Staking with Tezos, Which Delegate to choose and with TezBox.

Staking with Tezos, Which Delegate to choose and with TezBox.

By TiddyBit | Stonks | 24 Feb 2020


Hey guys Id like to take a moment to look at Tezos staking and where I am delegating my coins. This is some information to take into consideration on whom you choose to be your representative and how you feel they are "worth" it to you. 

 

Choosing A Delegate:

In Tezos delegates are called bakeries. You stake your coins to them in your wallet under your control not theirs. They do this to gain votes from coin holders. Coin holders help validate the system, the more coins the more rolls the delegate can complete. Rolls are blocks in the Tezos system once a roll is completed the delegate gets rewarded. The reward is split to the stakers and delegate takes a small chunk. Delegates gain control 

This is a flip of the coin. Its a 50/50 as far as the two top choices to staking its either the top reason or not. The reason why I say this is you either want a representative that represents you and how you feel about crypto in regards of decentralization of the system or you rather make more staking.

Delegate as a Representative:

Choosing a delegate that votes the way you want and wants decentralization is key to many stakers. When votes come up the delegate holders would rather not have places like Coinbase or Binance lead the way in Tezos development. Which could have dire consequences on the crypto and its value.

Delegate as a Low Fee:

Some stakers don't care they want low cost bakery that they can delegate their stake to and get the most out of it. Most times this does not involve a bakery like Coinbase where they charge 25% but Binance looks like it will monopolize this with currently 0% fee. Binance may be doing this to gain control over Tezos as a delegate.

Choosing the right delegate can be the difference of several Tezos being rewarded to you by the delegate. There are many in Tezos community shying away from Coinbase 25% take on rewards. For me not using Coinbase was a no brainier. Shown below is a list for comparison, by no means are any of these your only options. There are around 650 or so delegates to choose from.

Tezos Bakeries aka Delegates.

Just using part of my wallet for this research it looks like Coinbase 25% fee is dead last many holders are coming to terms with this and moving their holdings to a wallet like TezBox to hold them and delegate the coins to a bakery.

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There are some bakeries for you to delegate your Tezos that will do both offer decentralized community in Tezos and low fee costs. You will just need to do research I have included screenshots of delegates that I use in Green and delegates I have used in past in Red. The choices I have made used both choices you could use as I am doing research on this. You can stake to Binance, Coinbase and Kraken exchanges as well as any other exchanges listed as a Tezos delegate in your Tezbox wallet under your control without transferring it to said exchange and loosing control over the crypto. Once your Tezbox wallet(s) is(are) created and secured you can delegate to a name just by copying the delegates link to your custom delegate area which we will further go into.

List One

List three

I have chosen three of my Tezbox wallets to delegate to Binance, Tez-Baking and Tezgate. and Transferred some to my Kraken account. While removing my holdings from Coinbase.

Feb 22, 2020 - 12:40:46 Tez-Baking

Feb 21, 2020 - 20:07:57 Binance

Feb 20, 2020 - 12:15:46 Tezgate

Feb 20, 2020 - 16:26:23 Kraken

I may transfer my holdings from my Kraken account to a Tezbox wallet and re-delegate to them. Remember with Tezbox all you need is the delegate link to delegate your holdings to them while holding your Tezos securely in your wallet rather than holding it on an exchange.

It takes several days or rather cycles to start earning rewards so I don't have any earnings to report. However while I was holding on CB for several months i was only able to accumulate a small amount in rewards which would have been a lot more if i had used just about any other delegate other than Coinbase.

Using Tezbox:

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I found it is rather easy to use tezbox on my computer however on my android device it wasn't as easy. It would continue to do a loading screen and not move forward. I tried on several different internet connections and reboots and reinstall. While using it on the computer it was easy to create multiple wallets with it.

Backup: 

Always write down and store safely your passphrases and private keys so you can retrieve it if something happens. Once you install it it will ask you to login, create and or reclaim your wallet. Once you create a wallet it will ask you to validate the  passphrases.

 

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Once you have your wallet set up and funded you can create more wallets, just keep the phrases and private key secured.

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Last part is to delegate your Tezos. You can find delegates at the two sites listed below.

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Finding a Delegate for your Tezbox Wallet:

There are several sites that list delegates and I will reference two. Using a calculator can help you determine a delegate and viewing how the delegate votes can be just as important which I will reference one. All you will need to do is copy the delegate address and paste it in the custom delegate address. You do not send the delegate your crypto you just hold it in your Tezbox wallet and keep its passphrase secured.

Stake Fish (Link)

While Stake Fish is a delegate themselves, they have a leader-board which displays other delegates and some information.

My Tezos Baker Calculator (Link)

This can help you finding the best low fee bakery for your Tezos.

My Tezos Baker Bakery List (Link)

This is one of the better lists I've seen and you can use their tool to determine profitability.

 

Disclamer: Tezos is now approximately 45% of my holdings. I do not have any stake or kickbacks from mentioned sites, programs or crypto. Information provided from what I have learned as I am not a Financial adviser in anyway shape or form.


TiddyBit
TiddyBit

Invested in stock market, gold, crypto, guns and seeds. Not a financial advisor. If you arent using Brave browser what is wrong with you? https://brave.com/ukk628


Stonks
Stonks

Everything crypto. BTC, ETC, XTC, LINK, ADA and more. From investing reasons to where they could go. I am an investor posting my opinions and news from crypto world. I do not get paid for what I say no would I entertain the notion. If you contribute props to you but it wont influence my articles to become a shill. I am not a financial adviser, please due your own research. Have fun, Make money!

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