Secure Cardano Stake Pool
- Total Live Stake
- Total Pledged
- Lifetime Blocks
MagicalMoney stake pool processed it's first transaction towards the end of August 2020 at epoch 213. We're a small independent stake pool with over two decades of experience running secure server infrastructures and services. You can track our progress on ADApool.org
😍 What is Cardano and Ada?
Cardano is a proof-of-stake blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create possibility for the many, as well as the few, and bring about positive global change. There's no better way of getting to know about Cardano than having a read on the Cardano.org website.
Ada (₳) is a digital currency. Any user, located anywhere in the world, can use ada as a secure exchange of value – without requiring a third party to mediate the exchange. Every transaction is permanently, securely, and transparently recorded on the Cardano blockchain.
Every ada holder also holds a stake in the Cardano network. Ada stored in a wallet can be delegated to a stake pool to earn rewards – to participate in the successful running of the network – or pledged to a stake pool to increase the pool's likelihood of receiving rewards. In time, ada will also be usable for a variety of applications and services on the Cardano platform.
🤗 Who are we?
"We" is actually just "me". My name is Adam Neilson. I've been involved in technology since the mid-90s and leading tech teams through numerous start-ups and sectors. I'm currently serving as Chief Technology Officer for Wefarm where we focus on building a secure digital platform to help 100 million small-scale farmers across the planet reach their full economic potential. You can find out more about me and what I do on my website here or my career on LinkedIn
You can probably tell that I'm not much of a marketeer. This is a passion project because after so many years of building and running online services I have built the skills, technical know-how to run a stake pool and to be perfectly honest, I want to support the Cardano network because I believe it's the best thing since sliced bread!
If you want to get in touch for any reason, you can reach me at the links at the bottom of this page
💸 What's the cost?
The short answer is nothing... zilch... nada... You delegate your ADA for free (aside from a tiny transaction cost to register your delegation on the blockchain (usually around 0.18 ₳ which at current rates is around £0.016 sterling)
Each epoch a rewards pool is created. All the fees from all the transactions within that epoch are added to a pot. At the end of an epoch this pot is divided up between all the stake pools that were slot leaders for that epoch and divided proportionally by the stake the pools had live. This reward is then divided up by the stake pool and awarded proportionally to the delegators (minus any stake pool fees)
Magical Money has ??% margin* and a set ?? fixed cost
* The operational costs and margin are under constant review. With the imminent change in the K parameter (rising to 500) it's currently unclear what effect we'll see on the network. We'll be keeping a close eye over the festive season and make any changes needed.
ℹ️ Delegation Guidance
A recent blog post from IOHK (the team responsible for writing Cardano platform) entitled The general perspective on staking in Cardano gives some great guidance for delegators:
- Know your pool
- Think bigger
- Be wary of ‘pool splitters’
- Be wary of highly leveraged operators
- Shop around
- Be involved
On the topic of leverage, stake pool operators are advised to keep leverage as close to 1 as possible. It gives a great insight into how much "skin in the game" a stake pool operator has.
Magical Money has ?? leverage
Be sure to look at the leverage of any stake pool you're considering delegating to and compare. The calculation is outlined in the IOHK blog post above but simplified version for a back-of-a-beermat calculation is total stake in the pool divided by the stake pool operators pledge.
🔒 How secure will my ADA be with this stake pool?
The process of staking with Magical Money (or any other stake pool for that matter!) means your funds will never leave your wallet. Staking your ADA to a stake pool is a process that is wrapped in a transaction which is written to the Cardano blockchain. It's essentially you saying through the signing of the transaction that you want to affilate your wallet with the stake pool.
- Staking ADA is at zero-risk to you
- You can unstake or redelegate ADA at any time
- Staking rewards are paid in ADA into your staking wallet
It goes without saying (but I'll say it anyway) the responsibility for the security of your wallet is yours. Please do follow some best practices and make sure to never ever ever share your private keys, mnemonic or any other sensitive details with anyone else. There are a lot of bad actors out there and I'm not just talking about Tom Cruise.
Magical Money servers are running within a secure cloud environment with strict firewall rules blocking all but critical traffic needed to operate. The block producer is hidden from the world. All pool keys and certificates are held offline in securely encrypted "cold" storage.
🔎 How do I delegate to Magical Money?
There's many Cardano wallets and exchanges that you can store your ADA but currently a limited number that support staking. Daedalus Wallet is probably one of the most popular but Adalite Wallet not only supports staking but also hardware wallets to give an extra protection to your funds.
Whichever wallet you ultimately choose, go to the delegation centre and search for our ticker:
⭐️ Magical Money Servers ⭐️
The Magical Money infrastructure is running on AWS which is the defacto leading cloud services provider. Our relays run behind firewalls from separate availability zones so if an aeroplane decides to fall on one of the data centres, the other will be untouched.
Stake Pool Status
|Relay 1 Node|
|Relay 2 Node|
I'll be writing more over the coming weeks around the network topology and what Magical Money is running on. Watch this space...