One of the safest & easiest ways to store your ETH, Tokens, ETC, BTC, and many other coins is with a hardware wallet. This is a special type of bitcoin wallet which stores the user’s private keys in a secure hardware device. Hardware wallets have significant advantages over standard software wallets.
What is a wallet?
The wallet is an application that stores your cryptocurrency and allows you to send and receive payments. In essence, it is a secure digital wallet. There are a variety of wallets each with their pros and cons.
As of January 2018, there are over thirteen hundred cryptocurrencies. The most well known is bitcoin. The cryptocurrency itself is not stored in the wallet. In the case of bitcoin and cryptocurrencies derived from it, the cryptocurrency is decentrally stored and maintained in a publicly available ledger. Every piece of cryptocurrency has a private key. With the private key, it is possible to write in the public ledger, effectively spending the associated cryptocurrency.
Why hardware wallets keep your cryptocurrency safer
Breakthrough in Cryptocurrency Technology
Cryptocurrency technology represents a huge new breakthrough in technology that will affect all of us in the long term. The cryptocurrency market is becoming ever popular with the surge in people deciding to invest in cryptocurrencies. We’ve already surpassed $800 billion as the total market cap of all cryptocurrencies. That’s a lotta money! Today, there are still some technical complexities to managing cryptocurrencies in things called wallets. Due to their design, the wallets are a prime target for hackers and malware that might infect one of your devices. To that end, we want to help you take care of your cryptocurrencies so that you can sleep soundly knowing your Bitcoins are safe.
Private Key Security Flaws
For the majority of cryptocurrencies today, including Bitcoin, you have access to your funds by owning something called a “private key”. Each private key has a which has a corresponding “address.” Unfortunately, the way cryptocurrencies are designed means that whoever can access your private key has access to all of your funds in that address. Although there are good reasons for that design, it is the individual’s responsibility to keep their private keys safe from hackers and losing them. This is easier said than done. A quick Google search reveals many instances of people being hacked and having their funds stolen. People also lose their private keys – usually by throwing the hard drive away. So, what is there that allows you access to your coins, but makes it impossible for a hacker to compromise your private keys? Enter, the Hardware Wallet!
Hardware Wallets provide optimum security
Hardware wallets like the Ledger Nano S, contain your private keys and never expose them – not even to you! This ensures you can never copy it into the wrong box, send it to the wrong person, or share it in any way. Crucially, a hacker can never read it either. However, what good is your private key locked inside your hardware wallet – you need to be able to spend your bitcoins! Fortunately, as well as providing the highest level of security, hardware wallets also integrate with software wallets and enable you to send and receive your cryptocurrencies once you’ve input your pin code.
Multiple coin control
There are many hardware wallet offerings out there and you’ll need one that supports your particular cryptocurrency. You can find out which cryptocurrencies a wallet supports by referring to that particular vendor’s website. The Ledger Nano S, in particular, supports many cryptocurrencies and is most likely the best choice. However, double check if you’re interested in an obscure cryptocurrency.
Which hardware wallet do we recommend?
The Ledger Nano S wallet is currently our recommended hardware wallet. It has great currency support, developed by a great company and continues to add and more cryptocurrencies to its supported assets. Ideally suited to everyone, whether you want regular access to your wallet, or to use it as a safe cold storage mechanism.
While there are alternative hardware wallets out there, there are none we’d prefer to use. Any reputable hardware wallet should give you a huge increase in security if configured properly, its just a case of ensuring your hardware wallet supports the cryptocurrencies you want to store on it.
What happens if you lose or damage your hardware wallet?
In the case of loss or theft, your coins are still safe in your hardware wallet. As long as no-one else knows your pin code, then you need not worry. The road to recovery involves ordering a new hardware wallet of the same model and restoring it as per the vendor’s instructions. You will then have access to all your coins again. If you forget your pin the same applies. Simply enter the wrong pin 3 times and your hardware wallet will factory reset. You can then contact the vendor to reconfigure your hardware wallet from scratch and set up a new pin.
To keep your cryptocurrencies safe, there is no better way than to use a properly configured hardware wallet. The initial upfront cost pales in comparison to what might happen if someone was able to compromise your private keys. Just think of the consequences if one of your devices fell victim to a phishing attack or other malware. Of course, another good option is to use an exchange like Coinbase .When properly configured with two-factor authentication, this can be a good option. However, do bear in mind that in the past exchanges have suffered hacks, compromises and insider dealing. If you store your coins on an exchange, then there’s a chance they could be compromised. This is because quite simply,’someone else has total control of your coins and you probably shouldn’t trust that person’. If you use a hardware wallet and don’t share your security details with anyone then you are as safe as you can be.
hardware wallet image
Finally! A Cardano Mobile Wallet!
The last few weeks have been pretty exciting for us at Planet Blockchain. With Coinbase proposing to list 3 of our top currencies, we’ve been working hard on our own contribution to the cryptocurrency space.
A real pain point for us when using Cardano was having to use Daedalus and sync it with the blockchain. This takes ages and is prone to require restarting Daedalus, and/or your computer! No thank you! Even when you achieve the Nirvana state of a sync’ed Daedalus, you now have to input your 12 secret words, aka your private key, to restore your wallet. If you’re not on a device you own and trust then this is obviously not an option. The owner of the device, or, heaven forbid, website, you enter your 12 secret words into has the ability to take all your funds, if they want to. They might do it instantly, they might do it tomorrow, or they might do it in a years time.
So what’s the solution?
A light wallet, or mobile wallet, where the only information you put into the wallet is your public address, or addresses. There is absolutely no way to take someone’s funds just from their address, which makes this a secure solution to looking up your balance. Many of these solutions exist for popular currencies like Bitcoin. If only there was one for Cardano.
Luckily for you, dear reader, we’ve built one.
Once you’ve set up your wallet through Daedalus, you can copy and paste your addresses into the mobile wallet in order to track your balance(s). Make sure to always protect your back up phrase for your wallet and never share it with anyone. Including us, and any other wallet software.
Check out the app and let us know what you think
We at Planet Blockchain are super excited by Cardano and the cryptocurrency space in general and commit to bringing you the highest integrity information on the topics we care about the most. Thank you for being part of our small community and we hope you enjoy the app. You can read more about it here.
The Easy Way To Buy Bitcoin
When you first buy Bitcoin or any other cryptocurrency, it can be a very confusing process. There are dozens of options available and an overwhelming amount of information is required to dig through them all. We’ve got a very straightforward approach laid out that is the way all the cool kids do it, to super simply buy some Bitcoin. Literally, it couldn’t be simpler than this. Read on, courageous internet hero!
Other exchanges are available, but we’re not laying out options here. We’re giving you answers, and the answer is to use Coinbase. Simple. It’s the best company in the world for first-time buyers of cryptocurrency, without a doubt. Sign up here and get $10 free.
Coinbase is a San Francisco based company licensed by New York’s Department of Financial Services, to offer Bitcoin, Ethereum and Litecoin. It has over 8 million clients and serves over 30 countries including the US, Canada, Australia, Singapore and much of Europe. It accepts PayPal, bank transfers and credit/debit cards.
Before you know it, you’ll have a bitcoin wallet with an address. Easy! If you like, you can even get their mobile app to make things really easy to use your cryptocurrencies, however, you don’t need it. To our next challenge!
Buy Some Bitcoin
Now that we have a Coinbase account set up, we’re able to buy some Bitcoin. Buying, for instance, 0.1 Bitcoin can be done through the Coinbase interface and is no different to buying a table online. Simply enter your card details, buy a small amount, and wait till you can see your balance reflected in your bitcoin wallet. It really could not be simpler. At that point, with some bitcoin sitting in a Coinbase wallet, we could stop. It’s been a long weary journey – but you are now the proud, heroic owner of some Bitcoin. However, we must press on, for we are not out of the woods yet! One final step lies in front of us, with a bonus option for those dealing in larger sums of money. Bravely, we must continue!
Two Factor Authentication
We must enable something called Two Factor Authentication (2FA) on our Coinbase account. To not do this would be reckless. Luckily, setting it up is easy and Coinbase will mostly guide you through the process. Go into account settings, and follow the guidance there. All this means is that when logging in there are two things at play – the password you use to log in, and then a special code only you have. So if someone manages to steal your password, they can’t just steal all your precious cryptocurrency treasure. With hackers getting more and more sophisticated this is a must have these days, so please please please invest one minute to set this up.
At this point, for most people, the journey is over. You are now the proud owner of a secure Coinbase account that contains some Bitcoin. Or maybe you bought some Ethereum or Litecoin. For as long as Coinbase remains secure and continues to do business, then your Bitcoin will be available to you. Of course, if something catastrophic destroyed Coinbase, then your cryptocurrency investment would be lost. However, holding a small number of coins on an exchange with two-factor authentication enabled is a reasonable approach, all things considered. For the lucky ones, your journey is over and may the force be with you. For those prepared to step once more into the breach…
A hardware wallet will set you back around ~$120 so unless you’re investing at least a few hundred dollars, then they probably aren’t worth it, but nonetheless are an option. For those wanting to take control of their cryptocurrency then a hardware wallet is the answer and for most people, the Ledger Nano S is the perfect option. An alternative is Trezor although they supportfewer cryptocurrencies.
Purchasing a Nano is easy and setting one up once it arrives takes a few minutes and full instructions are provided. Once you’re up and running with your Ledger you’re free to send all your cryptocurrencies from Coinbase to your Ledger, where they will be securely stored. Make sure you enable two-factor authentication on your Ledger as well.
The downside of storing your cryptocurrency on your Ledger, of course, is that your 24-word recovery seed is the key to the kingdom you have built. To lose it risks losing access to your cryptocurrency forever. So make sure you understand how and where you will store it, such that if you lose your Ledger, you’re able to recover.
And that, brave warrior, brings us to the end of our journey. You now have a cryptocurrency investment residing on Coinbase, the world’s most trusted and reliable cryptocurrency exchange to date, or on a hardware wallet which protects your cryptocurrency from everyone but yourself. Stay safe and be sure to check out some of our other articles on the future of blockchain technologies. Until next time, young padawan.
Is Nav Coin built for the future of cryptocurrency?
What is Nav Coin?
The key differentiating factor between Nav Coin and Bitcoin is that Nav Coin is built on a proof of stake (PoS) platform and not a proof of work (PoW) platform like Bitcoin. This is a good thing for many reasons, with proof of stake being a much more modern technology. In fact, the fact that Bitcoin can’t adopt proof of stake like Ethereum is doing represents a massive problem for Bitcoin – and ultimately will lead to its demise.
Nav Coin is a Privacy Coin
The cornerstone of Nav Coin is its privacy features. That is to say, that the blockchain is not publicly viewable, like bitcoin’s is. Uniquely, the coin runs on two blockchains, which serves to break any link there might be forged between sender and receiver. Compared to other cryptocurrencies, its ability for anonymous transactions is distinctive and will compete with other leading privacy coins like PIVX over the next few years.
Providing Privacy Features to All Cryptocurrencies
Nav Coin has plans to combine NAVTech’s anonymous transaction abilities with Changelly’s instant exchange. This fusion of technologies will be called NAVTech Polymorph. It will enable users to send a wide array of cryptocurrencies anonymously. This anonymity feature is a major pillar of Nav Coin and making it interoperate with other cryptocurrencies through Changelly is something that has never really been done before. Now, for the first time ever, users wanting to buy and sell bitcoin anonymously would be able too, with Nav Coin acting has the intermediary anonymising service. The ability to anonymously send trade a variety of cryptocurrencies including those that have no privacy features of their own is a huge feature that really sets Nav Coin apart amongst the privacy coins.
Nav Coin to Join forces with Apple
A continued signal of Nav Coin’s bright future came early in 2018. On January 16th, 2018 Nav Coin announced it had passed Apple’s iOS Store technical review process which means the coin is on its way to being an approved currency within the Apple Store. This development lends serious credibility and momentum to the coin.
How to Invest in Nav Coin
Nav coins is available on all major exchanges and can be traded for a variety of cryptocurrencies.
Cardano Shelley Update: Why Everyone’s Excited!
There is a lot of excitement around the upcoming Cardano Shelley update. The ambitious crypto project, Cardano is fast becoming a trailblazer. Branded as the 3rd generation of blockchain after Bitcoin (generation 1) and Ethereum (generation 2), Cardano encompasses many unique characteristics and features. The upcoming Cardano Shelley update is expected to be the next big release of Cardano.
Before we explore why everybody is eagerly awaiting Cardano Shelley update, here’s a quick recap of what Cardano is all about and the functionalities that are available in its current release.
Cardano Shelley Update: The 3rd Gen Prodigy
When Bitcoin, the first generation of blockchain came into existence, it introduced a brand-new financial transaction technology that was peer-to-peer in nature and permitted borderless transactions without the need for a middle-man.
Then came Ethereum, the second generation, wherein it implemented smart contract functionality. However, both the first and second generation blockchain technology had a major flaw – it caused splits whenever there was any major upgrade.
In the third generation blockchain technology, the main features in focus are scalability, treasury systems, sustainability, interoperability (side chains), and on-chain governance. Cardano plans to support easy scalability on the network by implementing layers on the Cardano blockchain technology.
Catering to Users and Regulators
The innovative blockchain-based platform of Cardano is based on scientific philosophy and a research-driven approach. Usually, a cryptocurrency starts off with a basic whitepaper. But in the case of Cardano, investors have a plethora of academic papers to explore.
Cardano basically provides a programmable blockchain and smart contracts for dApp development. It is jointly developed by a global team of expert engineers and researchers who recognize that technology should be scalable, flexible, and secure in order to thrive as well as remain useful to millions of users.
The company aims to combine privacy with regulation, thereby giving best of both worlds – balancing the needs of the users with the regulators. In their words, “The vision for Cardano is that its new style of regulated computing will bring greater financial inclusion by providing open access for all to fair financial services.”
The 5 Special Features of Cardano
Launched in 2015 by Charles Hoskinson and Jeremy Wood, Cardano platform utilizes a rigorously and academically peer-reviewed open source code.
The important features of Cardano are its coding language, proof of stake (PoS) protocol, layered technology, governance model, and treasury.
Coding Language: Cardano is built from scratch using the functional programming language, Haskell. Haskell’s mathematical approach allows for code to be written in a more reliable and secure manner.
PoS Protocol: Cardano uses a proprietary PoS protocol with mathematically proven security called Ouroboros. Ouroboros assures that all the blocks that are being dealt with are legitimate and tamper-proof. Ouroboros can also enable many advanced scaling options like sidechains (wherein there are multiple chains that all interoperate) and sharding (wherein the larger blockchain is broken down into manageable chunks)
Layered Technology: Cardano aims to use a layered technology. The first layer called the Cardano Settlement Layer (CSL) will focus on transactions and accounts. The native currency, ADA will be transacted over CSL. The second layer called Cardano Control Later (CCL) and it is the computational layer for smart contracts. Having two layers basically helps Cardano to have enhanced flexibility as well as easier upgrades.
Governance: The future of a blockchain depends on its Governance model to a large extent. Cardano’s aim is to implement on-chain governance. Here, community proposed updates to the blockchain would be voted by the ADA token holders. Once approved, the updates would be encoded into the blockchain.
Treasury: The treasury is also decentralized, wherein 25% of the block rewards are planned to be placed. The voting by the ADA holders will decide how to spend this money.
Cardano’s Current Phase: Byron
Cardano is currently in the Bootstrap Era, which is code-named as the “Byron” phase.
Interestingly, this phase is named after famed British poet George Gordon Byron.
Byron is the first major release of the platform. It basically establishes the baseline for Cardano for letting users trade and transfer ADA.
Here are the key developments in the Byron phase.
Cardano SL: The launch of Cardano SL MainNet was done on September 29, 2017.
Exchange Enhancements: The performance enhancements and improvements are being done to the code in Byron phase. This is to ensure that it can handle the increasing rates of activities on major crypto exchanges. Cardano aims to increase the number of users that can be served with a fixed volume of transactions. In order to support this feature, a brand new API (Application Programming Interface), is being delivered.
To ensure that Cardano can support multiple exchanges, many existing APIs are also being revised in this phase. There is already testing being done on Binance and Bittrex exchanges for quicker resolutions of any maintenance issues. A support tracking system is also created in order to monitor any incoming requests.
Improvements to the design of Daedalus: The graphical user interface (GUI) of Cardano wallet, Daedalus is being improved in this phase. The users will now be able to submit bug reports from within the Daedalus application.
All said and done, the fact remains that, right now, the only working protocol of Cardano is its settlement layer, wherein its currency ADA resides. Although Ouroboros is turned on, consensus is currently locked to private nodes (IOHK) until the system gathers momentum. Which means that Cardano is PoS centralized right now and the rewards are simply being burned.
If we strip all the frills, Cardano is now only a cryptocurrency and is yet to release other features for becoming a blockchain platform.
Cardano Shelley Update: Next Phase
By mid-2018, Cardano plans to roll into its next phase called Shelley. This is when things start to get exciting. This phase is named after the English poet, Percy Bysshe Shelley.
The ultimate aim of Shelley phase is for the technology to become a fully decentralised and autonomous system. Once Byron is stabilized and refined, IOHK plans to make significant improvements to its core components in the Shelley phase.
The important developments expected in Shelley phase are open Ouroboros delegation, multiSig transactions, enhanced Wallet backend, consensus and incentive fees, quantum-resistant signatures, light client mode, human-friendly addresses, networking, voting centre, paper wallets.
Open Ouroboros delegation: In Cardano, the transaction confirmations are not done with hardware (PoW) but with the user’s already owned ADA (PoS). This means that Cardano SL makes use of a proof of stake approach to reach consensus and ultimately produce blocks in the blockchain. A key element of decentralization is the ability of delegating stakes by stakeholders. In Shelley phase, users will have the capability to delegate their stake or to act as stake pools and have stake delegated to them.
MultiSig transactions: In Cardano Shelly phase, multisignature transaction will be enabled. It is a very useful security feature that allows Daedalus to support wallets that are shared across multiple people and which enables joint control of funds.
Enhanced Wallet backend: In Shelley phase, the wallet backend is aimed to be enhanced. The wallet backend basically gives Daedalus HD wallet capabilities as well as provide the link between Daedalus and the Cardano network. By enhancing the wallet backend, the performance of Daedalus would be increased, and also make it easier for third-party systems to integrate with Cardano.
Consensus and incentive fees: The incentive scheme in Shelley phase would be based on sound foundations of mathematics, economic theory, and game theory. This scheme is planned to be introduced to make sure that stakeholders will fully participate in the protocol and also setup the required infrastructure for running a node. The incentive scheme will have appropriate rewards for operating full nodes, a mechanism to set transaction fees, incentives to delegate stake, and more.
Quantum-resistant signatures: One of the major worries in crypto-verse is the development of quantum computers that would break cryptography. Cardano plans to mitigate this by adding a new type of transaction. This transaction will use a quantum-resistant signature scheme called BLISS. Even if the cryptography is broken, this would allow funds to be secured against being stolen.
Light client mode: Currently, using a wallet for the first time or after a while requires a long wait time. This is because of the time necessary for the entire blockchain to finish downloading. In the Shelley phase, Cardano plans to include light client mode feature that would significantly reduce the blockchain syncing time. For doing this, Daedalus wallet would subscribe to a trusted blockchain checkpoint provider. A checkpoint is basically snapshots of the Cardano blockchain in time. With this update, Daedalus would only need to sync the blockchain from the most recent checkpoint, rather than the entire blockchain, thus saving time.
Human-friendly addresses: The addresses of Cardano are presently a string of letters and numbers that are a lot longer than Bitcoin addresses. In the Shelley phase, the length of the address would be significantly trimmed, making them easier to communicate. This is planned to be done by minimising the information represented in the addresses and improving the way that stake delegation information is represented.
Improved networking: A new network layer that gives a degree of protection to large-scale distributed denial of service (DDoS) attacks, and enables decentralization while supporting a wide and dynamic network topography over common internet infrastructure is planned for Shelley phase.
A voting centre: Instead of central authorities deciding on protocol and software updates, Cardano plans to have a voting centre for this decision making. Users can use their stake or delegate it to the stake pool to vote on upcoming updates and protocol changes.
Paper wallets: Paper wallets are now becoming increasingly popular as they can be used for placing funds in cold storage on a physical medium. Shelley update plans to make paper wallet available in Daedalus.
The Cardano Shelley update will prepare Cardano for a range of impressive features, including smart contracts, metadata, side chains, multi-party computation, and more. Those protocols will be added gradually over time.
What’s next after Cardano Shelley Update?
After the Cardano Shelley update there will be 3 more releases for Cardano. First will be Goguen, which centres on the integration of smart contracts. For this, they plan to launch an IELE Virtual Machine. The testnet version of IELE will be running on the Ethereum Mantis client. After that is Basho, which focuses on performance improvements. Voltaire would be the final phase, wherein IOHK will add a treasury system and governance.
Charles Hoskinson has made it clear that the Cardano Shelley update is an important step in Cardano’s grand scheme of things. The goal of Cardano is to create a secure, reliable platform that will span decades, and they have numerous experts working tirelessly towards it. We are living in amazing times indeed!
Why Two-Factor Authentication is important for Bitcoin
Two-factor authentication is essential for investors in Bitcoin and other cryptocurrencies.
Why aren’t you using Two-Factor Authentication?
Bitcoin and other cryptocurrencies are some of the most exciting and important asset classes in this generation. It is a true and rare event that we can participate in the birth of a new asset class. It is evidence that the ability for the common man to able to access the worlds financial markets is becoming increasingly easy. So too, is the ability of people with bad intentions to target your information and privacy.
Why is two-factor authentication important for Bitcoin?
For this article, the examples I am going to use for two-factor authorization are Coinbase and LocalBitcoins. Coinbase is perhaps the most well-known, professional and legitimate cryptocurrency and Bitcoin exchange. I use it myself. You can purchase Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. You can also convert those currencies to dollars. LocalBitcoins is a peer-to-peer exchange to sell your Bitcoin. Even locally. It’s a sort of Craigslist for buying and selling Bitcoin!
Why should you use two-factor authorization? Beyond the security of keeping things like your e-mail and social network accounts safe, two-factor authorization for your Bitcoin wallet is arguably more important. It’s your money after all! If someone can easily hack your social network password, they can just as easily get access to your Bitcoin wallet. But! If you have two-factor authentication, a hacker can input your real login and password all day and he is still prevented from gaining entry. Let’s look at how to set up two-factor authorization for both of our exchanges.
Setting up Two-Factor Authorization for Localbitcoins
Click on your profile icon in the top right and navigate to the ‘Account security’ link. Mine says, ‘Account security: weak.’ But it soon won’t!
This screen will come up and we’ll want to click on ‘Two-Factor Authentication’.
Now we’ll be given a screen that tells us that two-factor authentication is currently disabled, so we’ll want to select, ‘Enable two-factor authentication’.
We are then given two options. The most ideal is the mobile app option. You’ll then be prompted to scan a QR code and then you will input the code.
After all is said and done, our security is no longer weak, but strong!
You can check out Localbitcoins.com here.
Setting up Two-Factor Authorization for Coinbase
From the main menu, select ‘Settings’
Then, from the ‘Settings’ page, select ‘Security’.
Now that you are on the ‘Security’ page, we can see that we have the first of two options for setting up two-factor authorization. The first is SMS (text message). When you enable this option, you will be prompted to enter a code that will be texted to your phone. There is a limited amount of time that the code is active. If you enter the code incorrectly, you can re-send a code to your phone.
The second two-factor authentication is adding an app. The most common and popular app used for this form of authentication is the Google Authenticator. It can be found on the Google Store and is downloaded for free. When you use this app, you will have a limited (but long enough) time to input the code. It automatically generates new codes.
Buying Bitcoin and participating in this new and exciting currency should be safe and protected. One of the great attractions of cryptocurrencies like Bitcoin is that it provides a level of anonymity and protection. You can buy and sell and keep your transactions private. But there is an inherent danger with this: stolen Bitcoin can be sent as easily as it is bought and the transaction is anonymous. The strongest line of defense for your account is going to be using two-factor authentication. Again, even if a hacker gets your account long and password they won’t have access to your text message and/or your Google Authentication App. Two-factor authentication is the single greatest and easiest way to protect your Bitcoin and your money.
You can check out Coinbase and what they have to offer as an exchange here.
Cardano Staking Pools
Cardano Staking Pools
Cardano Staking Pools will allow holders of Ada, the cryptocurrency on the Cardano blockchain platform, to earn money while they sleep.
What is Cardano?
Cardano is one of the world leading blockchain projects. Shortly Cardano will be completing its Shelley release as per its roadmap which will enable users to delegate the staking of their Ada. If you’re a little lost, fear not, all will be explained!
What’s a Staking Pool?
In a proof-of-stake network the act of staking enables new coins to be minted. This means that there are rewards available for those that stake their coins. By some estimations, roughly 5% a year can be earned through continually staking ones’ coins. Cardano is soon to enable its delegated staking features in its Daedalus wallet, enabling people to stake on behalf of others. Once staking goes live the Daedalus wallet will let you create a ‘proxy signing key’ or ‘staking key’ which can then be used to delegate your stake to another Cardano wallet. You can stake some, or all of your Ada but in general people will stake as much as they can.
So I can just stake my own Ada?
Yes, you can. And you should. In order to effectively stake your Ada, you need to run the Daedalus wallet 24/7 as a full node on the Cardano network. Essentially this means that you are contributing your electricity towards supporting the network, and in return, you will earn rewards for doing so. If however, you lose your connection at any time, then you are penalised for the downtime by having no chance of earning the rewards for that time. For those people that want a “set and forget” solution that guarantees their staking is happening on the network at all times, they have the option of using a staking pool. The pool will have published and measurable uptime values, so the most reliable pools will likely attract the most stakers, and will donate the electricity into the network on behalf of its stakers.
This is actually a great thing and something Cardano seeks to really get right. Properly incentivising staking pools increases the number of nodes on the network as, for the most part, individual users are not willing or able to stake their Ada themselves. Rather than these users missing out on rewards, there will be dozens of staking pools available for them to use to stake for them. The more pools, the more competition to have low fees and be highly reliable.
How do I join a Staking Pool?
Below is a selection of staking pools we’re aware of, with our Planet Cardano standing head and shoulders above the rest in terms of commitment towards customer satisfaction through engineered excellence. A relentlessly high quality, secure, resilient solution that guarantees world-class service
Planet Cardano is engineered for stability and high availability. The team behind the Plant Cardano Staking Pool are all experienced technical professionals. Sign up here for more information about joining Planet Cardano’s Staking Pool.
How many Cardano Staking Pools are there?
As well as Planet Cardano, there are a number of other staking pools…
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