ELLIPAL knows well the potential of Cardano ADA and its community. This is why we develop support for ADA's cold storage, Buy and Exchange to our ELLIPAL cold wallet. Since then, users of the ELLIPAL have been able to enjoy keeping their ADA safe with air-gapped security while trading it easily.
What is Cardano ADA?
Cardano is created by Charles Hoskinson who is the co-founder of Ethereum ETH. He began the development of Cardano in 2015 and launched the platform in 2017. Since then, Cardano has positioned itself as an alternative to Ethereum with both blockchains being used for similar applications such as smart contracts and building a decentralized system.
Cardano’s main applications now are in identity management and traceability. It can be used to help simplify processes that require the collection of data from multiple sources as well as track and audit a product’s manufacturing processes. Not only it helps users know where their products are from and where it is now, but it also helps users identify fake products.
Currently, Cardano is run by three organizations: IOHK, Cardano Foundation, and EMURGO. The first two are non-profit foundations and the third is a for-profit entity. IOHK is responsible for building Cardano and feeding it with updates.
With constant updates and many real-world applications and a stable blockchain structure, Cardano ADA has been growing rapidly in terms of its price and community.
Staking of Cardano ADA
ADA held on the Cardano network represents a stake in the network. The more ADA held, the bigger size of the stake. The ability to delegate or pledge a stake is fundamental to how Cardano works.
Holders of ADA can earn rewards by delegating their stake to a pool run by someone else or run their stake pool. The amount of stake delegated to a stake pool helps the Cardano blockchain chooses which pool should add the next block to the blockchain. The pool that gets chosen receives the reward.
The more stake is delegated to a stake pool, the more likely it is to make the next block and the rewards are shared between everyone who delegated their stake to that stake pool.
Staking has been a profitable investment option for many investors. The rewards are attractive and the price of ADA is not likely to drop significantly. Due to this, staking ADA has been a very popular topic since the launch of Cardano.
Staking ADA on the ELLIPAL
ELLIPAL has been working tirelessly to support ADA staking on top of ADA cold storage, buy and exchange. As staking is a big of ADA and with a lot of requests from many of Cardano's community members using the ELLIPAL, we simply cannot ignore it. The addition will arrive within the next few updates and we will keep our users up to date!