Setting up a new pool utter confusion

Staking & Delegation Setup a Stake Pool
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Hello everyone. I’m new to cardano, but I am also very excited to be part of the community. I’d like to help running the network.

I have recently set up a brand new Ledger Nano S to have cardano app installed, bound it to Daedalus wallet, and have some funds transferred to it from the exchange. Now, I would like to use these funds for pool deposit (500ADA) and some more for the pledge.

I am trying to follow the guide, but in the end I’ve gotten completely confused about terminology, and I would like you to help me understand everything.

  1. What are cold signing/verification key and what are they used for ?

  2. payment verification and signing keys. As I understand it these keys are used to generate address used for payments (transactions). Question is why do I need it for certificate generation and can I use my hardware wallet somehow ? How do I extract these from my hw wallet app ?

  3. stake verificatio/signing key and stake address. The keys are used to generate stake address which in turn is used for participation control (create stake pool, rewards,etc). As I understand this address cannot receive any transactions other than rewards. Is this correct ?

  4. What is vrf signing/verification key and what is it used for ?

As I understand it, signing keys are generally counterparts of private keys (and therefore should be kept somewhere safe) and verification keys are public keys. Is this correct ?

I will be very grateful for your help here.

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Hi, I recently set up my pool successfully following the guide by Phoenix Pool on youtube. I highly recommend you watch it, basically takes you from zero to hero :slight_smile: I’ll include the link below:
Phoenix Pool Guide

1 Like
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Hello Reynaldo, it helped a lot !

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I’m glad, it’s a really great guide :slight_smile: