*NEVER SEND YOUR TOKENS TO A BAKER - ALWAYS MAKE SURE YOU ARE DELEGATING AND NOT SENDING!*
What is Tezos?
Tezos is an open-source smart contract platform for assets and applications backed by a global community of validators, researchers and builders. Tezos holders can earn newly minted Tezos every 3 days by delegating their coins baking rights to a baker, at the same time maintaining complete control of their tokens.
What is Delegating?
Delegating is simply designating an address(and any coins in it) baking rights to a chosen baker through a Tezos wallet(BE SURE YOU ARE DELEGATING AND NOT SENDING YOUR TOKENS!!!). Usually a fee is charged by the baker for baking the delegators rights. Delegators do not bake or therefor vote on Tezos amendments. Delegators can move or add funds from/to their delegating address at anytime. Any change in the amount of coins of a delegating address will be reflected after the 12 cycle protocol freeze.
What is Baking?
Baking(staking) is the act of validating and creating blocks on the Tezos blockchain. Bakers create/endorse blocks and in doing so part of the bakers Tezos are locked as bonds by the protocol. These locked funds are at risk of being lost if the baker tries something malicious with the blocks they create or endorse. Bakers can accept delegators to increase their baking rights thus allowing them to create and endorse more blocks.
What is Lucid Mining's fee for Delegators?
We have a 15% fee for delegations. 85% reward is received by the delegator.
How often will I receive rewards?
Rewards are transferred as soon as they are released from the protocol. Once an address delegates there is a 7 cycle(~21 days) freeze until baking begins, then there is a 5 cycle(~15 days) freeze until rewards for that first baking cycle are released. It is a total of 12 cycles(~36 days) from delegation made to first reward received(this 12 cycle freeze time is a Tezos security measure). Rewards are delivered every cycle(~3 days) after the freeze period has passed.
What happens if Lucid Mining becomes over-delegated?
We operate on first come first bake basis. Once we near over-delegation we will announce a cut off block and any delegations after that point will not receive rewards. All current delegators before that block will always receive rewards.
Is there a minimum amount for delegation?
We have a 500 ꜩ minimum delegation amount. Delegations under 500 ꜩ will not receive rewards.
How can I verify my reward is correct?
You can check your received rewards on Baking-Bad.org
How do I delegate?
You can delegate using one of the many Tezos wallets. See the bottom of our home page for available wallets.