HI. From what hubby and I have learned, you move into a cold/hard wallet as soon as you can and do not hold on any exchange, for this is how/when the hacking/loss can occur.
Indeed, Hard/Cold wallets are more secure than an exchange for storing crypto.
I hope this is the right place to ask a noob question about staking.
- Staking produces ADA coins.
- The more ADA coins you have and then stake the more coins you get. ADA begets ADA.
- The more people buy ADA, the higher the price per coin goes and the more valuable your stake becomes.
- There is a huge financial incentive to maintain and increase ADA’s value over time so that your stake increases in value.
- Exchanging fiat for ADA and then staking that ADA increases the amount of ADA you get and also the value of that ADA.
Is this right? If so, then over time there is no reason not to see ADA just keep on increasing in value. Or is this all an inflationary bubble? I mean that the more money that comes into ADA the higher its value becomes and the more returns people get. Where does this stop?
Hello guys,I would like to ask is it hard to run your own Stake Pool?If Stake Pool Operator makes some mistake,is it possible all the coins in the pool to get lost?How much reward can stake pool operator expect?Thank you for you answer!
No that can’t happen. I’m not an op and can’t answer your other questions, but they are quite vague and I might not want to spend time trying to answer them if I was an op. Just saying, don’t be too surprised if you get little response – but maybe it’s me who will be surprised!
@Vaeran YouTube has a wealth of information for those like you and I, who want answers to these questions. I’ve learned a lot from many, many sources. Just make your questions very specific and you’ll receive various channels to learn from… and more! Also, within this Forum by using the search on our menu bar. All the best.
Thank you for your answer,guys!
Thanks for creating this thread. What books/authors/thinkers have had the greatest influence upon the philosophy behind cardano?
Also, I really like the “purpose” of cardano laid out on the cardano.org. A large factor in the success of this purpose seems to be individual responsibility. Nothing demands responsibility like knowledge. Right now the knowledge gap seems so large between academics, developers and the first movers in the crypto space from the average person. In what ways can an “average” person like myself close this gap to become more responsible/knowledgable and help cardano continue progressing into the future?
Thanks for your thoughts and time
Cardano wrote/is writing the book!
I had a Yoroi wallet on a pc with a nano x-ledger.
Now i don’t have access to that pc anymore, but off course ,i have my ledger.
I have continued to buy ADA and send them to the same address. I didn’t take part in staking on the testnet even i had most of my ADA before nov-19. Now i want to have Yoroi on my iMac / Safari but am i right that is not possible? Is there no Yore wallet for iMac Safari? I have also a iPad but I can’t connect it to the Ledger Nano x.
Yoroi is only available as browser plugins (e.g. Chrome/Firefox plugin) or available as mobile app.
Emurgo is also working as fast as possible to release staking on the new Shelley codebase so keep an eye on the new releases.
Great, thank You for answering!
Cardano Foundation and Charles Hoskinson are accepting applications for new Podcasts, if you are interested in something like for people.
Hi! I’m having hard time looking for some information about penalty for bad actors and how does it affect delegated stake. For what I’ve learned, delegated stake is not at any risk, even if stake-pool operator behaves bad. So how my delegated ADA secures the network? I’d expect something like this: operator misbehaves -> pool is loosing some money -> delegators are loosing some of their stake -> they’re changing stake-pool -> pool gets smaller, therefore it gets less blocks to validate.
If only risk is to not get reward, than what my ADA is actually doing there? What would be the difference if stake-pools had only pledged ADA and no stake. We basically watch once a moth if stake-pools operators are doing their job?
Edit: And what happens to confiscated ADA? is it burned?
up to now Cardano has no notion of “slashing” or direct punishment to bad actors. Of course you have to distinguish what the individual here understands by “bad behavior”, but in general “bad behavior” will result in bad pool performance which then will result in delegators reconsidering their delegation. (there is a sort of indirect punishment here)
1.) there is nothing a pool can do (intentionally or accidentally) to put your delegated ada (in your wallet) at risk.
2.) on the other side, there are many things a pool can do (intentionally or accidentally) to put your rewards at risk. This includes server outages, attracting you with a small fee and then raising the fee, removing the pledge without registering the new value. (wallet and pool tools will track such behavior)
For all who are interested in more details on these and similar topics:
To understand what ada does and how it is involved in the slot leader “lottery” please see this short video:
Alright, thank You, all is clear now
Regarding this graphic, I have a couple of questions:
Copy-paste from a template vs functionality on the ledger itself - what are the implications of this (if possible can an example be given to clarify?) Does this mean there are more limitations when you draw from a template or is it something else? It is noted that ERC-20 can modify from the template, so there must be very key differences in capabilities for this part of the comparison to be noteworthy right?
Forging policy script in any supported language vs Solidity smart contract - some form of fee will still be required to perform this action right? If so, what are the technical differences between a forging policy script and a smart contract? I feel like it is worth hashing this out for those unfamiliar with protocol details (like myself).
Smart contract not required to transfer - does this mean you can transfer the coins on the ledger without transaction fees? If so, how is ADA compensated for the security provided?
I know you guys are busy, but I would really appreciate an answer at some point so that I can properly advertise what differentiates this product from competitors.
very good questions.
(1) ERC20 is (or has become) a standard to create tokens on Ethereum. It is a smart contract template, but technically it was “a request for comment” in its 20th version.
The Infographic describes how the token is treated. On Cardano native tokens are treated like ada itself not like a contract.
(2 and 3) Native token assets are implemented in a way that they could pay their transaction fees in their own token. By default this is turned off, means: all native tokens on Cardano need to pay their transactions in ada.
But at some point, the community could decide (via a vote) if one specific token brings so much value that this token can be “levelled up” to turn on this specific property “native fees vs ada fees”.
There was a whole presentation about this at the Cardano virtual summit:
(I tried to quickly find the right time stamp and it starts around minute 19 - hope it is correct and helpful)
Thanks for the response @adatainment
So would the following be an acceptable dumbed-down explanation of the difference between ERC-20 and Cardano Native Asset (let’s call it NA for now):
Transactions require processing less code = transaction fees are cheap and simple code is less opportunity for bugs and exploits.
Transfer() function requires much more code = gas fees are expensive and complex code is more opportunity for bugs and exploits.
This means that transactions are strictly better and is always preferable to running smart contracts whenever possible.
ETH changes hands through transactions.
ERC-20 tokens change hands through transfer() functions (smart contracts).
Both ETH and ERC-20 tokens pay gas fees when used in a smart contract.
ADA changes hands through transactions.
NA tokens change hands through transactions.
Both ADA and NA tokens pay gas fees when used in a smart contract (in this area native/non-native are the same)
So the ultra simplified answer to “what’s the difference” is that ERC-20 tokens always have to pay higher fees to move than ETH tokens due to having to run a smart contract for a simple transaction (and less secure as well), whereas NA tokens and ADA pay the same fees to move and share the same amount of security. In addition, NA tokens are eligible (if they are valuable/reputable enough) to pay transaction fees with their own tokens instead of ADA.
Is this understanding correct?
I appreciate your enthusiasm. My honest opinion about these sentences is: they are just some claims, and some are even wrong. I would advise waiting until there is proper information, marketing information and proof points.
This should be explained by people who develop these things. That will come, please better wait.