In this tutorial, we will explain how to use Magnum wallet and how you can delegate your Tezos.
Please Note: Stakin has discontinued its Tezos public infrastructure as of 1st of January 2022, as such the baker is no longer generating rewards and this guide is no longer maintained. For more information, read our official announcement (link to it) or visit https://stakin.com.
In this tutorial, we will explain how to use a Magnum Wallet and how you can delegate your Tezos.
Create / Recover a Tezos wallet
In the first step, you need to create a wallet. In case you previously have a wallet, you can also restore it using a private key.
If you decide to create a new wallet, you will need to choose a password, please ensure you also register a backup in case something bad happens.
This is one of the main advantages of using Magnum wallets. You hold custody of your funds, and you are the one in charge of keeping your account and backup secured.
You need to go to “Settings” and then click on “Download Backup” or just wait to create a wallet and then download the backup.
Keep this backup in a safe place and make sure you will be able to find it easily and securely in case you need it.
The other advantage of Magnum and what makes it so useful is the fact that you can manage several cryptos on it!
If you click on Tezos, then a wallet will open. Once again, a warning message will pop up.
Once the file is downloaded, you should be able to see your Tezos wallet.
First, you need to top it up. You can find your wallet address in the top right end corner or directly by clicking on “Receive”. It should take a few seconds before the operation appears on your wallet.
Once you have received some Tezos on your wallet, you need to go on the “Delegate” tab and choose the baker you want.
You can choose Stakin by POSBakerz directly from the baker list. Just select Stakin, click on next and validate the transaction. Once again a small fee will be taken to do the operation.
You will see this transaction pending on the magnum wallet, including the operation hash where you will be able to check the transaction on the Tezos blockchain.
After a few minutes, the operation should show as being successful. Your Tezos will be delegated to the baker you chose.
Please note, the funds are not sent directly to the baker but delegated from a KT1 address that belongs to you. If you scroll down in your Tezos wallet, you will be able to see the baker and your KT1 address by clicking on it.
You can top up funds on your KT1 address, withdraw or redelegate to another baker whenever you want.
DISCLAIMER: This article is for information purposes only. Cryptocurrencies are highly volatile investment assets. We suggest that you conduct your own research before deciding to purchase cryptocurrencies.