Learn > Altcoins > How do you delegate your tezos with a Ledger?

How do you delegate your tezos with a Ledger?

7 December 2019

Temps de lecture 4 minutes

Manuel Valente

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This guide will explain how to earn interest on your tezos using a Ledger hardware wallet.

Above 1000 euros worth of tezos, we strongly recommend the use of a Ledger device. This hardware wallet guarantees optimal security of your funds.

What kind of witchcraft is this ?

This step-by-step guide will allow you to delegate your XTZ (tezos) – the native asset of the Tezos network – to Coinhouse in order to benefit from a passive income of around 6 to 7% annually in XTZ, without any risk of losing your tezos capital.

Tezos is a public blockchain network that implements Proof-of-Stake rules to ensure its security. Participants, either directly or indirectly, are paid through the creation of new tezos that are automatically sent to them every three days. 

Participating is a simple process that takes 5 to 10 minutes of your time to set up, no maintenance is required afterwards. 

This is a new form of savings, without going through a financial institution, which rewards you for participating in securing the Tezos network. 

Follow this simple guide to make the most of your tezos and contribute to the good health of this promising network! Welcome to the new economy!

Be aware that Tezos is a promising project but still a very young one. This can be seen as an opportunity with a good risk/reward ratio. However, there is no guarantee on the value of tezos going forward and the volatility is high.

Good to know

  • You retain full control over your funds, under no circumstances can they be recovered by Coinhouse. 
  • Your funds are not blocked, you can sell or send some or all of them at any time. The rewards you receive are automatically recalculated without any intervention on your part.
  • First payments will be made ~21 days after setting up the delegation. This is due to the way the Tezos protocol works.
  • Payments are made every three days directly on your Tezos address. This allows for good compounded interest.

How to earn revenue on your tezos using a Ledger wallet

Before you start

Make sure the latest firmware is installed. To do this, open the Ledger Live application, then go to Manager. A window at the top of your screen will tell you if an update is required.

Install the Tezos Wallet application

  • Go to the Manager tab in Ledger Live
  • Connect and unlock your Ledger device.
  • If the application asks you to, allow the manager on your device.
  • Find Tezos Wallet in the application’s catalogue
  • Click on the Install button of the application.• An installation window appears.
    • Your device will display “Processing……”
    • Installation of the application is confirmed.

Creating a Tezos wallet

Now that you have installed the Tezos Wallet on your Nano Ledger S or X, you are ready to create a wallet. Here are the steps to follow with Galleon Wallet.

You can download Galleon Wallet for Mac, Windows or Linux.

  1. Once you have downloaded the app, launch it.
  • Choose the language of the app. 
  • Connect your Ledger device and open the Tezos application. You see “Use wallet to view accounts” on the screen of your Ledger.
  • On the web interface, click on Settings on the top right corner.

2. Under Choose derivation path, select Tezbox and come back to the main dashboard.

  1. Click on Connect with Ledger.
  1. On your Ledger device, your public Tezos address will be presented to you. It begins with tz1 and is called Public Key. Navigate to the right and click on Accept by pressing the two buttons simultaneously. Welcome to your dashboard.

5.  Go to the Delegate tab. Paste Coinhouse’s Staking Service address tz1dbfppLAAxXZNtf2SDps7rch3qfUznKSoK and select medium fees. Click on Delegate to continue.

To finish, you have just to validate the delegation transaction on your Ledger Wallet. 

And that’s about it!  You can check that the transaction has been completed by checking your receipt address on tzstats.com.

You can now fully benefit from your new passive income using the Tezos protocol.

Happy staking!

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