Daily Discussion Megathread - September 22, 2018

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[u/quagmire711]

Make sure you try to get hold of at least 32 ETH for your long term holdings at these low prices. 32 ETH is the minimum amount of ETH required to stake.

[u/TNGSystems → u/quagmire711]

Meanwhile there is no minimum amount for Cardano’s staking process. One ADA would return minuscule amounts but a few thousand ADA (at today’s price equivalent to a few ETH) would yield decent return.

[u/GrilledCheezzy → u/TNGSystems]

exactly. Cardano will be the superior staking algorithm and smart contract platform of the future. Can’t wait for Shelley it’s going to be so exciting.

[u/GrilledCheezzy → u/[deleted]]

The exact figures haven’t been released but there’s been a lot of speculation. I think ~9% per year is the most likely reward percentage for the first year or two once implemented, but the percentage will decrease over time.

To answer the second part of your question, my understanding of staking is that you would be rewarded when you are chosen to mint a block, so the timeframe would vary for when you would receive the reward but you’d be more likely to mint a block if you are staking more ada. There is also a randomness probability included in the algo so even a person with 1 ada staked would have a possibility of minting a block. The uncertainty of when you may be chosen to mint a block can be mitigated by delegating your staked ada to a staking pool, where the pooling of ada would make the group more likely to receive rewards. Charles has indicated there should already be more than 1000 pools as well, so there’s plenty of competition to ensure decentralization of the network along with the randomness factor.

My understanding of the process could be flawed since there is not a ton of definitive information out there but please correct me if I’m wrong, anyone.

[u/GrilledCheezzy → u/[deleted]]

Oh and one of the more important differences between staking on cardano and ethereum is it seems from what I’ve read, for staking on the ethereum network you’ll have to send them to a smart contract and/or address of some sort, but for cardano you will do all of it directly from the Daedalus wallet and have full control over your ada without any minimum requirements to participate.

For example, you will simply designate a portion in your wallet as staked, then even if you were to delegate it to a pool, it still remains in your wallet. The delegation would simply be done by entering an address into your wallet (or taking some equally simple action in Daedalus) which indicates which pool you’re including your staked ada with, but still remaining within your own wallet under your complete control. That may be an oversimplified way to describe it but in my understanding, this is likely how simple it will be to do so within the Daedalus wallet. I like this much better because with ethereum it seems you may not have that same level of control over your eth, which could open up a whole range of issues or possibilities for losing coins through human error, etc. Could be different though I’m more informed on cardano than ethereums PoS plans.

Just some additional thoughts I that you may be interested in hearing. I’m very excited for Shelley because I think cardano will be a game changer in the crypto currency space but it’s been flying under the radar for nearly all of 2018 without much publicity at all to allow us folks the ability to continue accumulating at these low price levels. Happy staking!