Tezos - A self amending blockchain

in blockchain •  6 years ago 

Introduction


Tezos (Proof of Stake) is build by keeping in mind security at the top, it is future-proof smart contract system. Tezos has built-in governance mechanism (self-amending protocol) - its protocol can evolve and incorporate new innovations by means of voting by the token holders (empowering the business cases). In short, all the token holders can make and enforce decisions about changes to the network using the network itself.

One of the unique feature of the Tezos ledger is its ability to self-govern by accepting and deploying protocol upgrades, on chain, without hard-forking. Usually hard-forks creates governance issues and conflict of interests. Tezos provides the self-amendment of its own rules set in the protocal. So, innovation and changes to the protocol are possible without the need for a hard fork.

Baking


As Bitcoin has mining, Tezos has baking. Block creation is done by bakers in Tezos. In Tezos bakers obtain the right to create a block. Token holders with minimum 10K Tezos tokens (or rather a roll) can bake. Since not everyone holding tokens will be interested to bake, tokens therefore can be "delegated" to another party. The delgate neither own or control the tokens in any way. It means, the delegate cannot spend your token. If you have less than 10K tokens and you do not wish to delegate, then you can become a delegate and opt for tokens from others so that you have a full roll (10K tokens).

More about roll


In order to speed up the computations and to decide which delegates are selected to bake, the Tezos ledger keeps track of groups of tokens called "rolls". Rolls are aggregated at the delegate level, so the more amout of tokens delegated to you, the more baking power.

Endorsing


It is similar to baking, but in this case you don't specifically create an entire block, but bakers are sometimes called upon to endorse a block, which means they act as witnessess and they check validatity of the block. Endorsers also put up safety deposits and receive rewards. So, every baker also participates in endorsing and vice versa.

Bakers/endorsers earn reward for doing their job in the form of new tokens generated by the protocol. The Tezos tokens grows at roughly 5.5% per year and are rewarded to bakers/endorsers

People working on this project call it as Blockchain 3.0. Come be part of this exciting community and contribute to the team.

Tezos
Tezos Commons
Unofficial Telegram Channel

If you like this blog and would like me to continue to share more about Tezos and other cryptocurrency, do not forget to up-vote this and be generous with donations.

Donate BTC - 1JitLFrWLFB6WxwzNebLbdvB2aVx5SrXNr
Donate ETH - 0x29a417ed7a4D7025a0bdc35ff29EFF9A71C73bd2

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

@cryptogeek2017, welcome to Steemit! I hope you have fun here!

@cryptogeek2017, I gave you an upvote on your first post! Please give me a follow and I will give you a follow in return!

Please also take a moment to read this post regarding bad behavior on Steemit.

Are you a bot and do you automatically monitor the comments ? Do you also monitor the content of the blogs ?

Congratulations @cryptogeek2017! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

You published your First Post
You made your First Comment
You got a First Vote

Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word STOP

To support your work, I also upvoted your post!

Do you like SteemitBoard's project? Then Vote for its witness and get one more award!

Congratulations @cryptogeek2017! You received a personal award!

Happy Birthday! - You are on the Steem blockchain for 1 year!

Click here to view your Board

Vote for @Steemitboard as a witness and get one more award and increased upvotes!

Congratulations @cryptogeek2017! You received a personal award!

Happy Birthday! - You are on the Steem blockchain for 2 years!

You can view your badges on your Steem Board and compare to others on the Steem Ranking

Do not miss the last post from @steemitboard:

Downvote challenge - Add up to 3 funny badges to your board
Use your witness votes and get the Community Badge
Vote for @Steemitboard as a witness to get one more award and increased upvotes!