Cardano snapshot updates, seed phrases, new reddit thread

Cardano snapshot updates, seed phrases, new reddit thread


welcome everyone today I wanted to do a
quick video it’s a follow up video for yesterday’s or the day before video
regarding snapshot ready addresses that are going to be ready for the
incentivize test net that’s happening next month everything that I said in
that last video are facts you need to have it in either Daedalus or Yoroi. I’ve
been receiving questions about whether it’s going to be in the Yoroi mobile
wallet is that gonna be snapshot ready Nico
well Charles put a reddit thread yesterday on reddit I’m gonna drop it
below and it’s all about questions that the community has for the incentivize
testnet snapshot and Nicolas Arqueros from Emurgo went in yesterday and
answered a lot of those questions so I thought that we could talk about a
couple of the things that he talked about and one thing is that Emurgo is
working on Yoroi mobile wallet snapshot readiness but he’s not sure
whether or not it’s going to be ready so I would recommend that you move your
mobile wallet address to the Yoroi web wallet just err on the
side of caution personally that’s what I would do because this snapshot happens
only once and you want to make sure that you’re ready otherwise you’re gonna miss
out on the incentivize testnet rewards and we don’t know how long the
incentivize testnet is going to be taking place could be a few months it
could be longer than that there could be some delays so you’re really out of
staking if you don’t if you’re not ready for that snapshot so Daedalus and Yoroi hardware wallet support once again you’re gonna have to take it off the
hardware wallet so if you have it on a Ledger or a Trezor you’re going to
have to take it off and put it in that web wallet as far as Daedalus I’ve
been receiving questions about paper wallets there was a question asked about
there but Nico is not an IOHK representative he’s an Emurgo representative so someone from IOHK is going to have to answer personally I
would probably remove it from the paper wallet and just put it straight on Daedalus just for the snapshot and then maybe push it back into a paper wallet
after that so it’s up to you IOHK has not released the final statement
whether or not Daedalus paper wallets are going to be snapshot ready another
thing that Nico suggested was people are going to have to start
digging out their seed phrase so that twelve word seed phrase that you started when you first opened up a wallet on Daedalus you’re gonna have to
take that twelve word seed phrase and you’re going to have to input it into
the testnet so once the testnet goes live it’s a separate download process so
if you’re downloading another Daedalus it’s like a test Daedalus so you will
have to input your seed phrase at some point from my understanding so once you
input that seed phrase he was also recommending that you move that wallet
to another wallet so for example if you hold 100 ADA on a Daedalus wallet
that you opened up two years ago and the you have the seed phrase you input that
seed phrase into the test net and once the snapshot is done you move your 100 ADA
Daedalus to a new wallet with new seed phrase because the testnet will also be
using your seed phrase so there’s a small window or small chance of funds
being risked or there’s there’s small risk there so that’s just a suggestion
that’s not necessarily true that your funds are gonna be stolen but personally
me I probably will move it from one address to another just erring on the
side of caution so that’s another thing that you have to be concerned about
so dig out that seed phrase and get it ready for the incentivize testnet should you have it in some far-off location probably good to start figuring
out how you’re going to get access to that if you’re interested in staking
within the incentivized testnet and I would recommend if you want to people
are erring on the side of caution some people are not going to stake but there
may be a long period of time where we’re staking and we haven’t hit mainnet yet
might be three four five months so you want to make sure that if you want those
rewards you try to figure out how you can get those rewards I’m going to try to make it as easy as possible on this channel I can always and try to
answer as many questions as possible so that reddit thread it was very helpful
I’m going to put the link down below you let me know if you have any questions
this is slightly scary for a lot of people and I understand so
whatever I can do to try to ease the pain and ease the transition from main
net to incentivize snapshot I will do once again all the information has not
been made available and we’re learning as we go so as far as the wallet
addresses you can figure out some more information on that reddit thread and
I’ll try to keep you updated as I find out more information so you have a great
day and until the next video

36 thoughts on “Cardano snapshot updates, seed phrases, new reddit thread

  1. You've probably answered this a thousand times, so sorry to ask again. Do the coins your receive from staking on the testnet move to the mainnet?

  2. Everyone must be ready. Like you said, this testnet could last 1, 2, 3, even 5 months. Who knows what the threshold will be. Huge missed opportunity for those who don't prepare

  3. Hi, THX for great info so far, let me ask you if I can have 2 different separate Daedalus installations on the same PC Or would it be OK to have just ONE Daedalus with 2 different created wallets ??? Would each such wallet have a different Seed please ? I mean I would like to reach the status that I have 2 different Seeds. Just for the reasons you outlined in your video. I would need the separate New Daidalus or just a new Wallet in the same Daedalus to transfer my ADA to after the snapshot with a different seed as the old seed is to be used for the testnet. THX

  4. Hi Philpa! Thank you for keeping us updated on the upcomming snapshot. A couple of questions, if you don't mind:

    1) Say I sent 100 ADA to the Daedalus/Yoroi wallet before the snapshot… After the snapshot, do I have 200 ADA (100 Mainnet + 100 Testnet) or do I still only have the original 100 but those are Mainnet AND ALSO Testnet at the same time??

    2) Do you know what is gonna be the monthly ROI for staking?? Maybe 1% or actually less??

  5. Hi, I just learned that there will be several Test Net Resets with new Snapshots. I assume there will a need to have a new Daedalus installation or just new Wallet in the same installation (?) with new separate Seed for each reset from the security point of view. Simply after each Snapshot to create a NEW Daedalus walletto to send my ADA to from the OLD Daedalus as the OLD Seed will be used to recover/create the Testnet Daedalus. Correct ? THX

  6. Hi, Could you please create a short video how to transfer ADA from Yoroi/Ledger to just simple Yoroi please? Would there be a need to have a NEW Chrome Google User profile for the normal NON Ledger Yoroi please ? (probably yes as you can NOT have 2 Yorois on the same Chrome profile…) THX

  7. Hi, one more question, perhaps too early but you might know the answer. The date of the first snapshot will be announced ahead. OK. Do you think the Snapshot dates at TestNet resets would be announced in advance too please ? I expect so. ADA4Ever !

  8. SO if i dont want to stake i can just leave it in yoroi or daedaduls wallet ? the snapshot will not affect the funds ?.not going to stake.thanks

  9. Hi
    i have mucked around so much with my daedalus wallet where it has become a pain
    i have decided what i have in yorio i will invest
    what do I have to do with the yorio wallet on my laptop to be intime and in sync with you guys?

  10. Hypothetically…Say you had 300k to 3 million. What or how much would delegate to the testnet? Would you separate into several Wallets approximate 100k each?

  11. Hi off-topic? I have Yoroi wallet installed on a Google Pixel 3. I have the app log in Password and can log in to my wallet! But I have forgot / lost the Spending Password so I can not Move my Ada is there any way to recover this!!!!!!!!!!!!!!

  12. I'm big supporter of ADA and love what the IOHK team has done for the community. Charles and his team have seen the outcome of unsuccessful deployments of code look like "Ethereum DAO" which I was a large investor. I have confidence they can do this without any major issue, but it will take time. If its 6-8 months of a testnet it better to testnet that long instead of having to fork the ADA chain. I'm here for the long haul for sure.

  13. Do you think there will even be much reward given out during test net? Also if alot of ADA isnt staked, that 10% or so of ADA supply that IOHK has could easly be like 50% or more of the staked ADA.

  14. Hi Philpa i understand the need to move the ADA after revealing the seed word to the net but will the staking still be recognised after moving it back to the new daedalus wallet

  15. So is IOHK going to be releasing a new Daedalus wallet just for the test net that we need to download once the snapshot has been done and then we put our 12-word key phrase into that so we can start staking the ADA on the testnet? , So from the sounds of it there will be 2 ADA blockchains running the current one and the testnet one, is this correct.? What happens if I buy more ADA from an exchange and send it to my current Daedalus wallet running now, will that ADA show up on both Daedalus wallets – and on the testnet? I think a video from IOHK explaing all this step by step would be very handy.. Keep up the good work.

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