4 Ways to STAKE Tezos: Step-by-Step Guide ??‍?

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⏰ Time Stamps ⏰

1:55 Tezos Staking Overview
3:39 Staking on an Exchange
7:01 Staking from a Ledger (Cold Staking)
12:16 Choosing a Validator
14:48 Solo Baking on Tezos
16:52 Conclusion

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⛓️ ? Helpful Links & Sources ? ⛓️

► Tezos Review Coin Bureau: https://www.coinbureau.com/review/tezos-xtz/
► Best Tezos Wallets: https://www.coinbureau.com/analysis/best-tezos-wallets/
► Setting up your Ledger: https://support.ledger.com/hc/en-us/articles/360000613793-Set-up-as-new-device
► Setting up Home Baker: https://medium.com/@tezbaker.io/tezos-mainnet-setting-up-home-baking-4bf258a9fd30
► Tezos Website: http://tezos.com/
► Tezos Blog: https://medium.com/tezos

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? Tezos Overview ?

Tezos is a self amending blockchain and governance protocol. It uses a proof of stake consensus mechansim called ‘Liquid Proof of Stake’ or “LPoS”. This is pretty similar to the likes of Delegated Proof of Stake.

At Tezos, those who produce the blocks are called the “bakers”. You will also have something called an “endorser” which are 32 randomly selected bakers which verify the last blocks.

With block rewards on the protocol, they are adjusted so that the XTZ supply grows at roughly 5.5% every year. So, the block rewards or the staking return will dynamically adjust based on how much is staked.

At Tezos in order to qualify as a baker you need to hold at least 8,000 XTZ in your wallet and you have to run a full node. Of course, this may be out of reach of many people.

? Exchange Staking ?

This is where you use an exchange where your coins are store to stake the coins. This is perhaps the easisest option as you can get it set up quickly and there is no technical knowledge required.

The exchanges that currently offer this option include Coinbase and Binance. Coinbase is best for those who are in the USA whereas Binance is international and should be good for all clients. Coinbase is currently offering about 5% whereas Binance is not charging fees and is closer to 6%.

The problem with using an exchange is that your funds have to be kept on said exchange which is quite risky and exposes them to hackers.

? Ledger Delegating ?

This is perhaps the safest way to stake your Tezos right from your ledger device. You will be delegating your XTZ to a validator node that will bake the Tezos on your behalf. Given that you are staking from a hardware device your keys are never exposed to the internet.

Staking from a Ledger device is super simple and can be done from Ledger live. You will have to install the Tezos app on your device, create a tezos account and send Tezos to the account. Then you will have to choose a delegator from the list. Be sure to select one that has a great record / uptime stats.

? Solo Staking ?

More technically advanced than the other options and requires you to spin up your own tezos node as well as hold 8,000 XTZ in your wallet. You will also have to install a baker and endorser client and download the entire blockchain. Downloading this blockchain should take about a week and you will need about 100 GB space to install it.

This is perhaps the best for network security as well as decentralisation although is not for everyone. You will have to be quite proficient in the command line and you will have to have your machine on 24/7 in order to make sure that you are grabbing those returns.

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? Disclaimer ?

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#Tezos #Staking #XTZ #crypto #baking #coinbase

4 Ways to STAKE Tezos: Step-by-Step Guide ??‍?

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Kane Dane