IOHK provides new dates for the payout of the Cardano Incentivized Testnet rewards that were supposed to be paid off on August 3rd so let’s find out more in the Cardano ADA news.
A Shelley rollout plan had scheduled the payout a few days after the Shelley hard fork, the launch of the mainnet went without issues but the Incentivized testent rewards were not paid out and now IOHK provides a date to do so. The updates from IOHK on the matter were non-committal about giving a firm date but the latest information was that the rewards will be redeemable from tomorrow. The market showed no major reaction to the announcement as now the ADA price is set at $0.14. An IOHK article stated that the ITN rewards are redeemable using Daedalus, the native Cardano wallet.
— Charles Hoskinson (@IOHK_Charles) August 7, 2020
The developers are due to release an updated version of Daedalus which will feature an automated function to claim any ITN rewards earned during the testnet period:
“An upcoming mainnet release of the Daedalus wallet will include a dedicated “Redeem Incentivized Testnet rewards” feature, which will allow the redemption of the ITN rewards to a selected Shelley wallet in Daedalus.”
The users have to download the updated Cardano wallet and will have to enter the 15-word recovery phrase that will restore the ITN rewards into the new interface. From there, they can transfer the ITN reward balance into the main wallet but this will require a fee so the users need to have enough ADA to cover the charge. The ITN was the first Shelley based testnet where the users and developers could easily experiment with stake pool:
“By offering real ada rewards, it helped to test incentivization in a ‘real-world’ context, and gave ada holders a chance to earn rewards while testing the stake delegation experience.”
Many consider the ITN a success in terms of laying the ground for the decentralization of the ADA network. Cardano and IOHK are pushing to retain the ITN infrastructure after the staking ended. CEO Charles Hoskinson said that the community could benefit from using the ITN as a rapid testing network for the mainnet. One user described his experience:
“Yoroi and Daedalus Wallets should have voting capability built in to wallet. JorVote was not properly communicated and many felt uneasy putting in wallet keys. Been invested since 2017 and for the 1st time this was a downer for me@IOHK_Charles.”
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