever. Cheers!
Production quality aside and despite his little following, I actually found his analysis very thoughtful, informative, and logical. He’s quirky, but that brings him down to earth, making him seem more trustworthy than others. Needless to say, I bought a large amount of ADA after this video, which was just before it hit almost a 4% increase yesterday.
Well, not all of us are day traders, but all are interested in staking. Alas, staking is in testnet mode right now. IOHK is rolling it out a bit at a time to make sure it’s bulletproof. I’ve heard different things with regards to when it will be fully launched. Either late this year or early next year.
Then we can start counting the weeks and months to the launch of Goguen.
I can describe the principles involved but not much more. When it comes to staking I’m not any farther along on the learning curve than you are because I haven’t done it.
I know this much: either you run a staking pool, or you delegate your stake to one. There are videos on how to set up and operate a stake pool, but I haven’t watched any of them. If you delegate, you still have full control of your tokens and can use them as you see fit. Unless I misunderstood, staking just means you’re letting a node (each staking pool is a node on the network) use your tokens to verify the legitimacy of transactions. The more staking pools the better, because the more there are the more decentralized the Cardano network becomes.
Whether you run a staking pool or delegate your stake to one, you get a small monetary reward for helping to keep the blockchain network robust. Though I’m sure you get more for running than delegating, the former being a more demanding form of participation.
Someone else can jump in if I’ve got any of that wrong.
You should also check out this Video: https://www.youtube.com/watch?v=Ja9D0kpksxw&t=2s
Probably the most classic “Intro to Cardano video” which was the video that got me into this beautiful project back in 2017.
