The developers of Wetez wallet, a proof-of-stake (PoS)-based cryptocurrency wallet, have published an informative blog post in which they explained that users can “delegate” from directly within the wallet app they’re using – in order to “receive rewards directly in the wallet.”
At present, the Wetez wallet can be downloaded from both the Android and iOS stores. To start earning profits, users can “delegate to a list of different bakers and then check the different rewards directly” from their smartphones.
Baking On Tezos, Staking On Cosmos
As those familiar with the Tezos (XTZ) platform would know, “baking” on the Tezos blockchain is somewhat similar to mining on proof-of-work (PoW)-based networks such as Bitcoin (BTC). One of the main responsibilities of bakers on the Tezos platform is to validate blocks of transactions (which is essentially what miners do on PoW chains).
In addition to supporting Tezos-based staking, the Wetez wallet has built-in features that allow users to stake on Cosmos (ATOM), a recently launched “coordinating” blockchain network that helps connect “different independent, scalable, and interoperable blockchains” that are compatible with the Cosmos ecosystem.
Directly from the Wetez wallet, users can also access the IRISnet (IRIS) protocol and “service infrastructure.” Notably, the IRISnet platform, which “facilitates construction of distributed business applications,” was developed on the Cosmos network – using its proprietary software development kit (SDK) and Tendermint.
Need At Least 100 XTZ
As explained in POS Bakerz’ blog post, users must have a minimum of 100 XTZ (appr. $100) to “be able to delegate.” After users have deposited at least 100 XTX (plus a bit more in order to cover small transaction fees), they “should receive approval” and then “be able to see [their] different rewards.”
According to POS Bakerz’ post, it takes about “7 cycles for a baker before” users are officially “registered as one of their delegators.” This process includes the users’ transaction being “registered on the blockchain.”
By following a similar process, users may also delegate Cosmos’ native token, ATOM, to earn rewards. To earn passively from IRISnet, users may “delegate three PoS cryptos directly from the same wallet.”