YieldWallet has become the first provider in India to accept Tezos delegations to their Baking service. YieldWallet’s Tezos Baker is starting off with with an enticing offer: 0% fees until 31st March 2020, going back to 8% thereafter.
Having gone through an extensive Testing period over a few weeks, Indra Crypto Capital, the parent company of YieldWallet, made the announcement recently. For the uninitiated, Tezos is a blockchain similar to Bitcoin or Ethereum. However, block creation and validation is performed by bakers and not miners. The right to form a block is also not determined by proof-of-work or proof-of-stake.
Bakers earn the right to bake (create a block) when tokens they own (or delegated to them) are selected randomly. They then get to bake a block and earn the Tezos reward. Although this is a good way to earn an income, not everyone who owns the Tezos token will want to be a baker due to high financial (need to own atleast $12K worth of XTZ at today’s prices) and technical barriers. This is where a provider like YieldWallet comes in and provides an option for owners of Tezos to “delegate” their tokens to them and earn rewards (currently 7% yield annually).
Baking requires one to have sufficient resources such as high-availability servers, stable internet connections and tech support personnel. Additionally, bakers have to ensure security against DDOS attack, protect their own keys, and mitigate any intrusion. YieldWallet will charge a 8% fee for providing this service (currently the fee is set to 0% on a promotional offer till Mar 2020).
The bakers also have to maintain a 8.25% (minimum) ratio between their bond and what is delegated to them. The larger the amount the more opportunities they will be given to bake or endorse blocks. This requires a company with sound financials to act as a baker. Indra Crypto Capital has the financial backing to provide this support.
Tezos holders in India did not have any reliable baker based locally until now. YieldWallet is backed by an experienced team of entrepreneurs, product managers, marketers, tech support, and customer support personnel. The company has also announced that they will contribute a portion of earned rewards to the development and growth of the Tezos ecosystem. So, if you’re a Tezos holder, then you should love delegating to YieldWallet.
The YieldWallet baking delegation address is: tz1Q8QkSBS63ZQnH3fBTiAMPes9R666Rn6Sc
There are no minimums. You can delegate as little as 1 XTZ. Find out more about their service and also how to buy and delegate at YieldWallet.io/tezos