How to delegate Proof-of-Stake cryptocurrencies using Wetez wallet
Hey everyone 👋
What is Wetez wallet?
Wetez wallet is a Proof-of-stake cryptocurrencies wallet created by Wepos Technology. The main advantage is that you can delegate with one click on a button and receive rewards directly in the wallet.
The app is available for both Android and iOS.
Using their interface you can simply delegate to a list of different bakers and then check the different rewards directly using your phone.
Currently, the app supports three Proof-of-Stake cryptocurrencies :
- Tezos (XTZ): a platform for smart contracts and decentralized applications, formalizing blockchain governance.
- Cosmos (ATOM): a coordinating blockchain that bridges between different independent, scalable, and interoperable blockchains within the Cosmos ecosystem. (Click here to know more)
- IRISnet (IRIS): a service infrastructure and protocol built using Cosmos SDK/Tendermint that facilitates construction of distributed business applications. (Click here to know more)
Now, that you have a better understanding let’s go into more details by downloading the app.
Wetez Wallet Set Up
If you are not using the link above, be aware of scammers and please make sure to verify that it is the official Wetez wallet. There had been many fraudulent apps that impersonated wallets on the Google Play Store.
Once the app is downloaded, you will be able to do two things, Create and/or Import a wallet.
For now, unfortunately, in our opinion, the only missing stuff is a “watch only” mode allowing you to check a specified address without having access to the account.
For this tutorial, we will create a wallet but you can also use a previous mnemonic or private key to restore or import a wallet.
You must carefully read the full content of this Agreement before using their Application and Service.
It is important to note that, when using Wetez, you have the possession of your private keys: please make sure to keep them in a safe place and preferably offline. In fact, your wallet password, private key, and mnemonic words will not be stored in the App or on the servers of Wepos.
You should better back up your wallet address, password, private key, and mnemonic words when you create or import wallets by writing them down on papers or backing them up in password management applications.
Let’s now continue this tutorial by creating a Tezos wallet.
How to create a Tezos wallet and delegate your XTZ
On the page, simply click on Tezos and you will be asked to choose a name and set up a password for your wallet.
Make sure to remember your password as it will be used to access your different mnemonics. There is a minimum of 1 uppercase character and 1 character type (e.g: $ / @ -)
Once this is set up, you will be asked to back up your wallet. It’s better to write the mnemonics words on a paper and/or to store it in a very safe way.
On Wetez, you will need at least 100 XTZ to be able to delegate. So when your wallet is created make sure to send a little bit more in order to cover fees.
When you want to delegate your Tezos the main advantage is the fact that you can do it directly from your mobile wallet.
To delegate to POS Bakerz, you can simply look for us in the baker shop list.
Just click on POS Bakerz, and the following page should appear. We may sometimes not appear on the list because Wetez chooses their baker depending on who has recently won baking rewards. If you find us on the list, here is the page that will open.
There is a button where you can delegate to us directly, simply click on it and enter the password you previously choose to validate the transaction.
Once this is done you should receive approval and you should be able to see your different rewards — It takes 7 cycles for a baker before you are registered as one of their delegators — but also the transaction registered on the blockchain.
How to delegate your ATOM (Cosmos)
Now, that you have delegated your Tezos, you can also create a wallet for your ATOM if you own any. Once again, it is very important to back up your account properly and in a secure way!
To create or import a Cosmos wallet, click on the menu and then you will be able to choose what you want to do. By creating the wallet, you also need to register a password, it will be used when you want to do transactions or review your backup.
By clicking on Reward and then ATOM after you created or imported your wallet, you will be able to delegate.
By clicking on the delegate button, you will be redirected to the validator market page. Normally you should be able to find us on their list.
Once again, it is the same stuff as for Tezos. Just click on our name in the validator market and then open our validator page and delegate to us. We only charge 2% fees and it is not in our plan to increase them in the near future.
Once you have delegated to us, you will receive your rewards and will be able to track them directly on your Wetez wallet.
Please note that you can also change validator at any time and that we do not hold custody of your funds so you can do whatever you want with your ATOM and rewards.
How to delegate your IRIS (IRISnet)
Finally one of the coolest stuff is the fact that Wetez also offers an alternative to Rainbow Wallet so you can delegate three PoS crypto directly from the same wallet and once again, you can use POS Bakerz as your validator.
If you want to discover what is IRISnet check this article.
By creating the wallet, you need to do the exact same stuff that you did for Tezos and Cosmos. So open the menu and if you create an Iris wallet make sure to store your private key in case you need to recover your wallet.
Once again, you will need to go on the Iris validator page and delegate to POS Bakerz.
When this is done here is what it will look like from your phone:
You are now delegating your IRISnet token, ATOM, and Tezos to POS Bakerz using the Wetez wallet.
*DISCLAIMER: Staking and cryptocurrencies investment involves a high degree of risk and there is always the possibility of loss, including the loss of all staked digital assets. POS Bakerz has no relationship with Wetez and could not be considered responsible in case of failure from their side. Additionally, delegators are at risk of slashing in case of security or liveness faults on BPoS protocols. MAKE SURE to register your private keys in a safe way and never share them with anyone. We advise you to DYOR before choosing a validator.