We wanted to not only help grow the Cardano community but to give back to charities that are making the world better. It’s not good enough to have a transformative technology, that Cardano is creating, without a healthier, safer, and more peaceful world to use it. So K9K is donating 25% of the staking fees we receive to charities that are voted on by the members of the pool! Delegator’s rewards are not affected.
The charities will receive a donation in the form of Cardano’s cryptocurrency, ADA. This will help grow the Cardano community while giving back. Growing the community will increase the value of ADA and as a result will increase the size of the donation.
We are proud to announce Code to Inspire is now part of our charitable giving program. Code to Inspire is the first computer coding school for women in Afghanistan, providing women in Afghanistan with free classes and mentors that teach them how to code, find jobs in tech, and launch their own businesses.
Code to Inspire is doing honorable work by teaching valuable skills and empowering women in developing countries. The people that CTI help are going to be a part of building technologies of the future. K9K is enthusiastic about innovation and believe that it makes the world a better place. If we can just help one person acquire the skills to innovate, that would be a great accomplishment.
We are looking to get more charities on board. If you want to be a part of the program you can email us at firstname.lastname@example.org.
Cardano Mainnet is Live
In August, Cardano transitioned from a federated to a decentralize network with the release of Shelley. As the network gets more decentralized, stake pools will have more control of the network. Currently, over 50% of the blocks are created by stake pool operators and every five day (Epoch) the stake pools control more of the network. It is projected that the network will be fully decentralized in March 2021, meaning, 100% of the blocks will be created by stake pool operators.
Stake pools and their delegates get rewards for creating blocks on the blockchain. K9K Staking was one of the first stake pools to be listed, and we minted our first block in just the second Epoch and our second block three Epoch’s later. Our delegators have already started receiving rewards! Staking rewards are estimated to be ~5% annual return.
Staking vs. Mining
Proof of Work (Mining) and Proof of Stake (Staking) have the same purpose of validating transactions and achieving consensus however, the process is quite different.
In a Proof of Work system, the probability of mining a block is determined by how much computational work or power is done by the miner. Proof of Stake probability of validating a new block is determined by how large of a stake a person holds — in Cardano’s case, how much ADA a person holds. Mining pools and Staking pool both aggregate resources to increase the participates probability of validating blocks and share the rewards.
Staking uses little resources when compared to mining or PoW by making it similar to a lottery. In Cardano’s case, each ADA is equal to a lotto ticket. This means less electricity consumption and no need for extra machines to participate in staking. Given the holder of the coins are incentivized to keep them rather than selling them, there will be stability in the price of coins
Staking is similar to a stock dividend. It is paid periodically when a block is created. The estimated annual return is ~5%. Also like the stock dividend, there is no risk. The risk is the value of holding ADA depreciating in value. Similarly, you wouldn’t hold a stock that had a 5% dividend if you didn’t believe in the company and the value of the stock appreciated. The dividend and staking, in this case, is a bonus but most of the profit is going to come from the price going up.
Stake with K9K
Instructions on how to stake can be found on our website.
Pool ID: 6cabf3837d2884000af0eb9b661870f0080233cfb4e9a239a007450c
About Code to Inspire
Code to Inspire (CTI) was established in 2015 starting in Afghanistan as the first coding school for young women by Computer Science Professor and former refugee Fereshteh Forough. Supported by organizations and individuals committed to the advancement of women in technology, the nonprofit training program has taught 150 young women how to code, build mobile apps and games. Over 70% of graduates have found work, earning above-average wages in their country.
Cardano is a proof-of-stake blockchain platform: the first to be founded on peer-reviewed research and developed through evidence-based methods. It combines pioneering technologies to provide unparalleled security and sustainability to decentralized applications, systems, and societies.
Cardano is striving to become a 3rd generation cryptocurrency built from the ground up to solve the inefficiencies of Generation 1 (Bitcoin) and Generation 2 (Ethereum). Inefficiencies such as scalability, interoperability, sustainability.