Easy Guide How to Be a Tezos Baker – How Much Do Tezos Bakers Make?

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Bakechain is a multi-platform, stable light baker developed using Electron for the Tezos Protocol. Users will participate in the baking process without the installation and maintenance of a full Tezos node. Bakechain depends on access to public tezos through the RPC API, but if the user wishes, he can point the program to his node.

What is BakeChain?

BakeChain is developed using open-source technologies such as Google’s Angular, Electron (who power applications such as Slack and Atom) and eztz.js— the Tezzo JS Library.

The baking app is a’ light’ user, so you don’t have to run a Tezos Node (although you can) –instead, we use the public infrastructure offered by the TezRPC (community nodes supported).

https://i.imgur.com/jAtpAw9.jpg

Simple

No complications  -the best way to bake blocks of complicated lines of command and camels.

Secure

Private keys are encrypted and stored natively within your computer’s secure key store

Decentralized

You have your private keys that never touch our servers. All our DB data backend can be audited and checked.

Rewarding

Become a delegate–earn a little more and support those who can’t participate in the baking process!

How to Be a Tezos Baker with BakeChain?

Note – currently only available for Windows and macOS – BakeChain still is currently working on a Linux build.

You can download and launch our new releases.

You can be asked to confirm that you want to open and run this file once downloaded.

https://i.imgur.com/V3zTtgl.jpg

Download BakeChain

1) Use the instructions above to download and install Bakechain.

2) We suggest that you perform an initial hardware check after running the program. This will determine the capacity of your hardware to bake.

3) Connect your Ledger, create a new baker, or restore your current baker. If you restore a baker then you have a few tips.

To export the secret/private key from the tezos-client, you can run the following command:

./tezos-client show identity <identity> --show-secret

If you are restoring a Fundraiser/ICO wallet, please enter the following

  • The seed words from the PDF file
  • The email address from the PDF file
  • The password used during the ICO/Fundraiser (not on the PDF file)
  • The Public Key Hash/Address (tz1)

You can also enter the KYC / AML activation code if your account is not already activated.

The use of a hardware device / Ledger Nano S is recommended.

4) Top up your baker

Please top up if your baker has a low balance. You can not register as a baker with a 0 balance and you need at least 10,000XTZ (1 roll) minimum to start making baking

5) Click on the “Start Baking” to start the baker

You’ll start baking blocks on Tezos once you get rights (up to 7 cycles/20 days). You can be classified on the Bakechain Marketplace and obtain additional returns as a delegation service in the future.

If you are a baker for genesis, you should close the bakery app before cycle 6 is over, until it is rebooted. We are most likely to have an update to come back here at that time.

Interface Guide

https://i.imgur.com/2AyNLIE.jpg

Actual Balance

The actual balance of bakers is determined by taking the existing balance and adding all locked bonds (endorsing and bakes).

Staking Power

Your staking power which determines how much blocks are baked and endorsed (as hash power in the POW chains) is:

  • Your current balance within your baker
  • Any bonds currently being held, for both baking and endorsing (Bake/Endorse Bonds)
  • The stake delegated to you (Delegated Stake)

All of this information is shown in the BakeChain app, so you can exactly the staking power that you have.

Capacity

Approximately based on constants used for the Tezos DPoS consensus model. 8.25% of all stake will be kept in bonds. This means that a baker needs to be roughly available. 8.25% of the overall staking power for bond payments (i.e. the balance of bakers).

A baker with 10,000ꜩ, for example, can only accept around 110,000 ꜩ  in the Delegated Stake. The measure of ability indicates how similar a baker is to this limit.

Lifetime Stats

We list all the blocks baked, burnt (missed), steals (blocks that you have baked that weren’t priority 1, i.e. blocks you stole from another baker), and endorsements.

We also calculate a “Bake Rate” to show your relative uptime and baking availability.

Rewards

The final part of the statistics displayed is Rewards–you will see current rewards pending when the next reward payment happens (if you owe them), and the current stage and period we are in.

Bakes The first tab of the main section has a list of the last 50 bakes. For more info, you can view the block online.

Endorsements Like bakes, all the blocks that you have endorsed are listed.

Rewards We list the last 50 rewards from the protocol paid to your baker.

How Much Do Tezos Bakers Make?

You can review the results of this table on the Tezos Community calculator
https://i.imgur.com/Kv7UW2t.png
A standard unit of Tezos for Baking is a roll of 10,000 coins. But as little or as much as you want, you should delegate. In the case of one portion of the Baker contract, the actual annualized income net is 5.6 percent, offering annual sales of 550.87 XTZ.

Five Factors Affecting Tezos Yield

  • Number of XTZs you delegate. In our example above, this is set at 10,000.
  • Percentage of all staking XTZs.
  • Average Time Between Blocks. That’s 60 seconds now.
  • What bond coverage the representative has compared with the amount of XTZs delegated. This is supposed to be 100% in our case. i.e. I. No over-delegation, and/or priority in payments to clients who stake before over-delegation.
  • Baker Fee. Baker Fee. Usually 10-15%.

 

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