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What does it mean "to delegate to a baking service"? I have my Tezos in my Binance wallet. Is that considered to be delegating to a baking service?

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In layman terms, delegating means you are giving someone else, the baker, the ability to create new blocks using your tokens. Let me be absolutely clear that you are never transferring tokens to a baker. Your tokens are always 100% in your control. Bakers are rewarded for creating new blocks and typically share that reward with those that delegate to them. I suggest you go find a Tezos 101 document as understanding delegating is core/fundamental to Tezos.

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  • Thank you for the answer, i will read that document. I wonder if you can help me with one more thing: Binance is a Baker? or where can i find it?, thanks again! – Martin Portocarrero Monge May 7 '20 at 19:25
  • Binance is an exchange that offers staking services to those that keep Tez in their account. They are NOT a public baker. I suggest that you not delegate to "the big exchanges" which creates a centralization of delegations. Use baking-bad.org to find a good baker. – utdrmac May 8 '20 at 20:17
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    we should also add that delegation also means allowing that baker to vote on your behalf for governance. – Frank May 16 '20 at 12:45
  • @MartinPortocarreroMonge please mark the question as answered – utdrmac May 25 '20 at 12:19

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