Hello Everybody,
The last two weeks I have been working intensively on setting up a Cardano stake pool. Translated to Steem parlance a stake pool is a witness. Since Cardano is POS rather than DPOS there are no votes and the majority of the rewards are paid to the ADA holders rather than to the pool operators. The latter can configure their pools to take a fee which is publicly visible to holders when they chose a pool to stake with.
At this time staking still runs on a test net but the rewards will be converted to real ADA at the end of the test period. This provides the Cardano team with an opportunity to watch how the incentives play out.
Everybody who held ADA in a Daedalus or a Yoroi wallet on November 29th can begin to earn ADA rewards by staking.
I have chosen to setup my own pool to make the network a tiny bit more decentralized but I could just as well have chosen one of the fellow pools to stake my ADA.
My pool is called "Kontiki" (KNTI), and you are welcome to use it for your staking, too. You can see all pools on adapools.org and you will be able to select one directly from the Daedalus or Yoroi test net wallet, once they are released (in a few days).
If the above sounds too cryptic for you, then don't worry and check back with Cardano in three to six months to see if staking started on the mainnet.
What fascinates me about Cardano is their scientific approach to crypto and their rigorous thinking. Typically in software, people have learned to shoot for an MVP, storm to market, and fix the issues later. Such an approach, however, does not work for software that steers SPACEX's falcon 9, nor it does not work for crypto networks. Cardano has realized this right from the start and tailored their design and development principles accordingly.
Onward and Upward!
