Staking should be super simple. Have a product manager sit down with user researchers to decide how to create an EZ mode.
One click auto-selects a pool with great returns
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 wonât 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 shouldnât have to to this.
Modern investment services and roboadvisors (Wealthfront, Betterment, Fidelity) determine your risk profile and invest so you donât have to.
I agree with what your saying, but dumbing down instead of educate is harmful in the long-term.
Iâm 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 Iâm 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 âpearls to pigsâ, donât get me wrong.
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 âbestâ 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 âthird worldâ countries can only be consumers, not producers. Struggling community pools, from economically disadvantaged areas where you might conclude people donât have enough âformal educationâ to start a stake pool, would be the most ruined of all by the adoption of what you suggest.
Itâs a good thing that the âproduct managersâ and foundation supporters of Cardano have never taken the position that âUsers in Africaâ 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, itâs obvious to a common denominator of cryptocurrency users why elitism and centralisation donât work. Youâve 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 ADAâs 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 âpoor and uneducatedâ countries have any trouble understanding that.
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.
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
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 donât care whatâs 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 elseâŚ
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. Itâs still the very early days.
I agree, If people donât understand how their monetary system works, we will end up with our current financial system, which is very exploitive to those who donât understand it . Ada is smart money, it doesnât 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 arenât 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 itâs 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 âbasicâ, 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 donât see an advantage to having a certain percent unstakedâŚAnd 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 demandâŚ
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 doesnât 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 âhodlingâ were to stake.
I donât think so - if you donât 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 âpoorâ, how to writte and read, they thought it would become a must for you to live in the âeducatedâ 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 âsimple mindedâ people of today. Beacuse in the long-term, considering whats comming, it will be a must.
I donât disagree with the sentiment but as an analogy - of the people who use a mobile phone hardly any of them would have much idea technologically about how their speech with someone on the other side of the world goes back and forth . .
Thats the kind of users you correctly asserted will know how it works if they want anyway.
And I can give you myself as an example. Above the low-medium technichal knowledge of how cardano runs I know practically nothing. But I can, is just a matter of time and will.
Point is, shaping the edges of a square for it to fit as a circle is counter-productive, IMHO.
Conforming is ruinous; let alone forcing it by dulling the possible users beacuse itâs âsimple, better and easyâ.
The future motto is: âA simple argument beats a complex argumentâ.
Which is what we must have in mind when talking about blockchain and Cardano itself.
Donât you think that most of the people said who donât have any clue about whats behind the mobile phone tech would be amazed and wanting to know more if in simple terms like, âitâs basically compose/decompose of bits of information into electrical signalsâ, it was explained? It would have a kind of magycal effect, again IMO. But thats for another conversation! =)
No I donât - MOST people just donât care - they just want the device that they bought to do the job that they bought it for - they same thing applies to cars - most people donât care what goes on under the hood . .
âBut it does incentivize people to understand how the system worksâ - you mean like our current system does (sarcasm), but different (better? - not sarcasm).
I think itâs a fine line, albeit a necessary/important one, to educate and prompt interest in learning more about increasingly-more complex aspects of this multifaceted âcurrencyâ -Vs- confronting someone who is interested and ultimately capable, with a steep learning curve that may intimidate and potentially put off someone, no matter how intelligent but who at that moment cannot invest the necessary intellectual capital into jumping through all the hoops. âŚand because of that, lose-out on some positive aspects (i.e. personal interest/capital - no staking, therefore not good for the system as a whole either).
There are sophisticated earning and investing tools for those who wish to invest (covered calls/reverse puts and other strange sounding things), and then there are CDs at your local bank that your grandmother can easily institute by herself completely online -Vs a savings account or mutual fund with a checking option, that even my grade-school grandkids can figure out.
I agree that there should be more âsimplifiedâ options with training wheels to democratize the entry and reduce intellectual barriers of entry into such a potentially vast/liberating economic/political tool, without hamstringing the ability of someone diving deep and learning more â heck, maybe even a method of encouraging a certain level of âgrowthâ from within the community (or the app). Incentivize the âteachingâ or success of someone else staking or learning/doing more within the Cardano community? (without it becoming a commission-based multilevel marketing scheme I mean LOL).
