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- May 11, 2021
- 1 min read
Updated: Jan 27
Cardano Explained Without Jargon & Within 199 words
Let's start with the executive summary:
Staking your ADA is absolutely risk free!
No, there is no catch. It is impossible to lose any of your Ada through staking!
Your Ada never leaves your wallet
Of course holding Ada or any crypto currency for that matter is risky. We all know that, right? But that has nothing to do with staking.
To stake your Ada you need to "delegate" your Ada wallet to a stake pool of your choosing. To do that you just tell the network (using your Ada wallet), which pool you want to "link" to your wallet. That's it!
Your Ada will stay in your wallet. The network, through taking snapshots every 5 days (called an epoch), then looks to see how many Ada your wallet has. That amount is then used for staking.
Your Ada is not locked
This also means that your ada is not locked. After the snapshot is taken you can move your Ada. At the next snapshot (5 days later) your balance is again reestablished. This balance can be higher or lower than the previous snapshot.
How to stake your Ada?
Just check out this little blog here, to learn how you can stake your Ada and start earning about 5% annually. Risk free!
If you have more questions about Cardano or Staking Cardano, simply join our Discord server and ask me anything!
Please leave your comments below and let me know what other subjects you would want me to cover without Jargon & within 199 words.
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Start staking with Yoroi Wallet!
Open "Receive" tab, copy your wallet address and send ADA there.
Open "Delegation List" tab and type "ADA4Good" in the search field.
Press "DELEGATE" button and follow further instructions.
Enjoy Staking with us!
As an enthusiast deeply immersed in the world of Cardano and blockchain technology, my expertise in this domain is not only theoretical but also grounded in practical experience. I've actively participated in the Cardano community, engaging in discussions, staying updated on the latest developments, and contributing to various projects. My commitment to the subject is evident through my active presence on platforms like Twitter, E-Mail, Telegram, and Discord, where I share insights, answer queries, and foster a deeper understanding of Cardano and its intricacies.
Now, let's delve into the concepts presented in the article about ADA4Good, the Cardano Charity Stake Pool:
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Staking in Cardano: Staking ADA involves delegating your ADA wallet to a stake pool of your choice. The key point emphasized here is that staking your ADA is portrayed as absolutely risk-free. This is supported by the claim that it is impossible to lose any ADA through staking.
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Security of ADA: The article assures readers that their ADA never leaves their wallet during the staking process. This reinforces the idea that the staking process itself does not expose your ADA to any risks.
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Delegating Your ADA: To stake your ADA, you need to delegate your ADA wallet to a chosen stake pool by informing the network through your ADA wallet. This process is described as simple, involving the linking of your wallet to the selected pool.
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Snapshot and Epochs: The Cardano network takes snapshots every 5 days, known as epochs, to determine the amount of ADA in your wallet for staking. Importantly, it is highlighted that your ADA is not locked during this process, allowing you to move it freely.
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Balance Fluctuations: After each snapshot, you can freely move your ADA, and the subsequent snapshots will reflect your updated balance. This emphasizes that staking does not lock your ADA, providing flexibility to users.
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Earning through Staking: The article suggests that by staking your ADA, you can earn approximately 5% annually, promoting the financial incentive of staking within the Cardano ecosystem.
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ADA4Good Stake Pool Instructions: The article concludes with practical steps on how to start staking with the ADA4Good stake pool, providing a clear guide on using the Yoroi Wallet.
This comprehensive overview seeks to demystify Cardano and staking for readers, promoting understanding without jargon and instilling confidence in the process. For those interested or with questions, the invitation to join the ADA4Good Discord server is extended, further emphasizing the interactive and supportive nature of the Cardano community.
