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IOHK CEO: Cardano Users will Receive ADA from November

The CEO of IOHK has announced that the users of the Cardano will be able to gain the ADA currency from November as they are adding more services on the platform. The Shelley testnet was also introduced recently and it was a big success. The Cardano Summit is occurring in Bulgaria and the CEO of the IOHK, Charles Hoskinson announced the news of adding more services on the platform in November.

He said,

“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.” 

Cardano’s Senior Product Manager, David Esser described,

“We’re basically having a dry run across many different, in many different environments.”

He further added,

“It’s the beginning of Shelley, where there are real rewards.”

The staking protocol creates a part of the function started for the Shelley testnet phase. Shelley was launched on Wednesday and it was successful and become popular among the user and because of this the Cardano network is also examining the users.

The participant is only eligible for this if they hold account of ADA. The user who is participating has to click a photo of the Daedalus and Yoroi wallet along with the virtual currency Cardano. Esser further explained,

“Once the snapshot has been taken, you’ll be able to delegate tokens in the testnet.”

The thing is that testnet is blockchain platform and on the other hand, the ADA will be the virtual currency on the incentivized testnet.

Esser also explained that the users that hold ADA currency on the various exchanges, who purchased it after the photo and have in a Ledger wallet will be ger the amounts transferred on the Shelley testnet. But he didn’t disclose any date for the photos. The usual yearly return for the staking projects is usually between 3% to 12% range. Esser also doesn’t reveal any exact or particular amount users will receive in the incentivized testnet, however, he commented it would be “really competitive.”

The users are also not able to purchase tokens from the alternative market for the staking use and also could not sell any ADA token which earned by them on different crypto exchanges. On this Hoskinson stated,

“The ADA that you’ll earn (during the testnet period) will get rolled over onto the mainnet.”

Esser also said they will give tokens to the users slowly and equivalently because they don’t want to create any big issue and shock in the cryptocurrency market. Many people are saying that the amount will be a small part of the present trading volume of the ADA cryptocurrency. The testnet will not be continued after the launch of mainnet and it will be there in the market around the first quarter of 2020.

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About Arushi Dubey

Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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