What is Cardano?
Cardano is a proof-of-stake public blockchain cryptocurrency. It is open-source and decentralized, with consensus achieved using proof of stake. It facilitates peer-to-peer transactions with its internal cryptocurrency, Ada; while supporting NFTs and Smart Contracts. Cardano was founded in 2015 by Ethereum co-founder Charles Hoskinson. The platform uses peer-reviewed research in an effort to avoid the pitfalls of other chains.
Cardano is a blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create possibility for the many, as well as the few, and bring about positive global change. With a leading team of engineers, Cardano exists to redistribute power from unaccountable structures to the margins – to individuals – and be an enabling force for positive change and progress. MermADA choose Cardano to run and start TAILS pool because of the community that surrounds this currency. The community stand behind the motto ‘Be the change you want to see.’
Proof of Stake (PoS) gives mining power based on the percentage of coins held by a miner.
Proof of Work (POW) mining requires huge amounts of energy consumption to fuel computational power.
Where to Purchase
Cardano is a widely known cryptocurrency and you can find it on several of the best cryptocurrency exchanges. Here are a few popular platforms that have it listed:
Choose the exchange you prefer and sign up for an account. Once your account is verified you can transfer USD to the account and make your first ADA purchase.
"All the king’s horses and all the king’s men will never gather up all the plastic and put the ocean back together again." - Charles Moore, Marine Researcher
Where to store your ADA
It is important to know you don’t want to keep your ADA stored on the exchanges above. Big stake pools may generate rewards more evenly, however, smaller pools share their rewards with fewer delegators. This means your ROI evens out over time with small pools. You also become a bigger part of the community, supporting a small pools mission like ours. Depending on your device you have different wallet storage options. Yoroi is a mobile app for those using a phone, Yoroi and Nami offer browser extensions, and Daedalus is a complete node for desktop use. Ledger is a hardware wallet.
Choosing a Stake Pool
Choosing a stake pool is a little like choosing a bank. When you delegate your ADA with a stake pool you do not lose possession of your funds. However it is like saying I support this pools cause or mission. The amount of stake delegated to a given stake pool is the primary way the Ouroboros protocol chooses who should add the next block to the blockchain, and receive a monetary reward for doing so. The more stake is delegated to a stake pool (up to a certain point), the more likely it is to make the next block – and the rewards are shared between everyone who delegated their stake to that stake pool.
FAQs About Staking ADA
- ● Can I change my delegation?
- Yes, stake can be re-delegated to another pool at any time. Re-delegated stake will remain in the current pool until the epoch after next (from the point of re-delegation), after which your delegation preferences will be updated on the chain and your stake moved to the new stake pool. Rewards are distributed from the end of each epoch, so you’ll continue to receive rewards from your original stake pool for two epochs before your new delegation preferences are applied.
- ● Can I delegate to multiple stake pools?
- To delegate to multiple pools simply create separate wallets. The stake associated with each wallet can then be delegated to a specific stake pool.
- ● Will the rewards I earn be added to my delegation?
- Yes. Rewards earned accrue with your original stake. When rewards are received, the balance of your reward account increases – and, consequently, the delegated stake is increased.
Thank you! For checking out our website resources!
I am MermADA of stake pool TAILS. We are a ocean focused philanthropic stake pool. We donate 50% of our stake pools monthly block rewards to Coral Restoration Foundation and Sea Shepherd. We offer cNFT minting resources and services to help support our pool as well. Our mission is to be the change we wish to see. We appreciate everyone of our delegators immensely. I am humbled to be able to support the cardano communities projects while aiding in the restoration and protection of the ocean.