Wakam's role as a Tezos baker

Wakam expanded its involvement in the Tezos ecosystem and blockchain by becoming a corporate baker. Tezos is smart money, a Proof-of-Stake public blockchain with a unique on-chain governance mechanism which allows the protocol to upgrade itself. As a baker, Wakam validates transactions (blocks) and adds them to the Tezos blockchain.

A new step in Wakam’s blockchain ambitions

Becoming a Tezos baker is a new step in Wakam’s ambition to get involved and better understand the blockchain world of opportunities.

Blockchain adoption

In 2018, Wakam was one of the first insurer to start using Sequence, a SaaS blockchain product for his policies management system.

Policies timestamp

By 2020, Wakam migrated to open-source software Quorum, an enterprise version of Ethereum, and started to timestamp its policies in a public network (Bitcoin), enhancing a more transparent experience.

Product automation

In early 2021, Wakam automates the management of more than 550.000 contracts in the blockchain and is expecting to complete automation of complex products and claims.

Wakam's involvement in the Tezos protocol

The Tezos blockchain uses a consensus algorithm based on a Liquid Proof-of-Stake mechanism (LPoS). Block creators, called “bakers”, fulfill – in an eco-friendly way – the same role as “miners” in previous blockchain generations. Each block is created by a randomly selected baker, endorsed by other bakers, and validated by the rest of the network. Bakers put up their stake of Tez (XTZ) as collateral to ensure that blocks are validated correctly, incentivizing network participation and ensuring network security. By becoming a baker on the Tezos blockchain, Wakam joins more than 400 bakers around the world who participate every day in securing the Tezos network.

Read the press release

Delegate your Tez to Wakam

If someone does not have 8,000 XTZ necessary to bake or does not want to set up computing infrastructure to bake blocks, they may delegate their coins to a baker, giving him a higher probability of being selected to bake and endorse blocks. In practice, bakers usually share the additional revenue generated from the delegated tokens with the coin holder.

There is no risk in delegating XTZs, each individual can delegate their tokens (XTZ) by lending them to a baker. The loan is done automatically and securely. The delegated tokens remain the property of the individual who can get them back at any time. Moreover, the baker cannot perform any action on these delegated tokens, nor do they appear on his accounts. Thus, in case of theft of the baker’s private key, the delegate tokens are not compromised and remain the property of the individual.

Wakam’s reward policy is 5% over a period of one month corresponding to the stabilization and densification of the node. The address to delegate your Tez to Wakam is: tz1Myst5o9a66oBoxe9oW7K6GekPHzWUMbBQ

Learn more about Tezos

What makes Tezos unique?

Upgradability

Tezos’ modular architecture and formal upgrade mechanism allow the network to propose and adopt new technological innovations smoothly as they emerge.

Proof-of-Stake

Tezos was one of the first projects to incorporate proof-of-stake, a consensus mechanism that aligns the incentives of bakers and stakeholders to keep costs low, avoid centralization, and put network power in the hands of stakeholders.

Security

Smart contracts are verified on the network with mathematical proofs, ensuring code has no bugs.

About the partnership with Tezos

Olivier Jaillon, CEO & CPO of Wakam
“We are deeply convinced that smart-contracts and blockchain is the future of insurance. Intrinsic qualities of Tezos protocol based on Liquid Proof-of-Stakes addresses the sustainability matter which is important in regards with our CSR commitments. As a French digital insurer, we are also more than happy to work with a project with strong French roots.”