Investors and startups in Tezos begin to influence the development of the blockchain

In the development Tezos is blockchain, which was launched
three weeks ago, after a series of delays and scandals in the community — in a new phase.

About every three days — the exact intervals vary — Tezos is entering a new «cycle». Last Saturday, the network has entered a cycle number seven. When it happened, Tezos Foundation, the company that conducted the ICO Tezos last year and launched its network in late June, refused to sole control over bloccano. Because of this, as the first generation of startups Tezos, and the owners of the token will now influence the development of the network.

Since the launch of the blockchain each of the eight «bakers» Tezos — validators, which perform a similar function to the miners in other blockchains, controlled by the Fund, as shown on this page. However, with the beginning of a new cycle an opportunity to «bake units» open to the wider community, and Tezos begin to approach a more final, decentralized form, as originally suggested by the creators of the blockchain.

Like the EOS, the Tezos network reaches the consensus state of the blockchain using the delegate algorithm proof-of-stake (DPoS), and not system proof-of-work, as in the case of Bitcoin and Ethereum. Instead of solving a numerical task using exhaustive search hashes, this process is a kind of randomized voting system, known as validatevalue, or «baking» in the terminology Tezos.

«Baking block»

However, unlike EOS, validators Tezos are not selected by voting. System Tezos works differently. Only nodes with 10,000 tokens XTZ can act as validators. However, regular users who have insufficient funds, can delegate tokens professional services that will deal with validierung on their behalf. Thus, users receive subsidies from the network, minus any fees charged by «bakers».

Some of these professional services will make their debut in the new cycle, although the nodes of the Fund will continue to validate the vast majority of blocks have at least a few weeks. According to the spreadsheet one of these independent services, the Fund will initially create about 80% of the blocks, but this percentage will rapidly decline as more and more «bakers» come to the network.

«A very small percentage of the total number of «bakers» and token community really will start tomorrow to validate the blocks,» said Jonas Lamis (Jonas Lamis) of the Tezos Community last Friday. «However, with every cycle, their share will increase».

In the community services to which users can delegate coins to valderoure on their behalf, there is a growing excitement about it, as soon its representatives will be able to receive compensation for «cakes».

«This is the moment that everybody was waiting for,» said Bo Byrd (Bo Byrd), the founder of one of the services — Teizigator. Co-founder Josh brown (Josh Brown) said: «We are definitely going to monitor how the balance will weigh in our favor».

Trust issues

It seems that the owners of the tokens share this enthusiasm. «We are very pleased to see the community participation in the validation process», — said the representative Tezos Foundation. «More than 96% of the activated tokens to participate in the «baking» or delegate».

It is fair to say that the XTZ tokens until there is nowhere else to apply, as on the platform do not exist decentralized applications. In addition, owners can move their tokens at any time – the minimum period for which they transmit no. Therefore, the risk of delegation is minimal – the owners may at any time revoke tokens after getting the desired benefits from the grants unit.

On the other hand, the owners need to choose wisely the service that they delegate their tokens. All services, along with Tezos Foundation say the same thing: the relationship between the owner of the token and «Baker» are not governed by smart contracts, and are «off-grid» — at least for the moment.

In other words, clients need to believe that the service with which they began work, pay them what they owed and will not charge a higher Commission than promised.

The development of this nascent market, one of the biggest problems is transparency and access to information. Lamis said they depend on the «collective views», born on the forums and in conversations with developers Tezos.

But «with regard to digesting all this technical information and its explanations», — he added, it will be the main focus of the community over the next year.

Starting blockchain Tezos was accompanied by KYC-surprise from Tezos Foundation. A few weeks before launch, the Fund announced that it will conduct an inspection of all customers who have purchased tokens during the ICO project in accordance with the rules and KYC/AML. In this case investors, which the Fund calls «investors», not asked to provide any personal information during the purchase token Tezzies (XTZ). Intermediary company TokenSoft, which verifies the investors requires the owners of the token name, phone number, address, photo ID and a photo to check for KYC/AML.

This was one of the reasons for the increase
the demand for fake IDs among investors and «savers» Tezos in particular. Against the wishes of the regulators, the investors are subject to theft and manipulation. Given these risks, some industry participants have resorted to buying fake ID cards to protect yourself from fraud, and from the attention of the state.

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