What is Tezos?
Tezos is an open-source platform for assets and applications that can evolve by upgrading itself. Stakeholders govern upgrades to the core protocol, including upgrades to the amendment process itself.
More information: https://tezos.com/get-started#intro-basics
What is Baking?
“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 and get rewarded with additional tez in that process.
Let’s start Baking some Tezos
Step 1 - Preparing your Tezos
Always download the most recent version of Trust Wallet for your Android or iOS device. Get Tezos from exchanges and deposit it to your Tezos Wallet. Open it up to confirm that your balance is showing correctly.
If you do not see Tezos on your wallet, Tap the "+" sign and search for Tezos, then tap “+” again to add.
Step 2 - Access Staking Platform
Tap on Staking is now Available to access the Staking Platform and then tap on Tezos.
If you do not see “Staking is now available” on your iOS device, just tap on Browser and type on the address bar: https://platform.trustwallet.com/.
For Android devices, tap on DApps and look for Staking Platform.
Step 3 - Choosing a Baker
Next step is to select a Baker that you want to delegate your Tezos. Tap on Stake when you are ready to proceed.
With Tezos protocol, the entire balance will always be Staked or Delegated to the desired Baker. Your balance can still be transferred at any time and it is not locked.
For more information of Tezos bakers, you can check MyTezosBaker or Tezos Nodes.
Step 4 - Signing the Message
After tapping on Stake, your wallet will initiate the transaction and heat up the ovens. All you need to do next is to tap on OK on the Sign Message prompt.
Step 5 - Confirming the transaction
It will take about a minute to confirm the transaction. Once you go back to the Tezos Staking Platform, you will see there your delegated stakes. The staking process is now complete.
Staking requires a small fee. Your balance will be smaller after every transaction.
Rewards are distributed on every cycle after the tez amount has been unfrozen by the Tezos Network. Unfreezing of the rewards take 7 cycles. 1 cycle is equal to 4,096 blocks, which is roughly around 3 days.
The bakers are the ones who receive the unfrozen rewards. And the rewards distribution frequency are dependent on the Baker you selected.
In simple terms, it takes at least 21 days before you start receiving rewards. The baker has to take their commission first and then does the distribution after.
How to Check the Tezos Blockchain Explorer
You can view your staking status by going to this explorer: https://tzstats.com/ and then do a search for your Tezos address. You will notice that the Spendable Balance is just the same as the Total Balance. This is because Tezos protocol is a “Liquid Proof-of-Stake” which means that your funds are not locked. The screenshot also shows that the address is already Delegated(Staking), see Current Delegate on the right.