Staking is too complex. Add a 1 click robo-advisor

Staking should be super simple. Have a product manager sit down with user researchers to decide how to create an EZ mode.

  1. One click auto-selects a pool with great returns
  2. Changing pools is automatic without user input

If Cardano is really meant to be used by the masses, including in 3rd world and emerging markets staking needs to be simplified.

Users in Africa often have little to no formal education and interrupted/slow connectivity so expecting them to understand saturation, pledge, etc., and then adjust their pool regularly is out of the question.

Even my Mom won’t understand this.

Show the user the expected interest rate, then press a button to fire and forget for a few months.

I have read so many guides and watched youtube videos on how to pick the best pool and the average users shouldn’t have to to this.

Modern investment services and roboadvisors (Wealthfront, Betterment, Fidelity) determine your risk profile and invest so you don’t have to.

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I agree with what your saying, but dumbing down instead of educate is harmful in the long-term.

I’m having a battle myself to get some friends to buy ADA. Although, instead of doing everything for them, I require that they get educated about blockchain and the project itself, while I guide the whole process (as much as I’m able).

IMO you must give the information and tools required for everyone to work with, independently of the education background.

Everything takes time, effort and resilience. Otherwise you are just giving “pearls to pigs”, don’t get me wrong.

Cheers

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That sounds like an opportunity for some folks in favour of stake centralisation (since your approach will generally favour the largest pools) to get together in a small, centralised group of already established influencers to decide what criteria signify the “best” pool(s), so they can further promote those already large pools and leave the smaller pools to die, like many of them are already.

The suggestion that Africa would benefit from this idea is an example of the horrifying bias that users in “third world” countries can only be consumers, not producers. Struggling community pools, from economically disadvantaged areas where you might conclude people don’t have enough “formal education” to start a stake pool, would be the most ruined of all by the adoption of what you suggest.

It’s a good thing that the “product managers” and foundation supporters of Cardano have never taken the position that “Users in Africa” are too dumb to understand it. If you yourself have had to watch more than one YouTube video to understand how Cardano staking works, then at the very least that problem is universal.

And far beyond Cardano, it’s obvious to a common denominator of cryptocurrency users why elitism and centralisation don’t work. You’ve described a fundamentally exploitative, authoritarian system that would turn Cardano into another EOS: which to say that it would be run into the ground.

The preservation of ADA’s existing value and capitalisation, through a long-term viable, decentralised and unbiased system of delegated staking, are far more important than a decimal point or two of staking interest. None of the Cardano investors & supporters I know in the “poor and uneducated” countries have any trouble understanding that.

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I think ADA should be autostaked like EOS at least in wallets like Exodus. The wallet should pick a low stake pool and autostake the ada, this would also help small pools then of course the owner could restake it whenever he wants to. Defaults can have magic effects because most users always use defaults for a long time.

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I speak as someone who is from a country not as technologically developed as others. I would much like to understand the process of staking than have a robot take all the decisions on my behalf. I prefer to support the smaller SPOs than worry about marginal gains in staking rewards.

If we look for the mass adoption of cryptocurrency in the third world countries we need to enable and educate people than to deprive them of taking the informed decisions regarding their crypto assets.

The notion that we need to make things easier and simpler for less educated and less enabled smacks of a bias against the intrinsic ability of people to understand things for themselves, only requirement is access to quality informative material.

In the present world where people are happy using automated stuff I would support dissemination of knowledge and information :sunglasses:

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I would agree with the question if ADA was just a unit of currency and getting staking rewards equalled in experience to getting interest in your savings account. You don’t care what’s behind it, you just need your 0.25% savings interest credited monthly.

But, what we are dealing here with, is a token with many potential characteristics in one: a payment tool, voting participation rights, property rights, transaction meta data link and … who knows what else…

Staking should not be simple or automated at this stage. Cardano needs to grow a cohort of users who become well aware of all types of technical, economical and UI issues, which the protocol needs to overcome to become successful. It’s still the very early days.

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Opening Daedalus, and clicking on the #1 ranked stake pool is about as simple as it gets.

I agree, If people don’t understand how their monetary system works, we will end up with our current financial system, which is very exploitive to those who don’t understand it . Ada is smart money, it doesn’t exclude the uneducated, or take advantage of them. But it does incentivize people to understand how the system works.

I wonder, and maybe its a philosophical question, but does Cardano really wants to have 100% of its ADA and wallets staked? I understand here the coins aren’t locked like in Ethereum and can be spent while the wallet is staked, but maybe its just fine or even desirable to have some % in floating coins, non staked wallets. I suppose enforcing or trying to achieve 100% of staking, it pushes people to delegate to whatever pools finds first. Maybe it’s healthy to have 2/3 of ADA staked (in the hands of more specialized and involved users, startups, funds, the ecosystem, mid and long term investors or savers) and 1/3 non staked, free floating on hands of more “basic”, casual users, with smaller wallets, for daily/mundane transactions.

I kind of think the more people that have ada staked, the more OTHER people are going to want it. I don’t see an advantage to having a certain percent unstaked…And of course there would never be all of the ada staked because the price would go up until someone decided to sell… simple supply and demand…

in my understanding (I could be wrong) 100% staked would technically mean 0% available on exchanges for sale. As the supply available on exchanges is reduced (moved to staking) the price will go up, creating an incentive to move your ada back to the exchange and sell for profit. So, 100% is not very realistic. High % staking supports many stake pools which earn rewards and secure the network. As long as the network is secure, with a high enough % being staked, the actual % being staked at any given time doesn’t have any major affect or difference on the price or utility of ada.

Along with that, providers like Celsius will allow lending of ADA at rates greater than staking rewards so many will want to opt for that path instead of staking. Long story short, there will always be (and you want) some supply in active circulation, even if everyone who was ‘hodling’ were to stake.

I don’t think so - if you don’t have something like this facility, you will just lose those potential users - people who are really interested will do what you want anyway . .

You think that when jesuits started to teach the material deprived people, aka “poor”, how to writte and read, they thought it would become a must for you to live in the “educated” society that was built? Some of them may some may not. Rests the question.

Todays paradigm requires that we start to push the boundaries of the “simple minded” people of today. Beacuse in the long-term, considering whats comming, it will be a must.

Cheers