This week’s guest in Cardano SPO is a mission-driven stake pool with the aim of funding school education for children in Tanzania and using NFT to help single mothers in need of support: King TUT StakePool [KTUT] .
Last week’s host was a very active stake pool in the NFT space and was among the first projects to tokenize physical works of art on the Cardano blockchain.
This initiative is a point of reference for everything related to Cardano and every week or two we will invite a Stake Pool Operator (SPO) to answer a few questions and give us an update directly from within the Cardano community.
Considering that many of our readers are new to the crypto space, we will have a mix of simple and technical questions.
Hi Michel, thank you for this contribution. Tell us something about yourself, where do you live and what is your background?
Hi I’m Michel, I’m a vascular surgeon based in Frankfurt, Germany. I am one of the 2 owners of the King Tut stake pool along with my friend, Mina, who is an automotive engineer with a decent background in cryptography. Our friendship dates back 15 years as we were solo singers in our church choir.
How did you discover Cardano and what fascinates you about this system?
I first came across Cardano in 2020 after watching Charles Hoskinson’s famous ‘whiteboard’ video from 2017. The visionary concept he postulated was nothing short of inspiring. Nothing has made me want to go all-in for years like Cardano has. It was at that moment, when Shelly Mainnet went live in August 2020, that I was impressed: there really is hope that a project could scale to give Africans the chance to have a financial identity, to fulfill their dreams. , to give back to their communities.
Banking for the unbanked, especially in Africa, is not a new concept. But the approach Cardano has taken, establishing an ecosystem where a peer-to-peer lending service can actually work without an intermediary scamming both sides, is innovative. It all became a reality when, during the special update on Africa, an agreement was announced with the Ethiopian government, thanks to which five million Ethiopian students will receive an ID based on the Cardano blockchain that will allow the ministry to monitor their performance. academic, with 750,000 teachers who will have access to the system.
It would not have been possible if it had not been for the Ethiopian minister of education, Getahun Mekuria. A man with a background in cryptography. This was the inspiration for the creation of a stake pool dedicated to supporting the education of African children.
In the Cardano SPO column we try to give a voice to smaller pools like yours, can you share your experience? What can be done to help smaller pools?
Starting a stake pool with all the published open source material is not very demanding from a technical point of view. This is what most people think. Starting and managing a stake pool is a serious matter which, if not approached with caution and technical knowledge, can go wrong.
King Tut approached proof-of-stake with caution and a lot of research before starting. Managing two relay nodes in the US and Europe with a third arriving in Asia, setting up a reliable security protocol, and migrating the pool to dedicated servers with zero downtime are all specific to having the necessary knowledge of how encryption works.
A small pool can produce a slightly higher profit than a larger pool in the medium to long term. But we’re still in the process of educating people about the dangers of leaving their coins on the exchanges. So talking about how important network decentralization is may not be an attractive topic for most newcomers.
Visibility is also another problem that is causing small pools to fail. Being a YouTube influencer who makes daily bullish videos or technical analysis helps to gain the necessary amount of exposure to manage not one but up to TEN stake pools.
Changing parameter K could be effective, as long as large stake pool operators decide not to increase the number of their multiple pools. The stakes are high, the incentives are strong. Only time will tell how things will change in the coming months.
Yours is also a mission-driven stake pool, what does it entail and what is your mission?
A mission-driven stake pool means a pool that shares the good with others. That’s all. The concept is not unique to the Cardano ecosystem, but the level to which the Cardano community has decided to take it is unprecedented. On missiondrivenpools.org there are 100 missions supported by nearly 90 stake pools with over 6,000,000 ADAs earmarked for these causes.
We at King Tut StakePool (Ticker: KTUT) have decided to pursue a sustainable mission: education. A well-educated person can change the lives of millions of people. There is no better example than the same education minister in Ethiopia, Dr. Getahun Mekuria. He knew exactly that Crypto was a viable solution to an endemic data lack problem. A proof-of-stake blockchain like Cardano is the best and greenest way to go.
An educated person can make better decisions and help build better communities. King Tut stake pool began by paying school fees to orphaned children in Tanzania. This is just the beginning. We are aiming to scale to a wider range of African, South American and Southeast Asian countries.
Our dream is to build: Cardano School.
I thank you for your time. Any final thoughts? Where can people find you?
I appeal to the Cardano community to make informed decisions when it comes to delegation. The whole industry depends on it. If an exchange with hundreds of millions of ADAs messing in staking decides to rip off the entire ecosystem by manipulating the decision-making process, we will lose everything we have pursued in recent years.
Remember, people: not your keys, not your coins.
You can contact us with any questions on our Twitter account . To keep up with news and updates on our mission visit our website or send us an email .