IOHK, the development team behind the Cardano (ADA) blockchain, recently announced that it will be rolling out the third phase of the Shelley Testnet where it will be rewarding users with ADA for network participation.
According to the announcement, the Incentivized Testnet will enable IOHK to test Cardano’s various mechanisms with near-real world context.
Soon, IOHK will begin by taking a UTXO snapshot of all ADA held across Cardano’s various supported wallets, including Daedalus, Yoroi and paper wallets. The snapshot will capture the value that will be transferred to the testnet, enabling users to participate in the incentivized testing.
IOHK notes that investors who hold ADA on exchanges will not be able to participate, so it’s critical for investors to transfer their assets to a supported wallet.
“The Incentivized Testnet allows us to lay the foundation for Shelley on the mainnet, test its core functionality in a controlled way, and gather essential community feedback,” states the IOHK team. “It will also help us build a stable and qualified group of decentralized stake pool operators in preparation for the mainnet.”
ADA holders will be able to delegate or operate a stake pool during this phase of testing, and once complete, these rewards can be transferred from the testnet to the mainnet.
US investors looking to buy ADA commission-free to participate in the testnet can earn $25 in free BTC by signing up for the Voyager app through this link (or use code: SLUDGE25).
Image: Marco Verch / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.