Cardano Captures Snapshot of ADA Balance in Quest for Decentralization

The Cardano team announced that testnet phase of the Shelly era is imminent with a recent snapshot. The long-awaited snapshot will give all holders of ada the opportunity to earn incentives by staking on the Cardano network. This would be accomplished through delegation or staking of ada in staking pools.

The essence of the recent snapshot is to check the balance of ada held by all members of the community. This will determine the incentives that would be received through staking.

The snapshot through is optional and does not affect the ability of the holders of ada to participate in the upcoming incentivized testnet meant to reward users for their participation in the Cardano network.

Daedalus And Yoroi Balance Captured

According to the release:

“The balance check snapshot was taken at 12.00 UTC on November 12. If you had ada in a mainnet Daedalus or Yoroi wallet at that time, you’ll soon be able to check your testnet balance via special balance check versions of Daedalus and Yoroi.”

In earlier updates, the Shelley team had announced that balances that would be captured by the snapshot are those in Daedalus and Yoroi which are officially recognized ada wallets. Ada held in exchange wallets was not captured by the snapshots for technical reasons so many holders of the cryptocurrency moved their ada to Cardano wallets to enable their capture in the snapshot.

The result of the recent snapshot would be available for the Cardano community to view. Those with ada in their wallets would be able to view them through a special version testnet of the Daedalus and Yoroi wallets. This would enable them to validate them.

Crucial In Cardano Decentralization

Users of the Cardano network could get updates on the progress of the project by signing up with their emails.

Shelley will herald the full decentralization of the Cardano blockchain. The team is gathering crucial information to this effect to ensure crucial balance, global distribution, and  reliable, honest network participation long into the future.

“The Incentivized Testnet will allow us to test something our earlier testnets couldn’t: real behavior – and real behavior requires real rewards. On the Incentivized Testnet, ada holders will be able to participate in the network and earn real ada through stake delegation or operating a stake pool.”

Holders of cryptocurrencies desire profit and projects such that incentivize through staking are in high demand. However, getting automated means of getting result through asset investing is still a better way to invest.

AvatarAvatar

Author: Jofor Humani

Peddling words has been a passion beneath the surface. I speak less than I write...naturally. Aside speaking and writing, I walk too...good for your heart they say. I sometimes do not feel like writing. Then I enjoy quiet times which I use to think and stay with family.

Leave a Reply

Your email address will not be published. Required fields are marked *