ADA Staking – How To Make Passive Income With Cardano

Staking with cryptocurrencies like Cardano (ADA) is booming. In this post, we will show you how you can make passive profits with ADA.Cardano was invented in 2015. The project of Ethereum co-inventor Charles Hoskinson aims to fundamentally change the way in which cryptocurrencies work. In contrast to Bitcoin, Cardano does not use a proof-of-work (PoW) consensus mechanism but a so-called proof-of-stake (PoS) consensus mechanism — but what is that anyway?Cardano does not require miners to secure and validate transactions. Instead, participants in the ADA Coins network are stuck. These coins are then periodically selected at random to validate transactions. For this, those who operate Cardano Staking receive a reward.One can think of ADA staking like a lottery. In this lottery, every single ADA is like a lottery ticket. Since an algorithm randomly selects who is allowed to validate transactions on the Cardano blockchain, the participants with the most staked ADAs have a higher chance of being selected. For this reason, ADAs are staked in so-called staking pools. In these pools, several ADA stakers team up and pool their coins in order to maximize their profits.Staking is booming in the crypto space.There are several ways in which you can stake your ADA.In order to operate Cardano Staking yourself, you need your own wallet. For example, the Yoroi browser wallet from Emurgo, which can be downloaded as a browser add-on from yoroi-wallet.com. At the moment, the browsers Chrome, Edge, Firefox, Android, and iOS are supported.After you have successfully installed the wallet, an add-on appears in the browser. If you click on this and accept the terms of use, you get to the following screen:Once here, you can choose between the wallet options “Simple” and “Advanced.”After you have successfully deposited your ADA into the Yoroi Wallet, all you have to do is delegate…