Frequently Asked Questions
What is the Cardano Project?
Cardano is a a third generation blockchain that focuses on the latest research and engineering trends to build a platform suitable for the globally scaled applications. Cardano prides itself on its approach of peer-reviewed research executed through partnerships with leading global universities. Cardano’s core goal is to create a decentralised platform to house multiple applications and smart contracts that can be processed with a technique called formal verification. The approach Cardano takes encourages logical proof of the correctness of code as well as the smart contracts, for those applications where security is of the highest importance. Cardano combines this with an innovative layered approach that separates accounting of value from all other smart contract and computation activity. This means functionality can be added to smart contract capabilities without changing the protocol responsible for Ada holdings.
What is ADA?
ADA is the name of the Cryptocurrency of the Cardano Blockchain. Cardano is a decentralised POS blockchain powered by the ADA coin. There is a max supply of 45,000,000,000 ADA and currently 25,927,070,538 ADA in circulation(as at May 2020). ADA is the Cardano coin that can be purchased and sold on various Cryptocurrency exchanges, globally.
How do I buy and Sell ADA?
ADA is readily available on a number or Cryptocurrency Exchanges, globally. At Cardano Staking Hub, we have listed out the multiple exchanges and methods of purchase on our Cardano Markets Page. From this page you can directly click on each of the trading pairs, listed on different exchanges and it will take you directly to the Exchange listing ADA. You simply need to sign up on the exchange and purchase Cardano ADA. A few of the most common exchanges for Cardano ADA are Binance, Bithumb, Bittrex and OKex.
Who is Charles Hoskinson?
Charles Hoskinson is a Colorado-based technology entrepreneur and mathematician. He attended Metropolitan State University of Denver and University of Colorado Boulder to study analytic number theory before moving into cryptography through industry exposure. His professional experience includes founding three cryptocurrency-related start-ups – Invictus Innovations, Ethereum and IOHK – and he has held a variety of posts in both the public and private sectors. He was the founding chairman of the Bitcoin Foundation’s education committee and established the Cryptocurrency Research Group in 2013. His current projects focus on educating people about cryptocurrency, being an evangelist for decentralization and making cryptographic tools easier to use for the mainstream. This includes leading the research, design and development of Cardano, a third-generation cryptocurrency that launched in September 2017.
Who is behind Cardano?
There are three different organisations that are contributing to the development of the Cardano platform. The first is the Cardano Foundation, an objective, non-profit organisation based in Switzerland. Its core responsibilities are to nurture, grow and educate Cardano users and commercial communities, to engage with authorities on regulatory and commercial matters and to act as a blockchain and cryptocurrency standards body. The second entity working on Cardano is IOHK, a leading cryptocurrency research and development company, which holds the contract to develop the platform until 2020. The final business partner is Emurgo, which invests in start-ups and assists commercial ventures to build on the Cardano blockchain.
What is unique about Cardano?
Cardano is the first third generation blockchain project to be peer reviewed by academic researchers. This level of scrutiny of the underlying technology is an industry first. Further to this Cardano is unique in that it’s built on the Haskell coding language. Haskell is considered to be one of the most secure programming languages, minimizing the number of errors and adding extremely robust security to the platform. More information can be found: https://whycardano.com/
How was Cardano funded?
Cardano was funded via a token crowdsale that was held between September 2015 and January 2017. Attain Corporation which had representative in both Japan and the UK led and organised the sale of Ada vouchers. The total amount raised was just over $62 million USD making Cardano one of the largest global blockchain projects to date.
What is a Stake Pool?
Cardano stake pools are run by what’s termed as “stake pool operators”. Stake Pool Operators are a network of participants with the skill set to reliably ensure consistent uptime of a Cardano node, which is essential in ensuring the success of the Ouroboros protocol and the Cardano network as a whole. The protocol uses a probabilistic mechanism to select a leader for each slot, who will be expected to create the next block in the chain. The chance of a stake pool node being selected as slot leader increases proportionately to the amount of stake delegated to that node. Each time a stake pool node is selected as a slot leader and successfully creates a block, it receives a reward, which is shared with the pool proportionate to the amount each member has delegated. Stake pool operators can deduct their running costs from the awarded ADA, as well as specify a profit margin for providing the service.
Choose a reliable Staking Pool
There are a few ways you can know if the pool is reliable. Since only synchronized pools can make blocks you will want to make sure they generally are online and ready to do so. You can look at block trends or BPE (Blocks per epoch) to determine if the pool is generally online and functioning well. Pools that regularly make blocks in every epoch are likely online more than not. Pool operators can voluntarily submit their block heights to pooltool.io to help let everyone know they are synchronized. Pool heights show up below in the heights column and look like: 501547. Cardano Staking Hub ensure that all Stake Pools operated are reliable and always running. We use world class infrastructure through Amazon Web Services.
Long Term ADA Staking - Higher Rewards
When you first delegate your stake on Stakrool you are making decisions about two epochs into the future, so you are taking a chance regardless. Any change you make to specific stake pols you’re staking to won’t change right it will be seen until 2 x epoch into the future. So make a decision on what CSH pool you want to stake with and then plan to stay on that pool to really validate the performance.
Stake Pool Saturation
Cardano’s focus is to encourage decentralisation. The Cardano protocol discourages large pools from forming and whales controlling how the protocol runs. Cardano controls this by setting a limit on rewards on each pool, which is called saturation. Cardano stake pools reach saturation at 1.0% of blocks produced in what’s called an epoch. Your stake pool rewards depend entirely on how all other pools perform in a future epoch AND what the total stake will be in that epoch. For example, in the current epoch we started out with 4,320 possible blocks. But as of this moment the statistical maximum possible blocks we could create (if all pools made ALL their blocks the rest of the epoch), is 4,230. If we produce that many blocks then a pool will not be rewarded for any blocks made beyond 42. And since block assignments are roughly (statistically) proportional to stake, for a pool to get assigned that many blocks in the first place their stake needs to be around 125.5m. However last epoch we only created 4,079 blocks which means pools are not rewarded for any blocks made beyond 41 which roughly translates to a saturation point of around 121.1m.
What are our Fees?
Stakrpool has one of the lowest fee structures across the Cardano Stake Pool network. We don’t have any fixed fee, and only charge a 2% variable fee overall. This is one of the lowest fee’s being charged to stake Cardano. We use the fee’s to reinvest in our infrastructure and support to make sure we maintain high quality Stake Pools that earn our ADA delegates the highest possible rewards.
Can I re-delegate my stake to a different pool?
Yes. Delegated 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. To get the maximum benefits, its ideal to rotate your ADA stake across all 8 Cardano Staking Hub stake pools.
What is delegation?
Keep Staking ADA, help decentralisation!
Making blocks is a statistical thing and some pools will be online and ready and only get one block to produce every couple of epochs. Just because your pool didn’t give you any rewards in an epoch doesn’t necessarily mean there is something wrong. One things to remember, just keep staking. The more people that stake their ADA across multiple stake pools, the stronger and more decentralised the Cardano network becomes.
What is Daedalus Wallet?
Daedalus is a full node wallet for Cardano’s ADA. This means that unlike light wallets (e.g.Yoroi, Adalite etc.) Daedalus downloads a full copy of the Cardano blockchain and independently validates every transaction in its history. That way you get maximum security and completely trustless operation, without centrally hosted 3rd party servers. Once you have installed Daedalus and are looking to stake ADA, look for Cardano Staking Hub stake pools by either searching for STAKR
What is Yoroi Wallet?
Yoroi is a light weight wallet for Cardano that allows users to stake ADA and earn rewards. It’s simple, fast and secure. Yoroi is an Emurgo product, engineered by IOHK. The Yoroi Wallet follows best practice for software in the industry including a comprehensive security audit. Daedalus and Yoroi complement each other in what they try to achieve. Yoroi is a simple and fast way for a user to access their ADA and staking rewards any time of the day. Once you have installed Yoroi and are looking to stake ADA, look for Cardano Staking Hub stake pools by either searching for STAKR