Can someone here with some more in-depth knowledge explain how the proof of stake system will actually work? As a layman looking over ouroboros, it seems to me as if one can give the right of ones stake to delegates which can represent multiple stakeholders and I assume that these delegates then receive incentives which are distributed to the stakeholders based on the amount of their stake? Or will it be more like that one will have to hold a certain amount of coins in order to be able to function as a delegate or whatever in order to profit from proof of stake such as Dash and its masternodes? Thank you for the reply in advance!
You will be able to delegate the staking process to a staking pool directly from your Deadulus wallet. Generally the more ADA tokens you own the larger portion of the stake rewards you will receive. The larger the pool you join, the higher the chance that the pool will be selected as the next slot leader. The rewards will be proportional to the size of stake you own, however this also means that reward distribution will be more frequent.
If you would like more information on how to join a pool using your Deadulus wallet you can check out https://blushpool.com.
The reward will be proportional to the stake!
If you have a look at ARK and their wallet, you can see how easy DPOS can be. I’ve not come across an easier coin to stake than ARK, so go try it out if you’ve not done delegated staking yet an you’ll have a better idea of how this might work. Inside the wallet you choose/ cast your vote for one of the staking delegates. The total ADA in your wallet will then count towards the total held by that staking pool. The admin of the pool would then be responsible for the reward payouts.
IOHK has expressed they want a Bittorrent like network, where more users means more nodes, and better performance. So I would expect the bar to be rather low to run a node, meaning we should see lots of nodes/pools.
When Shelley Start we should have 25-100 pools (Charles H on telegram group)
Yes, right and guess we will see that number grow over time. One takeaway from that announcement is pool numbers won’t be fixed like in the case of Lisk or Ark and will be fluid like Dash, NXT or Nem.
Thank you Adafans_io, I made the update to the original post.
If one were interested in forming one of those groups should we look for that telegram group? I saw Charles H’s update last week that described the upcoming search for such groups.
I think this is somehow deceiving! So you say - only big pools will have a “chance” to be selected? Only if you stake to “giant whale pool” you get rewards?
So how will the network be descentralized than? If only big pools “are selected” than in the end we will have only a 2-3 big pools? I am sure this will not be the case.
I think the rewards will be proportional to the nr of ada you will stake.
The “big pool” thing will be just an “marketing incentive” for “regular users”…
Hello Adafans, btw I am glad you started a fan group!
That’s not what we said, just that larger pools will have a higher chance, statistically, to be selected as a slot leader due to the higher number of ada stakes in the pool. Any pool of any size has a chance to become a slot leader, and the smaller the pool , the larger the rewards will be (albeit the lower the chance to be selected in the same amount of time). In some cases it will be better to be in a smaller pool, but I think it really averages out over the long run.
To be clear we are not seeking to be the largest pool, we just want to help out the community and give our technical expertise in the crypto space to those who wish to stake with us. I’m sure the same goes with your stake pool or any other of the official stake pools when they are announced.
We’re all part of the ADA family.
Oh for the love of probability theory:
The Law of Large Numbers makes it so!
Side note, this makes me sad:
Do you have the link of your top staking pools screenshot by any chance?
Nope, besides my top is not going to be your top, it could I guess, I’m going to be pretty picky who I select.
BTW my nodes will not allow outside staking and will be running for proximity wallet sync only, 1 Ada pools.
My2Ada - Sad that Daedalus is ordering the pools based on Ada stake, my choice will not be making the first page
Makes sense they are doing this, sad never the less.
That’s not what I meant, I already know who I am going to pool with, my question is what is the URL where I can find the staking pools list from the screenshot above. I accessed that page a few weeks back, but I can’t remember how… Thanks in advance
I think its great all pools will be visible from Daedalus - it give a rather fair chance so any pools has some minimal visibility
We can also re-delegate to any other pool so its not about how this is going to start, but who will last over time. I can speculate not many from this initial list will be still doing this in 5 Y
That is a made-up image until staking starts no one knows what the numbers will be.
It’s just a mock up tho.
Anxiously awaiting the release of POS!
I have been holding some ada in Daedalus for over a year waiting to stake and would just assume go it alone. I admit I have not been exactly keeping up to date though. How does one stake ada? Is it just like staking other coins? I mean i know it’s not the same process but as far as turning it on in the wallet?
Just type a phrase in the console? I have owned a lot of coins and have a lot of wallets but Deadalus takes it to a whole new level.
Yes you will be able to switch it on in the wallet, but…
- It’s not happening yet, probably will start within 2-3 months.
- Not the current version of Daedalus, you’ll need to update when available.
- The vast majority of people will be much better off staking through a pool, so they don’t have to run hardware 24/7 (well, you wouldn’t have to, but you’d probably lose out substantially if you didn’t), and to get more regular (though smaller) payments.