Tanya Abrosimova
Independent Analyst
- ADA holders will be able to receive staking rewards on the recently launched testnet.
- ADA/USD is consolidating losses after a sharp sell-off.
As of November this year, users of Cardano network and ADA holders will be able to receive staking rewards, according to Charles Hoskinson, the CEO of IOHK, the company behind Cardano. He made an announcement during Cardano Summit Bulgaria.
Recently, the project launched Shelley testate, which is the first decentralized implementation of Ouroboros Genesis consensus algorithm. Currently, the team is working on staking protocol functionality.
“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,” Charles Hoskinson explained.
On the next stage, real ADA users will be able to participate in testing staking functionality.
According to Hoskinson, coins bought on the secondary markets will not be eligible for staking. Also, users won’t be able to sell the coins they received as a staking reward. New coins will be transferred to the new network that is expected to be launched in the first quarter of 2020.
At the time of writing, ADA/USD is changing hands at $0.0371, down 1.6% on a day-on-day basis. It is the 12th largest digital asset with the current market value of $965 million. ADA has been moving in sync with the market recently, staying in a tight range after a sharp collapse in the previous week.
ADA/USD, daily chart
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