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Cardano solve 5 major obstacles
The Team: Cardano foundation, Input Output Hong Kong and Emurgo.
Come the end of the Shelley era, we expect Cardano to be 50-100 times more decentralized than other large blockchain networks, with the incentives scheme designed to reach equilibrium around 1,000 stake pools. Current prominent blockchain networks are often controlled by less than 10 mining pools, exposing them to serious risk of compromise by malicious behavior – something which Cardano avoids with a system inherently designed to encourage greater decentralization. Not only that, but the entire Cardano network runs at a fraction of the power cost of equivalent proof-of-work blockchains, using the electricity equivalent of a single house, rather than a small country.
The Basho era of Cardano is an era of optimization, improving the scalability and interoperability of the network. Whereas previous development eras focused on decentralization and new functionality, Basho is about improving the underlying performance of the Cardano network to better support growth and adoption for applications with high transaction volume.
The Voltaire era of Cardano will provide the final pieces required for the Cardano network to become a self-sustaining system. With the introduction of a voting and treasury system, network participants will be able to use their stake and voting rights to influence the future development of the network.
Cardano is a third-generation blockchain, created from the ground up using research, peer-review, and a rigorous formal development model. The story began in 2015, with a vision of addressing the three strategic challenges facing all blockchain networks: scalability, interoperability, and sustainability. Two years, thousands of GitHub commits, and hundreds of hours of study later, the first version of Cardano shipped in September 2017, and the Byron era began.
For the Cardano network to become truly decentralized, it will require not only the distributed infrastructure introduced during the Shelley era but also the capacity to be maintained and improved over time in a decentralized way. To that end, the Voltaire era will add the ability for network participants to present Cardano improvement proposals that can be voted on by stakeholders, leveraging the already existing staking and delegation process. To fund the future development of the network, Voltaire will also see the addition of a treasury system, whereby a fraction of all transaction fees will be pooled to provide funds for development activities undertaken following the voting process.
We started our way with a small but powerfull linux server in 2019.
Soon, we gained a reputation of a trustworthy company and expanded our activity.
Cardano is home to the Ada cryptocurrency, which can be used to send and receive digital funds. This digital cash represents the future of money, making possible fast, direct transfers that are guaranteed to be secure through the use of cryptography.
Cardano is more than just a cryptocurrency, however, it is a technological platform that will be capable of running financial applications currently used every day by individuals, organisations and governments all around the world. The platform is being constructed in layers, which gives the system the flexibility to be more easily maintained and allow for upgrades by way of soft forks. After the settlement layer that will run Ada is complete, a separate computing layer will be built to handle smart contracts, the digital legal agreements that will underpin future commerce and business. Cardano will also run decentralised applications, or dapps, services not controlled by any single party but instead operate on a blockchain.
Proof of Stake
Our proof of stake protocol is called Ouroboros and it has been designed by an extremely talented team of cryptographers from five academic institutions2 led by Professor Aggelos Kiayias of the University of Edinburgh. The core innovation it brings beyond being proven secure using a rigorous cryptographic model is a modular and flexible design that allows for the composition of many protocols to enhance functionality.
Proof of Stake
In proof of work, miners invest computing power to compete to be chosen as the leader who gets to make the next block and win a reward for doing so. By contrast, in proof of stake, the stakeholder who will form the next block is randomly selected, proportionally to the size of the stake that they have, according to the blockchain ledger.
“Proof” means having evidence that blocks of transactions are legitimate. “Stake” means the relative value held by addresses on the node. “Relative value” is all the value held by wallets on a particular node divided by total value in the system.
There have been a number of attempts by other cryptocurrencies to develop a proof of stake algorithm, although these protocols have suffered from flaws and have not been shown to be provably secure.
For a blockchain to be secure, the means of selecting a stakeholder to make a block must be truly random. An innovation of Ouroboros to produce the randomness for the leader election process is to do this by way of a secure, multiparty implementation of a coin-flipping protocol.
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