How to Stake ADA (Cardano) from your wallet with Daedalus

Spanishpoint

Hi all, I have developed a Cardano Stake Pool in order to mine and obtain a yearly profit for myself while keeping my ADA in my wallet instead of in an Exchange website. Personally I don't regard how the Exchanges operate and they are not appropriately regulated.

What is a Stake Pool?
Put simply it is an Cloud Infrastructure used to mine Cardano blockchain. It can be done using 2 Virtual Private Servers (VPS), however I use 20+ VPS in 4 different countries (Ireland, Spain, Germany and France) for a professional solution that will be reliable for at least the next two years.


What else is required to mine Cardano?
In addition to maintaining a Stake Pool, it is also required to deposit Cardano currency: ADA (₳). The larger the quantity, the more chances there are to generate profit. I am starting with a 23000₳ deposit, and will not transfer it from the Stake Pool for the next 2 years and I will be increasing our deposit progressively. In addition to the 23000₳ deposit, there is a total current Active Stake of 46000₳.


How does Staking Cardano work?
Anybody can download Open Source software to create as many Cardano wallets as they want: they are free! Every wallet has the capacity to delegate ADA to a Stake Pool in order to help to mine blocks and generate rewards. With delegation, your ADA will always remain in your wallet and there are no maintenance fees if there are no profits.

When a pool generates blocks, a staking pool will receive a reward proportionally to the total ADA volume in the pool. The Cardano Network will deduct fees from rewards and it will automatically send net profits to each wallet which was actively delegating during the last 15 days. Pool rewards are proportional to the ADA of each wallet.

Using simpler words, a Cardano wallet is similar to the idea of a Savings Bank Account, but one where you retain control of your money. If you delegate your wallet to a Stake Pool, your ADA could be subject to a variable interest rate. If you want to use your wallet, you will need to use Cardano's software.


Why Stake from a wallet and not from an Exchange?
The reason is security. In order to maintain the custody of your ADA at all times, you have a passphrase which is your wallet's password. Each owner of a wallet will need to use Cardano's software if they want to operate with their wallet.


What wallets are available currently?
There are at least 3 wallets for staking:
https://daedaluswallet.io/ Version for end-users. Compatible with Windows/Mac/Linux and in our opinion, the best option. The password for this wallet is a 24-word passphrase (words maintained in the same order).
https://yoroi-wallet.com. Light version for end users. Compatible with Android, iOS, Chrome Firefox and Edge. Password for this wallet is a 15-word passphrase (words maintained in the same order).
cardano-wallet. Version for Linux servers.
Delegating a wallet to a Stake Pool costs 0.17₳ (Network fee) and there is also a 2₳ deposit. Costs could be different depending on the wallet you are using.

How much profit can be generated by Staking in this pool?
We cannot guarantee beforehand because it depends on luck and some other variables. Theoretically a small Stake Pool could generate a yearly profit of 3-9% depending on luck and the algorithm of the Cardano Protocol.
You can check the following link in order to see the profits that other Stake Pools are generating currently, it is one of the most visited websites: https://adapools.org.


What risks are you taking by Staking Cardano?
There is no risk for delegating or staking because your ADA will remain in your wallet at all times. Risk is attached to the variability of the price of Cardano (such as with every cryptocurrency currently) and the security of your wallet. You should use the latest software versions, keep your passphrase in physical format, etc. Each one is responsible for their own wallet and to research before and during potential investments.

Cardano is a new technology, developed in 2015, launched in September 2017 and following this economic evolution:


How to Stake with Daedalus?
1. Install Daedalus in your PC or laptop. Daedalus is a full node for the network by itself, it takes considerable time while synchronizing and checking blockchain everytime this software is launched.

2. Open Daedalus software and create a wallet for yourself. Write down your password, passphrases and keep them safely or you could lose your investment because you cannot restore your wallet.



3. Prepare a Receiving address for your wallet where ADA will be sent. We have trimmed this image and you can see here more than 20 addresses assigned to your wallet. If you need more addresses, Daedalus will generate them for free.



4. Transfer your ADA to your wallet. We had to buy them by doing a bank transfer in euros to kraken. Then, we sent them from kraken to our Daedalus wallet.



5. Check Daedalus in order to see that your ADA have been successfully received.



6. Delegate your ADA to a Stake Pool (our ticker is VERDE). From the moment that you delegate your wallet, 15 days are required in order to generate potential rewards in the pool. When selecting a pool, you should consider the fees and availability offered. For example the company which created Cardano are charging a 2% fee.



Invite to use our pool:
Everybody is very welcome to use my pool in order to Stake their wallet. Let's check the luck of the Irish!

Ticker: VERDE
Fixed fee: 340 ₳ (minimum)
Variable fee: 1%
Pool_ID: 88bceb660ed277e1ab3df05dce0305d1daf1b74a7aebe82480 42b0f6
Webpage: https://greencardano.com
Pledge: I cannot guarantee to produce blocks, especially during the first few months because it is a randomly impacted process where big operators are playing with advantage. I honestly believe in the future of this cryptocurrency and I could lose 25000 ₳ + effort + time + money invested in software and VPS in order to try to maintain our pool 100% operative and we don't believe we will.

timeToLive

Awesome. I think I need to wait until the next epoch to stake already staked coins, right?

What host is this on? (DigitalOcean, AWS, etc?)

Spanishpoint

Hi, thanks for your interest. It is hosted in 4 different countries using VPS with DigitalOcean, Contabo, 1and1 and AWS.

Yes, once you have chosen a Stake Pool for the first time or you are changing it, your delegation will become active after the end of 2 epochs. Maybe a picture from Cardano Foundation is worth more than a thousand words to explain the Delegation cycle:


You could also find some more information in this post from Cardano Foundation: link

You are very welcome to use our pool!

Cheers

Spanishpoint

timeToLive wrote: »

Awesome. I think I need to wait until the next epoch to stake already staked coins, right?

What host is this on? (DigitalOcean, AWS, etc?)

New Ticker: LIBRE

Spanishpoint

Stake Pool deleted before producing a block

timeToLive

Spanishpoint wrote: »

Stake Pool deleted before producing a block

Why, what happened?

Spanishpoint

timeToLive wrote: »

Why, what happened?

Not enough ADA to be competitive