Andreas Townsend

3 months ago

Cardano users will be able to start earning ADA starting with November as the network will add more functionalities. More recently, the Shelley testnet was launched . At the Cardano Summit Bulgaria, IOHK CEO Charles Hoskinson presented the new functionalities to be added in November:

“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.”

Now that the testnet was successfully launched on Wednesday, the next step is to have users start testing it. David Esser, Cardano’s Senior Product Manager said how things will look like in November:

“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.”

To participate, users must be ADA holders. The testnet is a blockchain and the ADA on the incentivized testnet will be cryptocurrency. Esser explains that they’re planning to take a snapshot of the Cardno network by having the balances of the eligible users (that hold ADA in a Daedulus or Yoroi wallet) ported over onto testnet:

“Once the snapshot has been taken you’ll be able to delegate tokens in the testnet.”

Users that have ADA on exchanges, a Ledger wallet, or who buy ADA after the snapshot will not get their balances transferred on the testnet.

ADA Earnings to Be “Really Competitive”

So far, there is no date provided for the snapshot.

Esser added that they cannot exactly say how much holders can earn in the incentivized testnet, he said it will be “really competitive”. Usually, the annual return for staking programs is somewhere between 3-12%.

While holders will not be able to buy tokens from other markets to use them for staking, or sell the ADA earned on exchanges, Hoskinson stated that the ADA earned during the testnet period would “get rolled over onto the mainnet.”

According to Esser, after the mainnet is deployed, the testent will be phased out. We expect to see the mainnet take place in Q1 2020.

Coins Mentioned

ADA

Cardano

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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