Sun. Aug 7th, 2022
ADA balance in Cardano's Daedalus wallet
ADA balance in Cardano’s Daedalus wallet

Better load up on some Cardano from whatever exchange you use and send it to your Daedalus or Yoroi wallet because the next step for Cardano is coming up in less than two days. As reported in The Daily Hodl and across the entire cryptocurrency social media sphere, one of the most significant events in cryptocurrency history is about to occur. The incentivized test is one of the final steps necessary before the full launch of the Cardano network. Now, there’s a reason why this is called the ‘incentivized’ test: because you will earn real rewards for participating. This will be like a live run, and you will be rewarded with actual ADA. But first, you need to follow some steps.

Step One: Download and install Daedalus

I love the Cardano teams’ clever use of names. The icon for Daedalus is an image of a bull but in the style of a maze. Daedalus is the ancient mythological architect who created the maze to keep the Minotaur from escaping. Daedalus is Cardano’s wallet and can be found here. Support operating systems are Windows, macOS and Linux. Don’t be afraid if takes a little bit to download the blockchain, that’s a relatively routine process.

 

Step Two: Acquire some Cardano

To put Cardano in your Daedalus wallet, you’ll need to get some ADA. A list of exchanges that record ADA trading pairs and their respective exchanges can be found here on coinmarketcap.com. Some of those exchanges are Binance, Upbit, Bittrex, HitBTC, and Kraken. After you’ve purchased your ADA, you’ll want to transfer it to your Daedalus wallet. And then wait.

 

Click here to learn How to Buy Cardano

 

Step Three: Wait and Keep up to date

After you’ve parked your ADA in the Daedalus wallet, you wait. Once the snapshot of the Daedalus and Yoroi wallets has been taken, we wait. Shortly after the snapshot, they will announce the link to download the test wallet to begin staking on your own or joining a staking pool. The best way to stay on top of the events is to register for updates from staking.cardano.org. I would also suggest you keep up to date by subscribing to IOHK’s YouTube channel. Something extremely refreshing for the cryptocurrency market as a whole is the very professional, competent and transparent videos that IOHK is putting out.

 

The future is bright

I am personally extremely excited for the upcoming incentivized testnet. Cardano is easily the most critical third-generation blockchain network that exists. It is easily the most dedicated to being a decentralized network. There have been too many founders and talking heads of various cryptocurrencies that have placed decentralization as an anecdotal condition of their networks. Charles Hoskinson and the teams developing Cardano (IOHK, EMURGO) have always had decentralization at their core. As Mr. Hoskinson himself said: “This is infrastructure that you have equal access to – as I do, as do the people in Africa, as do the people in Argentina, as do the people in Asia. There’s never been a time in human history where we’ve ever talked about a global system – where everybody has access to the same thing, and everybody is on equal terms. That’s why I’m in the space. I didn’t really sign up to go ahead and replace the dollar. It’s a good pursuit but the people who try to do that tend to get shot. I signed up because I really want to innovate. I really want to change the world. The reality is there’s a lot of people living in the world right now who are excluded from the world.”