Add baker#

Note

All transfers and transactions cost a fee, including staking and unstaking transactions. The fee is based on the set NRG for that transaction and the current exchange rate. The cost of transaction fees is stable in Euros, and therefore the price in CCD varies depending on the CCD to EUR exchange rate. The fee will always be deducted from the Balance of the account, so it is important to have some available CCDs to cover fees. A locked-for-staking balance cannot be used to pay for these transactions. You can see the fee in the transaction log.

Desktop wallet

Note

A Single-signature account is an account with only one credential holder. A Multi-signature account is an account where multiple individuals are credential holders and a certain number of credential holders must sign transactions on the account. For more information about multi-signature accounts, see Shared accounts with multiple credentials in Desktop Wallet.

Single signature account

  1. Go to Accounts and select the account you want to add as baker account and click More options.

  2. Select Register as a baker.

    screen showing all account options

  3. Specify the amount that you want to stake where it says Amount. The more you stake, the greater the probability that your account will be chosen to bake the next block.

    Baker accounts receive a reward when they have baked a block, and the reward is added to the staked amount on the account by default. However, you can change this setting so that the reward is added to the disposable amount instead.

    Select No, don’t restake if you’d rather add the rewards to the disposable amount on the account.

  4. Choose if you want to open a baker pool so delegators may delegate stake to your baker.

    • Choose Open to open your baker pool for this baker. Click Continue. Click Continue after reviewing the commission rates. Enter your Baker metadata URL if you want to provide this information to potential delegators. This is optional. Click Continue.

    • Choose Closed if you do not want to open a baker pool. Click Continue after reviewing the commission rates and Baker metadata URL.

  5. You have to export the baker credentials so that you can start the node with the baker keys. Select Export baker credentials and navigate to the place on your computer where you want to save the file. If you’re running Windows make sure that All Files is selected in Save as type. Give the file a name and the extension .json, and then click Save and navigate to the place on your computer where you want to save the file.

Warning

This is the only time that you can export the credentials. If you’re going to transfer the baker keys to someone else, make sure to do so through a secure channel. Generate new keys if you believe the keys have been compromised or lost.

  1. There’s a message saying Waiting for device. Please connect your Ledger. Connect the LEDGER device to the computer and enter your PIN on the LEDGER device.

  2. Press the right button to navigate to the Concordium app, and then press both buttons to open the app. The LEDGER device says Concordium is ready. Wait for the message Ledger Nano S is ready or Ledger Nano S Plus is ready in the Desktop Wallet and select Submit.

  3. On the LEDGER device, a message says Review transaction. Review the information to verify that it matches the transaction details in the Desktop Wallet.

  4. When the LEDGER device says Sign transaction, press both buttons to confirm the transaction. The LEDGER device says Concordium is ready.

  5. In the Desktop Wallet, you can see that the transaction has been submitted to the chain. Select Finish.

Multi signature account

  1. Go to the Multi Signature Transactions tab, and then select Make new proposal.

  2. Click Register as a Baker.

  3. Select the account you want to add as baker account, and then select Continue.

Stake an amount

You need to stake an amount of CCD on the account that you want to add as baker account. When you have staked an amount, the amount is still part of the balance, but you can’t transfer it to other accounts. The account always shows how much of the balance that’s been staked.

  1. Specify the amount that you want to stake where it says Amount. The more you stake the greater is the probability that your account will be chosen to bake the next block.

    Baker accounts receive a reward when they have baked a block, and the reward is added to the staked amount on the account by default. However, you can change this setting so that the reward is added to the disposable amount instead.

    • Select No, don’t restake if you’d rather add the rewards to the disposable amount on the account.

  2. Choose if you want to open a baker pool so delegators may delegate stake to your baker.

    • Choose Open to open your baker pool for this baker. Click Continue. Click Continue after reviewing the commission rates. Enter your Baker metadata URL if you want to provide this information to potential delegators. Click Continue.

    • Choose Closed if you do not want to open a baker pool. Click Continue after reviewing the commission rates and Baker metadata URL.

  3. When you look at the Transaction Details in the left pane, you can see the identity of the account owner, the account where the CCD are staked from, the staked amount, the estimated fee, and whether rewards are going to be restaked. Verify that the details are as you intended.

  4. Select Generate keys. The baker keys are generated and the public keys are displayed in the left pane. There are three public keys:

    • Election verify key

    • Signature verify key

    • Aggregation verify

  5. Select Continue to generate the transaction.

Generate the transaction

There are two ways that you can generate the transaction:

In combination, these two options enable organizations to distribute the responsibility of creating and signing transfers among more people. It makes it possible to have one employee create the proposals and another one sign the proposals. It also makes it possible to sign the transaction on the Ledger in a different location than where the proposal was created.

Generate the transaction without signing

  1. Verify that the Transaction details are as you are as you intended, and then select I am sure that the proposed changes are correct.

  2. Select Generate without signing. You can now export the baker credentials.

Generate and sign the transaction on the LEDGER device

  1. Connect the LEDGER device to the computer if you haven’t done so already. There’s a message saying Waiting for device. Please connect your Ledger.

  2. Enter your PIN code on the LEDGER device. Press the buttons above the up and down arrows to choose a digit, and then press both buttons to select the digit. Press the right button to navigate to the Concordium app, and then press both buttons to open the app. The LEDGER device says Concordium is ready. Wait for the message in the Desktop Wallet saying Ledger Nano S is ready.

  3. In the Desktop Wallet verify that all transaction details are correct and select I am sure that the proposed changes are correct.

  4. Select Generate and sign. There’s a message saying Waiting for user to finish the process on the device.

  5. On the LEDGER device, there’s a message saying Review transaction. Review the information to verify that it matches the transaction details in the Desktop Wallet.

  6. When the LEDGER device says Sign transaction, press both buttons to confirm the transaction. The LEDGER device says Concordium is ready.

Note

If you want to decline the transaction, press the right button on the LEDGER device. The hardware wallet now says Decline to sign transaction. Press both buttons to decline. In the Desktop Wallet there’s a message saying The action was declined on the Ledger device. Please try again.

Export baker credentials

  1. You have to export the baker credentials so that you can start the node with the baker keys. Select Export baker credentials and navigate to the place on your computer where you want to save the file.

You can now see Transaction details, Signatures, and Security & Submission Details, which includes the status of the transaction, the identicon, and the digest to sign. You can also see the date and time before which you must submit the transaction proposal. If no more signatures are required, you can submit the transaction to the blockchain. If more signatures are required, you’ll have to export and send the transaction proposal to the co-signers.

Warning

This is the only time that you can export the credentials. If you’re going to transfer the baker keys to someone else make sure to do so through a secure channel. Generate new keys if you believe the keys have been compromised or lost.

Export a transaction proposal

If more than one signature is needed to sign off on the baker account proposal, you must share a file of the type JSON with the co-signers. In the Signatures pane, you can see how many signatures are required before you can submit the transaction to the blockchain.

  1. In the Desktop Wallet, select Export transaction proposal.

  2. Navigate to the location on your computer where you want to save the file. If you’re on Windows make sure that All Files is selected. Give the file a name and the extension .json, and then click Save.

  3. Send a copy of the file through a secure channel to the co-signers that must sign the transaction. Optionally, you can also send a copy of the identicon through a secure channel that is different from the one used to send the file.

Receive signatures from co-signers

When the co-signers have signed the transaction, they return the signed transaction proposal to you, and you have to import the files into the Desktop Wallet before you can submit the transaction to the chain.

  1. If you left the page with the account transaction, go to Multi-signature Transactions, and then select Your proposed transactions. If you’re still on the same page, go to step 3.

  2. Select the transaction that you want to submit to the chain. You can see an overview of the transaction details and an overview of the signatures. You can also see that the status of the transaction is Unsubmitted, and you can see the identicon, and the transaction hash.

  3. Select Browse to file and then navigate to the location on your computer where you saved the signed transaction files. Select the relevant files, and then select OK. The files are uploaded to the Desktop Wallet and added to the list of signatures. Alternatively, you can drag and drop the signature files from their location on the computer and on to the Desktop Wallet.

Submit the transaction to the blockchain

When you have received and added all the required signatures, you can submit the transaction to the blockchain.

  1. Review the transaction details carefully to ensure that all information is correct.

  2. Select I understand this is the final submission, and that it cannot be reverted.

    • If you don’t want to submit the transaction to the chain, you can select Cancel. The proposal is no longer active; however it is still visible in the list of proposals.

  3. Select Submit transaction to chain. The transaction is submitted to the chain and finalized on the ledger.

  4. Select Finish to leave the page.

Concordium Wallet for Mobile

  1. You can either: tap Hand receiving money on the account you want to delegate from in the Accounts page, or tap on an account card and tap Hand receiving money on the account transaction overview screen.

  2. Select Continue to baker setup.

  3. After the screens explaining baking, specify the amount that you want to stake on the Register Baker screen. The more you stake, the greater the probability that your account will be chosen to bake the next block. Baker accounts receive a reward when they have baked a block, and the reward is added to the staked amount on the account by default. However, you can change this setting so that the reward is added to the disposable amount instead. Select Don’t restake if you’d rather add the rewards to the disposable amount on the account.

    screen to register baker for first time showing balance, amount to stake, and restake parameters

Note

There is a minimum amount to stake (14000 CCD) to become a baker.

Warning

Do not stake all of your funds or you will not have enough to cover transaction fees for unstaking or other transactions.

  1. Choose whether you want to open a baker pool or keep it closed. By opening a baker pool, others can delegate stake to your baker, thus increasing the chance that you are selected to bake a block and earn rewards. If you have a baker pool with delegators, the delegators also earn rewards when you bake blocks. Bakers are also paid a commission by the delegators for baking on their behalf. You can choose Close for delegation if you do not wish to run a baker pool.

    screen to register baker for first time showing options to open or close pool for delegation

  2. If you open a baker pool, you can optionally enter a URL with information about your baker to give delegators more information about your baker pool to help them research baker pools. This information is not shared in the case of a closed baker.

    screen to register baker for first time showing field to paste URL with metadata for baker pools

  3. You have to export the baker credentials so that you can start the node with the baker keys. Tap Export baker keys and navigate to the place on your device where you want to save the file. Give the file a name and the extension .json.

    screen to register baker for first time showing all of the baker keys with option to export

Warning

This is the only time that you can export the credentials. If you’re going to transfer the baker keys to someone else, make sure to do so through a secure channel. Generate new keys if you believe the keys have been compromised or lost.

  1. Once you have saved the keys, you see an overview screen of the add baker transaction. Review the information then tap Submit baker transaction.

    screen to register baker for first time showing transaction details with option to submit

  2. The wallet shows that the transaction has been submitted to the chain. Tap Finish. Once the transaction is approved, the active baker screen appears where you have the possibility to update baker settings.

    screen to register baker for first time showing transaction submission and finish option

  3. You need to import your baker keys file to your node in order to start baking. It is preferable to update them on the node as close to the next pay day as possible to prevent the node from being down as a baker for a longer time.

Once the transaction is finalized after importing your baker keys to the node, you see the baking status reflected in the account list and on the account card.

account information in list showing baking bread account card showing staked amount with baker number
Concordium Legacy Wallet

  1. Go to Accounts. Tap on the balance area of the account you want to add as a baker account or tap More Button with More and double-headed arrow.

  2. In the hamburger menu Three horizontal lines tap Baking.

  3. After the screens explaining baking, specify the amount that you want to stake on the Register Baker screen. The more you stake, the greater the probability that your account will be chosen to bake the next block. Baker accounts receive a reward when they have baked a block, and the reward is added to the staked amount on the account by default. However, you can change this setting so that the reward is added to the disposable amount instead. Select Don’t restake if you’d rather add the rewards to the disposable amount on the account.

    screen to register baker with amount to stake and restake preference

Note

There is a minimum amount to stake (14000 CCD) to become a baker.

Warning

Do not stake all of your funds or you will not have enough to cover transaction fees for unstaking or other transactions.

  1. Choose whether you want to open a baker pool or keep it closed. By opening a baker pool, others can delegate stake to your baker, thus increasing the chance that you are selected to bake a block and earn rewards. If you have a baker pool with delegators, the delegators also earn rewards when you bake blocks. Bakers are also paid a commission by the delegators for baking on their behalf. You can choose Close for delegation if you do not wish to run a baker pool.

    screen to choose whether to open a baker pool

  2. If you open a baker pool, you can optionally enter a URL with information about your baker to give delegators more information about your baker pool to help them research baker pools. This information is not shared in the case of a closed baker.

    screen to enter optional URL for baker pool metadata

  3. You have to export the baker credentials so that you can start the node with the baker keys. Tap Export baker keys and navigate to the place on your device where you want to save the file. Give the file a name and the extension .json.

    screen to export baker keys to import them to node

Warning

This is the only time that you can export the credentials. If you’re going to transfer the baker keys to someone else, make sure to do so through a secure channel. Generate new keys if you believe the keys have been compromised or lost.

  1. Once you have saved the keys, you see an overview screen of the add baker transaction. Review the information then tap Submit baker transaction.

    screen to review baker submit transaction

  2. The wallet shows that the transaction has been submitted to the chain. Tap Finish. Once the transaction is approved, the active baker screen appears where you have the possibility to update baker settings.

    screen to show transaction submitted

  3. You need to import your baker keys file to your node in order to start baking. It is preferable to update them on the node as close to the next pay day as possible to prevent the node from being down as a baker for a longer time.

Once the transaction is finalized after importing your baker keys to the node, you see the baking status reflected in the account list and on the account card.

account list screen showing a baker account with bread icon account detail screen showing the account as baker with baker ID and staked amount

Warning

Transactions on the blockchain are permanent. That is, they are irreversible and can’t be deleted. Therefore, carefully review that you have selected the right account to add as baker, and that you have entered the correct amount to stake.

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Baker management

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Change baker options