Cardano Debuts Daedalus Rewards Wallet for Staking ADA

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Tue, 12/17/2019 - 05:59
Alex Dovbnya
Cardano users are now able to download the Daedalus Rewards wallet for staking #ADA
Cardano Debuts Daedalus Rewards Wallet for Staking ADA
Cover image via 123rf.com

Cardano, one of the biggest proof-of-stake (PoS) blockchain projects, released the Daedalus Rewards wallet that allows its users to stake ADA tokens. The announcement was made by the Input Output Hong Kong (IOHK), the research company behind Cardano that is helmed by none other than Charles Hoskinson.  

The Daedalus Rewards wallet
image by @InputOutputHK

Cardano's Shelley has entered the stage of the Incentivized Testnet network on Dec. 13. With the most recent wallet launch, ADA holders are now able to earn rewards by delegating their tokens or acting as a stake pool operator (the latter is much more profitable). These rewards will become spendable after the completion of the testnet.   

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By implementing such an incentive mechanism, Cardano moves towards decentralizing the network, which appears to be the main purpose of the Shelley era. As of Dec. 15, there were more than 240 pools available for staking.

Cardano wants their number to grow to at least 1,000 in order to reach the required level of decentralization. That said, Cardano has already greatly surpassed Tron and EOS, the main delegated proof-of-stake (DPoS) networks, by the number of staking pools.   

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.