How to Delegate Tezos XTZ with Magnum Wallet
In past articles we showed step-by-step how an XTZ holder can delegate the tokens to a baker using Tezos-client, Nano Ledger S, Galleon or TezBox. The Tezos ecosystem has grown a lot in the last months, in particular we have seen many new wallets spawn. At Cryptium Labs, we like to gain first hand experience in as many things as we can, so we continuously try out applications with the perspective of a new user.
In most cases, wallets have an intuitive user interface. Many would argue that a step-by-step guide is not necessary, but sometimes providing a walkthrough and letting the user see what they should expect before signing up, might give them more confidence or simply more information before they decide which one to try. I hope this one is useful for the Tezos users out there, specially the ones thinking of Magnum Wallet.
How to Create a Tezos Wallet on Magnum Wallet
Magnum Wallet is a web application, you access it by opening the link (https://magnumwallet.co) on a browser. To avoid man-in-the-middle attacks, always make sure you are on the right website and check the link bar from transition to transition.
Create a New Magnum Wallet
- Access https://magnumwallet.co and click “Create a New Wallet” (check that the link matches)
- Create a password (suggested to have password of 64 characters with combination of letters, numbers and symbols) and store it somewhere safe (highly recommended to use a password manager such as 1Password). Click next.
3. Read these reminders. Magnum wallet, unlike most wallets generated by exchanges, do not hold custody of your funds. You are in charge of keeping your password and backup secure. Once you’re done click on “Download Backup”. This will trigger an automatic download of a .txt file. Make sure you keep this file safe.
4. Here’s how the dashboard looks like. Unlike Cryptonomic’s Galleon or TezBox Wallet, Magnum Wallet is supporting other currencies in addition to Tezos. If you participated in the Tezos fundraiser, you can claim your XTZ by clicking the button “Start Claim”. Else, click on the Tezos card on the left navigation bar (following the screenshot below).
5. You’re now at your Tezos wallet on Magnum. On top right corner, you will see your public address or implicit account address, starting with TZ1.
6. Let’s fund your TZ1 address. Click on “Receive”, which will display the same TZ1 address as the top right corner, but also a QR code that you can scan. Make sure you’re transferring your XTZ to the right TZ1 address on magnum (if you send to a wrong one, you will not be able to recover them!).
7. Once you have made the transaction, you might need to wait a couple of minutes until the transaction is included in the Tezos blockchain. After that, your balance will be updated and it looks like the screenshot below:
8. Let’s make a delegation. Click on the “Delegate” tab and you will see the following:
9. Adjust the amount you wish to delegate, using XTZ or USD as denomination. Then select a baker from the drop-down-list. The Magnum Wallet team listed many bakers, us included, so just scroll down until you spot your favourite one:
10. A couple of other considerations: network fee is set to 0 XTZ, as currently we are still allowed to send transactions without paying for gas; but the origination fee is set to 0.257 XTZ, which is the gas it’s required for making a smart contract. Once you’re done revising the values, click on “Next”:
11. Check again that the baker address is the correct one. Ours is tz1eEnQhbwf6trb8Q8mPb2RaPkNk2rN7BKi8, you should be able to find your baker’s address on TzScan or their website. After checking on the address and the values, enter your password (the one you created when you opened a Magnum Wallet) and click on “confirm”:
12. You will have to wait some time, just like you did when you funded your Tezos wallet, until the origination gets included in the Tezos blockchain. You can check the status by the transaction hash that starts with oo:
13. Success! You have now made a delegation using Magnum Wallet!
More How-To Guides:
- How to Delegate Tezzies (Tezos’ XTZ) with Your Ledger Nano S — With Initial Setup & Screenshots: https://medium.com/cryptium/how-to-delegate-tezzies-tezos-xtz-with-your-ledger-nano-s-with-initial-setup-screenshots-519c9ae6654f
- How to Delegate Tezos XTZ with Galleon Wallet: https://medium.com/cryptium/how-to-delegate-tezos-xtz-with-galleon-wallet-7bdc44e954a8
- How to Delegate Tezos XTZ with TezBox Wallet: https://medium.com/cryptium/how-to-delegate-tezos-xtz-with-tezbox-online-wallet-96592e94e357
