Cardano uses a proof-of-stake consensus mechanism and offers native staking to its validators and users through self-custodial wallets.
When Cardano launched in 2017, there was a full-wallet implementation with IOHK’s Daedalus. Two years later, Emurgo launched the Yoroi light wallet. Since the Shelley mainnet hard fork in 2020, the wallet landscape in the Cardano ecosystem hasThere are full-node and light wallets for Windows, Linux and Mac as sovereign applications, browser plugins or mobile apps. Moreover, Cardano wallet apps can handle both single- and multi-address wallets.
On the application page, clicking the “Add New Wallet” option kickstarts the wallet creation journey.To create the first Cardano wallet, choose the “Create wallet” option. As previously mentioned, validating transactions on the Cardano network heavily relies on the staking of ADA by validators and other holders through staking pools. In return, the network offers staking rewards to these stakeholders. Holders of ADA who can’t run validators “delegate” their ADA to staking pools.
Daedalus is another wallet for the users of the Cardano network. These are the steps to stake ADA using the Daedalus wallet:https://daedaluswallet.io/When opened on a laptop, the app offers the option to either restore an existing wallet or create a new one.Choosing the create option gives a 24-word recovery phrase that the user must note down and confirm.Once the syncing is complete, the user must click on the “Staking” tab to start the staking process.
At the end of each five-day epoch, the Ouroboros protocol, not the pool’s operator, takes automatically distributes the rewards from the reserves to all ADA wallets.Here are some common problems that users may encounter when staking ADA in a self-custodial wallet, along with some potential troubleshooting steps:
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