This is the process where:
- you hold your coin on your wallet
- you delegate the wallet amount to a Pool as a participation in Proof of Stake.
On some other blockchain or services your coins are locked during the PoS (Proof of Stake),
but on Cardano AND using our service on ACOL they are not locked (only 2 Ada are locked, see Cost of Staking).
So the minute you change mind or need to spend them you can.
The only cost is the fee the transaction to register your delegation, this cost is about 0.17 Ada
Then there is only 2 Ada locked, that will be back in your wallet after you delegate somewhere else, or stop delegation.
There is a simple process:
-> Every Epoch (5 days) there is a snapshot of your value in delegation
This is used to calculte in proportion your benefits / reward to reach around 5% per year.
(Example)
--Epoch 256 --
You start to Delegate 1000 Ada during the Epoch 256,
-----------------
A snapshot is taken at the Epoch switch
--Epoch 257--
Your Delegation of 1000 Ada become Registered with the Stake Pool
-----------------
A snapshot is taken at the Epoch switch
--Epoch 258--
Your Stake (1000 Ada delegated) is now Active and Contribute to the Stake Pool
Here, if a block is minted on ACOL, then you’ll be count on it for Rewards
-----------------
A snapshot is taken at the Epoch switch
--Epoch 259--
Your Stake still active in the Stake Pool
Calculation is made in the previous Epoch for your rewards on Epoch 258
Here, if a block is minted on ACOL, then you’ll be count on it for Rewards
You add 100 Ada to your wallet, in delegation so automatically to your Stake
-----------------
A snapshot is taken at the Epoch switch
--Epoch 260--
Your Stake still active in the Stake Pool
You receive your Epoch 258 rewards (if a block were minted), and it is added to your wallet, they will count for stake in epoch 262.
Calculation is made in the previous Epoch for your rewards on Epoch 259
Here, if a block is minted on ACOL, then you’ll be count on it for Rewards
Your 100 Ada added previously because Active
-----------------
A snapshot is taken at the Epoch switch
--Epoch 261--
Your Stake still active in the Stake Pool, now your Stake is: 1000 + 100 You receive your Epoch 259 rewards (if a block were minted), and it is added to your wallet, they will count for stake in epoch 263.
Calculation is made in the previous Epoch for your rewards on Epoch 260
Here, if a block is minted on ACOL, then you’ll be count on it for Rewards
-----------------
Etc...
Consider a new amount in Delegation count for Stake around 1.5 Epoch later (about 6-10 days)
then Rewards from this “count for stake” epoch are send to your wallet +2 epoch again later,
which overall makes the process to about 16 to 20 days to see some rewards, if the Pool minted block.
- you need to store you Ada on you own wallet = your wallet = your keys / passphrase
Exchange’s wallet is not yours, if they disappear you lost everything there.
Some exchanges also lock your Ada during the Delegation, so you are stuck there. - So, install your wallet!
Daedalus wallet https://daedaluswallet.io/
Yoroi wallet https://yoroi-wallet.com/
Both are good, and I personally like Daedalus.
Or there is also Adalite, that you can use with a Ledger Nano; here you need to update your Ledger Nano and install Cardano wallet. Then unlock your wallet using Adalite website, to send, receive or delegate your Ada. - You need to move your Ada from the exchange you bought them, and send them to your Wallet
- Once you coins are on your wallet, you can proceed as is to Delegate with ACOL and be part of the #Beekeeping family 😊
