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Cardano [ADA] Reddit AMA session clears the air about reward sharing schemes as stake pools impend

Anirudh VK



Cardano [ADA] Reddit AMA session clears the air about reward sharing schemes as stake pools impend
Source: Unsplash

The Cardano [ADA] team recently conducted an ‘Ask Me Anything’ session on Reddit regarding the reward schemes in their stake pools. The session was conducted by Aggelos Kiayias, Chief Scientist at IOHK, in conjunction with Lars Brünjes, Elias Koutsoupias and Aikaterini-Panagiota Stouka, the co-authors of the paper to implement the reward schemes.

The session was kick-off by user mchapman1989, who asked whether he would be able to stake ADA using a Ledger hardware wallet and Raspberry Pi computer. In response, Kiayias answered to the affirmative, clarifying that staking meant delegating the user’s stake to a pool and receiving rewards from it.

User Jonne33 pitched in as well, stating:

“Once delegated you can put your ada on Ledger or even on a paper wallet. You don’t need to be online after that (ie you don’t need raspberry pi or something). Raspberry Pi can be used initially for accessing your Ada and delegating it via Linux Daedalus client (still in development) or via different light wallets which are popping up currently.”

User Gr3cu enquired about an alternative to economic incentives being a part of the scheme for staking scheme. His alternatives included real-time information or advice by a system observing the pools. He also stated that he would be up for even a separate pool operated by a party such as IOHK that could be trusted with ADA.

Gr3cu then proceeded to ask whether the said entity could manage the ADA to increase the performance of the network at the expense of stake rewards.

In response, Kiayias stated:

“In general, it is hard to get reliable performance metrics / advice that are not attackable or involve a single point of failure. The wallet will provide some input to the stakeholders about what pools are performing as they should using information drawn from the blockchain . In any case IOHK will be like any other entity in the ecosystem without any special role or access.”

User nel0_angel0 had a question on the general functioning of Cardano, as it was a worldwide organization. He asked whether this does not hinder work, with the response from Kiayias being:

“It is challenging but we take full advantage of all kinds of online communication + regular teleconferencing. In academic research we are used to work like this anyway since many projects are cross institution / organisation and work involves traveling and international coordination on a daily basis.”

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.


Rabobank announces plans to drop its crypto-project

Sarvesh Kumar



Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,

“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.

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