This page will be dedicated to answering Frequently Asked Questions (FAQ’s)
What is staking and why should I stake?
Staking ADA refers to delegating your ADA to a stake pool. When the stakepool is chosen to produce a block, the rewards are distributed to the delegators. Pool fees are used to fund the stake pool operations. The Return on Investment (ROI) for the delegator is also called Return on Stake (ROS) or Return on ADA (ROA). The rewards are distributed every epoch and can vary depending on how many blocks a stake pool produces. The amount of blocks produced is based on an algorithm, which causes all pools, both large and small, to have an ROI of around 5-6% annually. Typically, large pools produce more blocks, but the rewards are diluted heavily amongst more delegators, whereas smaller pools produce less blocks, but the rewards are distributed in higher proportions to delegators.
How much does it cost to stake?
The current cost to stake is 0.173641 ADA (subject to change) for the transaction plus a 2 ADA Key Deposit fee that is required to register your staking address to the blockchain. This 2 ADA is then returned if you decide to undelegate your wallet at any time.
When will I get rewards once I start staking?
Once you delegate your ADA to a pool, a snapshot is taken at the end of the current epoch (Epoch N), in which the protocol captures the balance of your stake key registered in the blockchain. At the end of Epoch N+1, slot leaders are elected for Epoch N+2. During Epoch N+2 the stake pools produce blocks they are entitled to as per the slot leader election. At the end of Epoch N+2, a new snapshot registers the rewards collected. At the end of Epoch N+3, the protocol distributes reweards to all stake keys, which show up in Epoch N+4. Thus, you will start to receive rewards in 4 epochs, after at least 20 days.
Should I just stake on an exchange?
We strongly urge you not to stake on an exchange for several reasons. Firstly, you do not have full control of your private keys and exchanges are vulnerable to hacks, in which you will never be able to recover your funds. Secondly, the returns for exchanges will be less than if you stake to a community pool. Lastly, exchanges reduce decentralization, giving more control and influence to the big whales.
How can I Delegate to Cardanodo (NODO)?
You can delegate by seaching up our stake pool in a staking-supported wallet by using 1 of the following identifiers:
Name – Cardanodo
Ticker – NODO
Pool ID: 20c00ebe39ed12dbd2f3e84a5b57b85c972d1039cf79c70d893b6227
To learn more about staking, click here:
Do I lose rewards when redelegating?
It is a seamless transition to redelegate your stake and no ADA is lost in the transition process. Please keep your original wallet, to receive the remaining rewards from the original stake pool, which will be paid out over 3 epochs. On the 4th epoch since you redelegated (n+4), you should start to see rewards from the new stake pool.
Are my funds locked once delegated?
Unlike some other cryptocurrencies, ADA has no lock up period. You retain full spending power over your funds at any time. You have the option to spend, undelegate, or redelegate to another pool of your choosing at any time.
Why should I delegate to community pools?
Delegating to community pools helps to support decentralization of the network. Supporting more smaller community pools is better than giving control and influence to the big whales, which reduces decentralization.
How long is 1 epoch?
1 Epoch is 5 days and consists of 432,000 slots. Only about 5% of the slots produce blocks.
What is a slot leader?
Prior to every Epoch, slot leaders are nonimated by chance to produce blocks at a specific slot assigned. Given that a stake pool is operating properly and well connected to other nodes, there is a 95% that the stake pool will mint a block. However, there are times when more than 1 stake pool is nominated as a slot leader, in which the stake pools will have a slot battle, with a randomized chance to win the block.
How safe is it to delegate to a stake pool?
Delegating your stake to a stake pool is 100% secure.
The delegation mechanism allows you to have full control over your funds. You delegate ONLY your right to participate in the protocol producing blocks. Thus, when you delegate to a stake pool, you only allow them to produce blocks on your behalf, but you NEVER give up control of your funds.
Why Cardanodo (NODO)?
The mission of Cardanodo (NODO) is to promote, strengthen and maintain the decentralized network of Cardano, founded by Charles Hoskinson, as a community stake pool.
As we believe that a more sustainable and fair future lies within a globally accessible, decentralized financial system supported by blockchains and smart contracts, we commit our resources wholeheartedly to accelerate the progress towards it.
Ultra Low Fees
Cardanodo currently has ZERO (0%) Fees. This means more rewards go to our delegators!
Our servers are safe and secured using the best practices. These include strong Network/Server Firewalls, SSH Authentication, 2 Factor Authentication and 24/7 Monitoring.
We operate only 1 stake pool, focusing to help you get rewards. Single pool operators help with decentralization.
Cardanodo has 2 relay nodes in North America.
Our operators are commited to the success of the pool and deliverying you great returns. They are also experienced with IT and data management systems.
4 Separate Servers: 1 block producer + 2 relay nodes, 1 backup block producer node, 1 offline server
Processor: Intel Xeon E-2174G 3.8GHz 4C/8T
Memory: 32 GB RAM (Expandable)
Storage: 1TB SSD (RAID 1 Hardware Controller)
Internet: Broadband internet with Static IP and 1GB/s speed
Data Plan: Unlimited Bandwidth
Power: Reliable power with UPS Backup
Still Have Questions? Get In Touch!
We are here for you as a Cardano Community member. Please do not hesitate to ask us anything if you have questions