Tezos is an open-source platform that evolves its functioning by the way of self-updation. It provides a workable platform for creating smart contracts that remain untouched by the outsiders or third parties.
What is Baking on Tezos Blockchain
Baking is the process of publishing blocks duly signed by stakeholders in this blockchain. A mechanism called Proof-of-Stake consensus is followed for the publishing of blocks. This mechanism works when all stakeholders agree to the block’s contents. Since the block can be published only after the members have reached regarding the state of the block, baking eliminates all chances of errors and omissions and make contracts tamper-proof completely.
How to become bakers
To become bakers in this blockchain, the participants need to have minimum roll amount of 8,000 ꜩ. With this amount of security deposit, a baker can carry out the process of baking which is actually the creation of a block. Apart from creator of block, there is another entity called endorser that endorses the block or agrees on it.
To allow participation from a baker, the delegates are rewarded. Also, to ensure that delegates do not falter on behavior or code of ethics, the deposit is kept as security. In case of defaulting or exhibiting bad behavior, the deposit can be frozen too. After the completion of cycles agreed upon by the baker, incentivizing the participation is done by releasing the deposit.
So, main resources required are:
- Initial amount required for qualifying as a baker
- Support of delegates who endorse the block created by the baker
- Access to baker chat room where ensuing actions can be discussed in privacy
Baking in this blockchain has made it more reliable in terms of imparting sturdiness to the chain. The instances of double-spending or double-documentation which can become uglier in the later stages can be avoided with this process.