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RightBTC launches integrated Tezos (XTZ) delegation service

RightBTC launches integrated Tezos (XTZ) delegation service
Become a Baker Request to join the baker chat room if you are building a baking operation. A community member runs the chat room and acts on these requests.

Bitcoin and cryptocurrency exchange RightBTC announced this week it has reached a strategic cooperation agreement with ViewNodes to deliver one-stop delegation service for their Tezos holders. Users can skip the troublesome delegation hassle and deposit requirements and have RightBTC do everything.  Simply by selecting ViewNode as the delegation service for XTZ coins bought at RightBTC, users start earning baking rewards.

Event Period

Start: 15 Nov 2018 00:00:00 (UTC+4)

End: 31 Dec 2018 23:59:59 (UTC+4)

Calculating Annual Rate of Return

Annual Returns = Number of rolls * Baking returns per roll

= Success rate of baking*Annual baking rate* [Baking earning rewards (16XTZ) + Minimum service fee + Endorsement rewards (2*32 XTZ)]

= Amount of XTZs delegated/ (total XTZs delegated by RightBTC users*activity rate) * Annual blocks baked (Theoretically 525,600 blocks per year) * [Baking earning rewards (16XTZ) + Minimum service fee + Endorsement rewards (2*32 XTZ)]

ViewNode’s annual rate of rewards is more than 5.5%. At current market rates, RightBTC is expecting an annual rate of return at approximate 10.8%. To encourage mass adoption, the company will be rewarding RightBTC users a premium annual rate of return at 12%. This special rate of return will end on December 31st, 2018 23:59:59 (UTC+4).

Due to the unique baking framework by Tezos, this event will require the delegation period to be above 30 days onwards, rewards will be given on the 30th day and rewards are calculated every 48 hours.

“Baking” is the act of signing and publishing blocks to the Tezos blockchain. Bakers are a crucial component of the PoS consensus mechanism by ensuring that all transactions in a block are correct, that the order of transactions is agreed upon, and that no double-spending has occurred. Bakers validate all transactions and add them to the blockchain. If a baker behaves dishonestly, the protocol has a built-in mechanism that can cause them to lose their security deposit. Bakers are rewarded with additional tez for securing the network.

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