Tezos is special, as it is a self-amending blockchain which evolves by upgrading itself. Tezos achieves consensus about the state of its ledger and also about the state of its own protocol.
Tezos is based on the “Liquid Proof of Stake” consensus mechanism, which permits token holders to participate in the network. There is no need to solve a cryptographic puzzle like in the Proof of Work mechanism.
The block publishing rights on Tezos is based on Proof of Stake. Each of the blocks are produced by random stake holders and is further endorsed by stake holders.
Tezos make use of the inflationary block rewards, which are transaction fees which are given as incentives to validators also known as bakers. Honest behavior is thus incentivized.
Thus, the holders will always be in control of their tokens. Each of the Tezos blocks are endorsed by stake holders.
Tezos bakers are required to make a deposit to ensure honest behavior and the deposit is timed for several weeks. If the bakers fulfill a certain criteria by explicitly baking, it fulfills the need for a safety deposit.
Of note, not all XTZ holders are interested in baking. When this is the case, the tokens are delegated to bakers, which is another party. However, even when delegated the other party does not control or own the token in anyway. They will not be able to spend it. However, when the delegated tokens are chosen for baking the right will belong to the delegate. Since Tezos permits delegation, the consensus is referred to as “dPOS.” However, the correct term is Liquid Proof of Stake.
In this regard, Sydney Ifergan, the crypto expert stated: “Tezos Common You Tube channel is a great place for beginners to get to know Tezos processes. TezTalks Live stream videos are also available there.”
Tezos (XTZ) Progressive Events
TQuorum recently tweeted: “Learn about the developments towards protecting your privacy on #Tezos. Join @ja_akinyele from @boltlabsinc and blockchain privacy innovator and co-founder of Zcash, @secparam, at #TQuorum.”
TezTalks Live videos are interesting discussions which are related to the progressive events happening at the Tezos ecosystem.
The TezTalks Live is scheduled for August 27, 2020. Those who are interested in knowing more about the future of Tezos would not want to miss these videos. Though the space appears very early with lot of learning to do, it is good to be here early on as they are already working smart and hard on the blockchain.
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