How can Tezos use POS and self-correction mechanisms to talk about the ups and downs?
Produced | Odaily
Text | Aloe Vera
Editor | Lu Xiaoming
Produced | Odaily
Text | Aloe Vera
Editor | Lu Xiaoming
The recent launch of the Cosmos mainnet has brought POS mining into the mainstream. Entrusting tokens to node merchants to obtain stable inflation rewards has become a popular gesture in the staking economy.But in the field of staking, Tezos, which was launched on the mainnet as early as 2018, can be regarded as the predecessor of Cosmos.Three years later, Breitman left JP Morgan and started the Tezos ICO. In just two weeks, Tezos raised a value of 232 million US dollars, making it the ICO project with the highest financing amount at that time. Investors included the Winklevoss brothers, founders of the Gemini exchange. After the fortune soared, the project experienced a period of internal strife and collapse, but with the team back on track and the smooth launch of the mainnet, at present, according to
stakingreward data
, the staking market value of Tezos is second only to EOS, and it is the token with the second largest mortgage value.
secondary title
"Baking" and "Baker"
Have you baked yet? Which baker did you choose?
If it is not placed in the context of the blockchain, the above conversation can be easily mistaken for a food topic, but in fact, it is a conversation between two Tezos miners.
Arthur Breitman, who was born and raised in France, was deeply influenced by French baking culture, so he incorporated bake and baker into Tezos terms. So what do they mean by blockchain? You can generally understand that the baker completes the block production by baking and packaging blocks and broadcasting the entire network record; baking is the process of producing blocks, which needs to be completed through the action of pledging tokens.
To be precise, Tezos adopts the consensus mechanism of LPOS (Liquid Proof of Stake). Before the prosperity of staking economics research, the consensus mechanism of Tezos was often classified in DPOS (Proxy Proof of Stake). In fact, there is still a big difference between the two.
Tezos sets a threshold for baking, that is, the minimum amount of Tez required to bake is 10,000 tez, this amount is called "a roll (roll)". If your personal holdings are less than one roll (i.e. 10,000 tez), your best option is to pay a fee to entrust your tez to a baker with at least one roll of tez, or have someone else entrust their tez to you, In this way, you can only participate in baking when you accumulate a roll.
Baking means participating in the network consensus. Every time a block is generated or verified, the baker can get a certain amount of tez rewards based on the ratio of the number of tez in his hand to the total number of baked tez. These rewards come from Tezos-based 5% of the total amount of tokens will be rewarded every year, so the higher the baking ratio, the less the equity reward will be. If it is idle, the idle tez will have a part of its value diluted due to additional issuance.
The above is almost the general process of every POS public chain. Next, there is the unique setup of Tezos.
In Tezos, 4096 blocks are counted as a cycle. Since the average generation time of each block is about one minute, the cycle of a cycle is about 3 days, and the first 6 cycles are baked by the foundation. Earnings, from week 7 onwards, the baker starts to generate earnings. After obtaining the equity income, it needs to be locked for 5 cycles (about 15 days), and it takes 36 days (7*3+15) to get the income in total.
There is no limit to the number of bakers, and the system can set a maximum of 80,000, because the total amount of XTZ is 760 million. Among them, the baker does not have unlimited baking tokens, and its baking amount is limited by the margin. The bond is one of the thresholds Tezos sets for bakers. Before baking, the baker also needs to pay a deposit of 8.5% based on the baking amount. If the total baking value exceeds the deposit limit, the excess tez will not receive benefits, so it is necessary to pay attention to whether the entrusted baker has exceeded the guarantee limit; In addition, when the baker commits evil intentionally or unintentionally (downtime/offline), the baker will also be punished by tez confiscation, but the client will not be punished.
Currently, according to browser data, there are more than 250,000 accounts in the Tezos main network, and more than 500 million tez have been baked in the equity pool; Bakers account for 53.98% of the stake, including 8 bakers from the Tzeos Foundation; 102 cycles currently in progress.https://mytezosbaker.com/
At present, the rate of return of Tezos bakers is maintained in the range of 5%-8%, and the fee charged is between 2%-30%. Domestic bakers include Wetez wallets, ViewNodes, and Tezos cats.
In short, even if the baker is not punished for being evil to the client, choosing a Tezos baker is still a matter of caution. You can refer to the reference dimensions given by Hashquark: fee level, team strength and endorsement, successful block generation rate (Efficiency) and mortgage capacity. You can refer to this website:
secondary title
Benchmarking against Ethereum
Tezos compares itself to a competitor of Ethereum. As a public chain, Tezos is similar to Ethereum in that both are a decentralized ledger and smart contract platform, and both have a Turing-complete smart contract language.
But in the Tezos white paper, Tezos proposed two key upgrades different from Ethereum: one is the self-governance system (Self-Governance), that is, iteratively upgrades its protocol through an online user voting system, so as to avoid hard A fork occurred; the second was the creation of a new programming language, Michelson.
The autonomous system claims to be the soul of Tezos, and its content occupies half of the Tezos white paper. Tezos believes that the hard fork divides the community, changes the incentives of stakeholders, and destroys the network effect formed over time. The fix allows Tezos to upgrade without hard forking into two chains.
How to implement it? Currently, a Tezos proposal needs to go through four stages: Proposal, Exploration, Testing, and Promotion. In this autonomous system, Tezos bakers can submit proposals on the blockchain and initiate a vote (each representative can submit up to 20 proposals, including duplicate proposals.) if there is a need for an update. The first vote is to decide Whether to activate the proposal.
Once activated, a second vote is initiated during the Exploration period, this time voting whether to approve the update to be compiled and deployed to the Tezos test network for trial operation.
After 48 hours of test operation, a third confirmation vote will be initiated to decide whether to agree to the automatic deployment of the updated protocol to the main network, and force each node of the network to update to the latest protocol. According to the founder’s interview with Crypto Geek, the support rate of the voting quorum needs to reach more than 80%.
In February 2019, Tezos conducted its first voting since the mainnet was launched. The voting options included "Athens A" and "Athens B". Among them, more than half of the baking community actually chose to abstain. "Athens A" plans to increase the calculation limit of the block to allow greater transaction throughput, and won 18181 votes, and "Athens B" plans to reduce the "baker" threshold from 10,000 XTZ to 8,000, and won 7674 votes. According to Jeff Zhang, head of Wetez Wallet Operations, “Athens A” has passed the first two stages.
Subsequent proposals may revolve around whether to interact with Zcash's zk-SNARKs library to achieve private transactions on the Tezos network. For the naming of the subsequent proposals, the official said that city names, English letters and alphabetical order may be used, such as "Brasília", "Canberra", "Delhi" and so on.
Tezos also created a new programming language, Michelson, which removes the concept of the Ethereum Virtual Machine and allows Formal Verification. This is a technology that improves security by mathematically verifying the reliability of programs such as smart contracts. In layman's terms, use the method of proving mathematical problems to develop software, and use some mathematical formulas to prove that the software you develop is completely correct and has no bugs. Formal verification helps reduce the loopholes caused by inexperienced programmers when writing smart contracts, and protects users' property from loss.
Tezos founder Arthur B once said that Ethereum's smart contracts are vulnerable to hacking, making people reluctant to use its smart contract mechanism. By design, Tezos' smart contracts avoid many bugs that affect solidity and the EVM.
On March 15, 2019, Tezos officially announced that it will launch a new smart contract language Ligo. According to the official introduction, Ligo is a simple smart contract language for developing longer contracts than the Michelson language. It is an imperative language that compiles down to clean Michelson code, featuring pascal syntax and a simple type system.
The problem Tezos needs to face is that most programmers are not familiar with the smart contract language Michelson, which still has a certain cognitive threshold for developers.
secondary titleTezos ChallengeIn addition to the development language is not very "down-to-earth", Tezos also faces some other challenges.
For example, TPS, according to Arthur B, is conservatively estimated to be 40. This number is obviously not enough for a dapp platform. Compared with EOS’s 3996, Tezos is not friendly to dapp developers, but Arthur B does not seem to be Care about it, he thinks it is not TPS that decides the outcome, currently Tezos has many ways to improve TPS,
For example, modify mempool
, can triple the tps, or reduce the block generation time to increase tps.
In addition, Tezos, which had the highest financing amount at that time with US$232 million, seems to be less well-known than similar projects today. This is due to the fact that Tezos fell into a team management crisis after the ICO in 2017.
At that time, the founder couple appointed Johann Gevers, a heavyweight in Crypto Valley, as the chairman of the Tezos Foundation, but the partnership between the two parties broke down shortly after. In October 2017, the Breitmans suddenly issued a document accusing Gevers of enriching their own pockets. I issued tokens worth 1.5 million US dollars to myself. The impact is that the differences between the DLS company developed by the founder couple in charge of Tezos and the foundation in charge of Gevers have made no progress in product development, and the expansion of the development team has stalled , Community development, product promotion and other work have also been affected.
What's more serious is that this high-level dispute also caused a delay in the release of Tezos tokens. Angry investors sued DLS, the Breitmans and the Tezos Foundation for "illegal sales of unregistered securities" .
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