Charles Hockinson, the CEO of IOHK, in his tweet announced that the snapshot for testnet will likely to be taken on Nov.29. After a lapse of waiting, finally, he released the date for taking a snapshot after a successful balance check. While the inauguration date of incentivized testnet for Shelley is said to be Dec.9.
UTXO Snapshot
This is just a criterion for participation in the incentivized testnet which is established for the improvement and adoption of Selley. The whole process for registration in the reward program will begin with UTXO snapshot which in turn will capture the current balance of ADA coins on the mainnet. The snapshot will be off balance value and not of ADA asset value.
It is a necessary condition that those will be eligible for the offer who stored their ada tokens in the recommended list of the network’s wallet. Those who held in any other exchange or hardware wallet will not be able to pass for the snapshot criteria as well as for any incentive.
Also read:The Cardano community was waiting for this announcement impatiently and finally, it is folding in practical shape. The giant company behind Cardano called ‘IOHK’ working laboriously for the development of Shelley.
CEO gave the date ‘November 25’ for Snapshot
In the recent AMA session, Hockinson has not given the fixed date for snapshot and said that a clear schedule will be unveiled before taking the snapshot. And on Nov.25, the CEO of the company confirmed the date ‘Nov 29’ for capturing the current balance’s snapshot.
The main reason behind this incentive is for the adoption of the network and Shelley is coming in the ecosystem to solve the issues and bugs out of the network.
As with the coming of more updates and new products by the company, it is clear that the developmental team behind the Cardano’s company becoming skilled more and more.
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