Tezos baking in short terms, a thread.
Please correct me if i’m wrong
#tezos #blockchain #baker
1/9 tezos
The tezos blockchain consists of nodes which communicate with each other peer2peer. Nodes process all transactions and include them into the latest block of the blockchain
Please correct me if i’m wrong
#tezos #blockchain #baker
1/9 tezos
The tezos blockchain consists of nodes which communicate with each other peer2peer. Nodes process all transactions and include them into the latest block of the blockchain
2/9 baking
Bakers create the blocks that are appended one after the other every ~30 seconds onto the blockchain. The creation of each block is randomly assigned to one baker. This baker creates the block and gets a reward for doing so.
Bakers create the blocks that are appended one after the other every ~30 seconds onto the blockchain. The creation of each block is randomly assigned to one baker. This baker creates the block and gets a reward for doing so.
3/9 endorsing
To be sure the baker created a correct block, several other bakers revise this block and confirm its correctness. Those bakers get a small reward as well.
To be sure the baker created a correct block, several other bakers revise this block and confirm its correctness. Those bakers get a small reward as well.
4/9 rights and duties of a baker
Next to creating and maintaining the blockchain, bakers vote on proposals regarding e.g. updates of the tezos protocol and software development.
Next to creating and maintaining the blockchain, bakers vote on proposals regarding e.g. updates of the tezos protocol and software development.
5/9 what is a roll
Every tezos holder can run their own node. They can run their own baker as well. But baking has an entry threshold. One needs at least 8,000 tez - called a „roll“ You get 1 voting-right per roll. The more rolls, the higher the chances to bake a block
Every tezos holder can run their own node. They can run their own baker as well. But baking has an entry threshold. One needs at least 8,000 tez - called a „roll“ You get 1 voting-right per roll. The more rolls, the higher the chances to bake a block
6/9 delegators
If you own 8,000 tez you can bake on your own. Otherwise you need delegators to give their rights to you. You share the rewards with them.
There are tools to calculate and process the rewards, like TRD (tezos reward distributor).
You can keep a service fee.
If you own 8,000 tez you can bake on your own. Otherwise you need delegators to give their rights to you. You share the rewards with them.
There are tools to calculate and process the rewards, like TRD (tezos reward distributor).
You can keep a service fee.
7/9 safety deposit
You need to have approx 10% of the amount that is delegated to you in your bakery-wallet. When you are assigned to bake a block, a safety bond is frozen for 5 cycles (~20 days) to prevent mischief. After that you get back the bond + the earned rewards
You need to have approx 10% of the amount that is delegated to you in your bakery-wallet. When you are assigned to bake a block, a safety bond is frozen for 5 cycles (~20 days) to prevent mischief. After that you get back the bond + the earned rewards
8/9 go public
You contact @TezosBakingBad and @tzstats and get your bakers' specs verified. As soon as they confirmed your specs and list your bakery on their websites you are a public baker.
You contact @TezosBakingBad and @tzstats and get your bakers' specs verified. As soon as they confirmed your specs and list your bakery on their websites you are a public baker.
9/9 open source
Tezos is open source. I did not now anything about this a few months ago. You can find everything on the web.
Some useful links:
tezos.gitlab.io
imthemule.medium.com/the-easy-guide…
…rd-distributor-organization.github.io/tezos-reward-d…
Tezos is open source. I did not now anything about this a few months ago. You can find everything on the web.
Some useful links:
tezos.gitlab.io
imthemule.medium.com/the-easy-guide…
…rd-distributor-organization.github.io/tezos-reward-d…
• • •
Missing some Tweet in this thread? You can try to
force a refresh
