- Tezos staking has gone live on ZenGo, just with a tap, one can start collecting rewards on their hard-earned tezzies.
- Staking is the process of holding funds in a cryptocurrency wallet so that it can support the operations of a blockchain network.
- The current consensus mechanism on Tezos is known as Liquid Proof-of-Stake (LPoS).
It has recently announced that Tezos staking has gone live on ZenGo. Just with a tap, one can start collecting rewards on their hard-earned tezzies. This is quite similar to earning interest in a savings account.
Firstly, you need to get some Tezos by sending it to your ZenGo address or by purchasing with a credit card or Apple Pay available in the app. After doing this, all you have to do is tap to activate your rewards, sit back, and then witness your portfolio grow.
Post the initial 33 day waiting period, which is required by the Tezos blockchain, and you will start getting reward payments every three days. This could be varied, so you might have to check back regularly to notice how much you have earned. You would also be getting a notification every time they receive a reward.
These reward payments automatically added to your balance. This means you can benefit from compound earnings over time. One more benefit which it provides is that your funds would always remain liquid and would not leave the safety of your keyless ZenGo wallet.
They have decided to choose Figment Networks as their initial baking partner, and in the future theycalso plan to allow our customers to choose from several different options.
Staking is the process of holding funds in a cryptocurrency wallet so that it can support the operations of a blockchain network. In return, the holders are rewarded for their contribution now and then. This is very similar to earning interest in a traditional bank.
Tezos, a multi-purpose blockchain, makes use of a Proof-of-Stake protocol to keep its network secure. Token holders can delegate their accounts to a validator. These validators would be in charge of securing the network on their behalf.
While staking, you can also earn a passive income by participating in the Tezos network via delegation. The present annual yield on Tezos is around 6%, minus a validator’s fees.
When you first start delegating, it might roughly take five weeks for you to receive your first rewards from your validator. Once this happens, an award can be expected in about every three days.
The current consensus mechanism on Tezos is known as Liquid Proof-of-Stake (LPoS). The token holders can delegate their validation rights to other token holders without transferring ownership of their tokens.
While you are were delegating, your XTZ is entirely liquid. You are free to advance your tokens anytime, as there are going to be no freezing periods when transferring to a validator.
It is also safe and secure since there are no direct risks of delegating XTZ. However, one risk which you undertake is not earning the potential rewards.
It would help if you were careful while choosing your validator to ensure the quality of service and awards.This is a new and first initiative for providing their customers with a secure and straightforward way of earning crypto.