It has been several months since we launched a service to track the payouts of delegates, and the time has come for a short summary and future plans.

Where are we now

Delegator dashboard

Enter the KT-address and get information about all payments from all bakers whose services you have ever used.

For all public bakers, we know the default payment scheme, but it often happens that for some clients or groups of clients special conditions apply.

To take this into account, we have provided an interface in which you can configure a number of parameters for a specific cycle/group of cycles. You can set baker’s fee, payout delay, payout frequency, what rewards does the baker pay, whether or not baker charges transaction fees.

In the extreme case, you can manually arrange transactions with payments, but this happens quite rarely.

Soon we will handle situations when payments arrive at a different address than the delegation one (for example, if you use Ledger). We will also handle cases when your baker compensates downtime, node errors, or missing/double baking.

Notification bot

For those who want to keep up to date, we have created a telegram bot that notifies you of your baker’s accrued rewards, payments, and debts. You can subscribe to multiple KT addresses, adjust notifications, debt tolerance, and baker options.

Baking Bad Bot

More than an auditor

From the very start of Tezos Mainnet and the Bakery market, there were many cases of fraud, unpaid rewards and shut down services. Despite this, we very much respect the entire contribution of honest bakers to the development of the ecosystem of Tezos, and happy to be a part of it.

We asked ourselves: can we act not only as an auditor of delegate payouts but as a kind of “guarantor” of payments? Yes, we definitely can try to!

Today we are pleased to introduce Baking Bad Delegation Insurance!

Payout guarantee

In our experience, the choice of delegate mainly depends on the service fee, reputation, efficiency of the node. But all this does not matter in the case of unfair behavior in the future.

So imagine that all your future payments are insured by an independent third party. Will it be a significant factor? We believe so!

You will receive insurance indemnity in the following cases:

Baker stops paying (regular payouts were not received);

The efficiency of the node per cycle is less than 90%. In this case, Baking Bad pays the missing reward (based on the efficiency of 90%);

It should be noted that baker insurance coverage is a dynamic value depending on the amount of delegated funds. We will take this value into account when calculating the rating of insured bakers.

Insurance deposit

At the moment Baking Bad Insurance supports payment schemes that satisfy the following conditions:

payouts occur every cycle;

payment delay is in the range from 1 to 6 cycles.

We consider this scheme the most common and transparent among bakers.

The size of the deposit amount is calculated so that in case of default all lost profits of delegators are compensated:

Insurance deposit calculation

If we take staking balance that is maximum allowed for the current security deposit (bond) we get 100% insurance coverage. Otherwise, coverage is partial.

No ads

Our intention is to keep Baking Bad independent, so we are categorically against any kind of advertising of delegation services on our site. Instead of this, we offer bakers to pay not for ads but for the guarantee of payments for their clients. We consider this a compromise that will allow us to stay operating.

What’s next

Delegation insurance is a concept we want to test in the real market. We believe it can help small bakers to compete, which may lead to the network decentralization improvement.

Visit sure.baking-bad.org, try our calculator, and find out the insurance cost. Contact us in any convenient way and become one of the first insured bakers!

Originally published at https://baking-bad.org on March 07, 2019, where you can find full version of the article.