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Cardano will allow its users to Earn ADA tokens through Staking Protocol

After the launch of the Shelley testnet successfully, it is reported that users holding Cardano will be able to earn ADA tokens from November onwards. It is because that the Foundation added all the requirements and functions for the staking.

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News unveiled at Bulgaria Summet

The Cardano Summit was staged in Bulgaria where Charles Hoskinson, CEO of IOHK, said that we are on the road to unveil the newly designed testnet by November. He said:

It’s a nice little sandbox…just like Cardano. The only difference is you can register as a stake pool, you can delegate, you’ll have all the interfaces to start actually staking.

Actually, the staking protocol is the part project called Shelley that is already successfully launched and now it is time for its testing through actual users. David Esser, the product manager of Cardano has expressed the sentiment over this launch and giving a signal about staking by saying:

We’re basically having a dry run across many different, in many different environments. “It’s the beginning of Shelley, where there are real rewards,” he further added. Shelley will go live on the mainnet at the beginning of the next year.

Eligibility Criteria and Limitations

Any user who is holding ADA digital assets is eligible to participate but he or she will have to take a snapshot of Daedalus or Daedalus wallet with Cardano cryptocurrency. “Once the snapshot has been taken, you’ll be able to delegate tokens in the testnet” explained Esser.

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There are some limitations as mentioned by the staff members. The users are not capable to use crypto for staking that they buy from any other secondary exchange as well as to sell earned tokens to exchange. Rather one will have to use earned digital currency on the very mainnet.

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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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