Frequently asked questions

Cardano

Cardano is a cryptocurrency network and open source project that aims to run a public blockchain platform for smart contracts. Cardano's internal cryptocurrency is called Ada. The development of the project is overseen and supervised by the Cardano Foundation based in Zug, Switzerland.

You can buy Cardano (ADA) directly on Coinbase, Bittrex, Binance, and Kraken.

OR

You can use a platform like Gemini to buy USDC/DAI and then use a site like ChangeNOW, SimpleSwap, or Changelly and convert it into ADA which is then deposited directly into your Cardano wallet.

An epoch in the Cardano network is a period of time spanning 5 days. At the end of every epoch, stake pools are rewarded for the blocks they mint and add to the blockchain.

Staking

In proof of work, miners invest computing power to compete to be chosen as the leader who gets to make the next block and win a reward for doing so. By contrast, in proof of stake, the stakeholder who will form the next block is randomly selected, proportionally to the size of the stake that they have, according to the blockchain ledger.

“Proof” means having evidence that blocks of transactions are legitimate. “Stake” means the relative value held by addresses on the node. “Relative value” is all the value held by wallets on a particular node divided by total value in the system.

There have been a number of attempts by other cryptocurrencies to develop a proof of stake algorithm, although these protocols have suffered from flaws and have not been shown to be provably secure.

For a blockchain to be secure, the means of selecting a stakeholder to make a block must be truly random. An innovation of Ouroboros to produce the randomness for the leader election process is to do this by way of a secure, multiparty implementation of a coin-flipping protocol.

At the end of every epoch, our stake pool receives rewards for the blocks we mint. ₳340 of the rewards are given to the stake pool owners to cover the costs of running the stake pool. The remaining rewards are divided amongst stake pool delegators proportional to their delegated amount.

You do not have to pay any ADA to stake with us besides the transaction fee for delegating.

No. Your ADA will not be locked or frozen for a certain time-period when delegated. You are free to move your ADA in and out of your delegated stake and free to change which staking pools you participate in as often as you want. The act of delegation does not relinquish spending power. Only the right to participate in the protocol is delegated. Funds can be spent normally at any time.

No. We never have any access to your coins. Your funds stay in your wallet. Private keys are not sent to any Cardano stake pool.

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