On the first working week we at Changelly are glad to announce our work on the new blockchain project — Tezos — a self-amending blockchain network which incorporates a formal, on-chain mechanism for proposing, selecting, testing, and activating protocol upgrades without the need to hard fork. XTZ, Tezos native token is already available for exchange on Changelly. To go a bit deeper into the Tezos philosophy read the article below.
It’s Baking Time
Baking for Tezos is very similar to mining for Bitcoin. While in the Bitcoin network, the right to publish a block is related to the solution of the proof-of-work (PoW) tasks, Tezos uses a proof-of-stake or PoS algorithm. Its block makers are called “bakers,” and the baking process itself is, in fact, block validation. The right to publish a block in Tezos can be compared to a victory in the blockchain lottery. The chances of a baker winning are proportional to the number of XTZ tokens belonging to him, plus the number of XTZ delegated to him by other Tezos users. After baking, the block must approve 32 nodes of approval, endorsement.
Tezos team focused on “baking” a blockchain that can change and adapt through community consensus with as little network disruption as possible. The protocol achieves this through two mechanisms: internal management (the user suggests changing the code, the owners of the nodes decide whether to accept the update or not — if 80% agree, the code automatically changes) and the self-correcting system. Internal management democratizes making decisions about protocol changes, while the self-correction system allows Tezos to make changes without hard fork (dividing the network into two blockchains). To get a deeper understanding of Tezos working principles read this article. Below is the visualized version of Tezos governance mechanism:
How to Exchange XTZ on Changelly
The Power of Community
Another distinguishing feature of Tezos is the cohesion of its community, which is entirely expected, given the fact that community members themselves can bring changes to the blockchain without the need of its split. It is the Tezos community that is the strength and trump of its network. Here’s what Tesos-enthusiasts write about the company they believe in.
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