Lets say i buy ADA on Binance, are those Cardano a “test” or something?
I only heard of the testnet and don’t really know what it means.
But i wonder if ADA is still on some kind of test period?
(will it become “useless” those i buy on Binance or a “a fork” if/when it goes live, or is it already live?)
Hello, thanks for posting.
The Ada you buy on Bianace is live Ada. The test-net that is currently operating was taken from a snapshot they took of the Ada main-net back in November. The test-net was set up to test the functionality and participation in the next evolution of Cardano called Shelley. Shelly brings full decentralization to the Cardano blockchain and has been under construction for several years. The good news it’s almost done. People have been earning staking rewards on the test-net in order to incentivize participation and at some point in the next couple of months they are going to merge the testnet staking rewards into the mainnet when Shelley goes live. From the laymen’s point of view there will not be anything to do except keep your private key words handy in case you need them and if you have an older wallet and make sure you are running the most up to date version. The rest should be seamless. If you bought Ada on Binance today and leave it in the Binance wallet it should be fine as well. I usually recommend that people transfer their coins to a wallet under their own full control in case something happens to the Exchange but I realize that is not for everyone. If you want to look at a good and simple Cardano wallet look at Yoroi it’s a plug in for Chrome and I think supports other browsers as well as has a mobile version. Once Shelley goes live you will be able to stake your Ada and earn rewards so be aware of that. Binance will probably have a way to stake through them but you will be able to stake to other pools through Yoroi or other wallets if you hold your own coins. It will be much easier than it may sound so I encourage you to learn more.
Let me know if you have more questions.
Thank you for such a good informative reply. appreciated.