As Jam35x has said you cannot yet join a pool. When the time comes you will do that directly from the Daedalus wallet. There will be a staking section which lists all of the pools and a description of each. You simply choose one and push a button to delegate your stake to them. You can see screenshots of the future wallet on the roadmap page, next to open ouroborus staking.
Thank you guys ! I understand a bit more now done also a bit of research .
Another question will be does it matter how many Ada you own to be able to join a pool and are you the one making the vote or you just give your right to the pool leader ?
Just speculating, but I don’t think there will be a minimum to join a pool. And I do believe you will be delegating to the pool the authority to sign the block on your behalf when you are elected slot leader. Later on when the treasury is added and there are votes for resource allocation, etc, I don’t know how voting and delegation will work then. I’m curious to find out all of those details as well.
Hi Jam35X.
If you are staking, you will always have a proportional chance to be elected slot leader.
The 2% criterion is for being on the ‘electoral committee’ - these will participate in the coin flipping protocol (termed the ‘Multiparty computation’) and the choosing of all slot leaders for the next epoch.
Here’s the details from the docs:
Slot leaders are elected from the group of all stakeholders.
Please note that not all stakeholders participate in this election, but only ones who have enough stake (for example, 2% of the total stake). This group of stakeholders are known as “electors”.
Electors elect slot leaders for the next epoch during the current epoch. Thus, at the end of epoch N it is already known who are slot leaders for the epoch N+1, and it cannot be changed.
Imo - I think 2% is unrealistic requirement (and 2% is only mentioned as an example…not finalized) as that means effectively you would never have more than 50 servers on the election committee and it’s unclear how many staking pools/stakers would be large enough individually to host 2%. (Note that is 2% of the total staked at any point, not total Ada).
Anyway, just wanted to clarify that the 2% is only specific for being on the election committee (an elector) and is not a requirement for being a slot leader and thus getting staking rewards.
You can have 1 Ada staked (and with a lot of luck lol) still be a slot leader
Hi Regsanman,
My understanding = When you delegate, you are giving the pool three rights:
1 - Ability to act as slot leader on your behalf (and thus sign the relevant block for you and capture the block signing the rewards for you).
2 - Ability to act as an elector and participate in coin flipping protocol for selection of slot leaders
3 - Ability to vote on software updates for the blockchain protocol (not for treasury related items).
The treasury aspect is not included at this point in the staking delegation. So basically you are only delegating ‘blockchain production rights’ to the pool.
I strongly suspect (and hope) that votes for community projects and use of treasury funds will be done in a different voting setup where you can read a lot more details about any given project and vote at your leisure before a specific deadline, much like how Dash does it with a list of projects and info on each.
Also, I think the minimum to stake will be only 1 Ada, but note that you do have to pay a small fee to do the delegation (in order to avoid DDoS risk). Probably only pennies but for only 1 Ada it might matter.
There should be an update on Feb 5 and we’ll all know a lot more details on staking, pools, etc. with that update.
We’ll be updating our FAQ on AdaPools.io as well once more info is known to make it easy for everyone to get the details as they become finalized.
Hope the above helps for now!
@MegaWind Thank you for clearing things up.
HaHa!