IOHK Delegated 3.2M ADA Coins To 100 Different Stake Pools

IOHK delegated 3.2 million ADA coins to 100 different stake pools that are run by the Cardano community just so it is able to distance itself from running the Cardano blockchain. This is part of the larger plan to delegate funds to new pools every quarter and support operators in the developing countries so let’s read more in our latest Cardano news.

In its mission to introduce a community-oriented delegation approach, IOHK delegated 3.2 million ADA coins from its public pool to a community-run staking pool. The strategy was introduced in November last year when the company’s director Tim Harrison outlined the plans for the next year. After retiring almost all public stake pools in December, the company set out to delegate a portion of the funds to a private pool that is run by the community. About 15 percent of the IOHK ADA holdings were set out to be delegated to the Cardano community with the set of pools receiving the funds each quarter.

According to the latest announcement of the company, 3.2 million of the ADA has now been successfully delegated to 100 stake pools on the network. To support the growing community of stake pool operators, the company decided not to delegate to a random set of pools but to pools that have a purpose:

 “Our primary objective here is to delegate to pools that we feel support our wider purpose and mission of economic inclusion – decentralization of sustainable technology, empowerment through education, and opening up economic identity for all.”

The purpose pools according to the company could include operations hosted in developing countries or to run on a charitable or philanthropic basis but the cohort of stake pools IOHK delegates to, changes every quarter so any operator that is interested in applying will be able to do so in the next few weeks. According to Harrison, a new form will be shared with the community later this year, and stake pool operators that are looking to apply to be considered for the next round of delegation can fill out the form and wait for the quarter to end and to see whether they have been chosen.

As recently reported, Cardano’s Mary hard fork is a huge upgrade that will upgrade whole new opportunities for the community and all entities that are using the blockchain. This will transform the Cardano testnet as well into a multi-asset network and will enable users to issue and distribute their own tokens on the blockchain.