Tezos is a notable open-source project in the blockchain space, which applies decentralization to its overall model, instead of merely touting decentralization, according to Alison Mangiero, president of The Tocqueville Group (TQ Tezos).
As a reminder, Tezos had gone through a very successful ICO event during the summer of 2017, raising as much as $232 million. Back then, Tezos was the ICO which raised the highest amount of funds.
Decentralization On The Whole
“Tezos, as a project, doesn’t just pay lip service to decentralization and isn’t just decentralized in terms of our validators, stakers or bakers,” Mangiero said on a recent interview with CryptoPotato. “The entities that work on Tezos are also decentralized.”
Diving into the concept a bit further, Mangiero explained the Zug-based (Switzerland) Tezos Foundation “houses
the funds from the original Tezos Foundation fundraiser.” Its mission, she noted, “Is to deploy those funds to support the Tezos ecosystem.” Everyday activities for the Foundation include providing grants to various players, as well as supporting entities working to help the Tezos project via multiple methods, Mangiero said. The New York-based TQ is one such entity.
Regarding TQ, Mangiero said they “focus on business development, technical services, communications and marketing, and advocacy work.”
The TQ president also mentioned the Paris-based Nomadic Labs. “They are one of the teams working on the core protocol,” she explained. Mangiero clarified that many teams work on the Tezos protocol globally, and “some of the original architects of Tezos are now housed in Nomadic Labs in Paris.” Additionally, she mentioned several other involved groups worldwide, including Tezos Japan, Tezos Korea, Tezos Southeast Asia, and others.
Recent Tezos News
Speaking on recent developments for Tezos, Mangiero spoke about the very first Tezos upgrade, Athens, which has been in the works over the past several months, beginning in January 2019. “One of the key differentiators of Tezos is that the protocol can upgrade itself,” she explained.
“It’s a self-amending ledger, meaning it incorporates a formal, on-chain mechanism for proposing, selecting, testing, and activating protocol upgrades, which come directly from the community, without the need to hard fork.”
Mangiero added, “The first amendments to the protocol were proposed in January .” The proposed changes apply to the area of baking (staking for Tezos), and the minimum number of tokens needed to own a roll (similar to a master node) in order to be able to bake.
Prior to the discussed upgrade, users desiring to bake would need a roll consisting of 10,000 XTZ coins, Mangiero explained. January’s proposal included lowering the required roll size, from 10,000 down to 8,000, as well as proposed alterations to gas limits, the TQ president noted.
The community showed voting support in favor of decreasing the roll requirement, Mangiero said. “We are nearing the end of the exploratory period now, and by the end of May, assuming the proposal reaches quorum, that change will be made automatically,” she explained. “This is an important moment because it will prove that the protocol is capable of upgrading itself,” she added. “We’ve known that it worked in theory, but this will be the first time the Tezos protocol will actually have done that.”
Mangiero also clarified, ” a roughly 80% supermajority is the threshold for a quorum.” This essentially means at least 80% of bakers voting must approve the upgrade for the changes to take place.”
Tezos replaces CFO with PwC Switzerland’s blockchain creator
Tezos Foundation announced the hiring of Roman Schnider, the former Assurance Director at PricewaterhouseCoopers(PwC) and Co-creator of its blockchain initiative. Schnider will take on the role of Chief Financial Officer and Head of Operations in summer 2019.
Over the past year, PwC Switzerland has served the role of an independent external auditor of the Tezos Foundation’s finance and business operations. This has allowed Schnider to become familiar with the Foundation and its protocol. Schnider was quoted as saying,
“I sincerely look forward to joining the Tezos Foundation.Together, we will work to serve and support the Tezos community in the most effective, efficient and transparent way possible.”
Ryan Jesperson, President of the Tezos Foundation, stated,
“As the Foundation continues to provide resources to a growing Tezos ecosystem, the CFO and operations lead will be critical to our success.
Roman’s experience makes him the ideal finance and operations specialist for our team. He is already familiar with the opportunities and challenges blockchain projects face and has a deep understanding of the Tezos Foundation from his time at PwC Switzerland.”
Roman Schnider has been with PwC for nearly 15 years and is now going to replace Eelco Fiole, who joined Tezos only five months ago. Schnider had launched PwC’s blockchain and cryptocurrency assurance department back in 2016. His work was not limited to a single field, with Schnider working in various roles with a special focus on investment banking.
Jesperson conveyed his gratitude to Eelco Fiole by saying, “We want to thank Eelco for his contribution to the development of the Foundation and wish him all the best.”
Tezos Foundation awards grant for development of tezblock; initiates concept of ‘Minimal Viable Product’
According to a Medium post, it was announced that Papers, the organization responsible for the development of crypto wallet AirGap, has been awarded funds for the development of tezblock. The grant was sanctioned by the Tezos Foundation for meaningful block exploration accessibility of Tezos.
The grant could be very essential from the development perspective of Tezos as tezblock, which is a block explorer for the virtual asset, focuses on making the Tezos protocol more available and validating the data with a better approach.
The post also stated that the tezblock code would be open-sourced under an MIT license and the grant would assist the organization in initiating the initial concept towards a “Minimal Viable Product.”
Following the announcement the post said,
“We want to take a user focused approach with tezblock and build this explorer according to user feedback. Block explorers are being used by different user groups with various requirements.”
Lately, Tezos has been making waves in the crypto-industry after its parent blockchain made history after the activation of two separate backward-incompatible changes. Its recent upgrade termed as the “Athens A” for smart contracts and decentralized applications was decided via on-chain voting involving all the stakeholders.
Arthur Breitman, Co-founder of Tezos, stated,
“You can do more things in one block, and the main reason for that is that when the network launched, anyway, it was very new and limit was set at a pretty conservative value.”
At press time, Tezos was valued at $1.30 and it exhibited an impressive growth of 4.37 percent over the last 24 hours. The market cap for the virtual asset was around $850 million, at press time.
Tezos’ co-founder Arthur Breitman says side-chains are tricky and difficult
In the event of Tezos’ first-ever on-chain upgrade, Arthur Breitman, the Co-Founder of Tezos, spoke with the popular crypto influencer Naomi Brockwell about the upgrades made on-chain versus implementation of the same on a second layer. Breitman said that the latter was “not stringent enough” and could be easily corrupted.
He went on to state that side-chains were tricky and added that layer 2 was difficult. According to the Co-Founder, deploying an on-chain upgrade implied “protecting the values in the system”.
In the case of Bitcoin, Breitman cited that if a system was open to changes, it became highly susceptible to the infusion of “bad stuff” by fraudulent actors in the network. Taking into account the upgrade protocols surrounding Bitcoin, the Co-Founder asserted that the protocols were bound with “strong cultural norms”. He added that the changes [if any] were very minimal and “uncontroversial” for the largest digital currency. Brockwell also added that any larger or significant network upgrade in Bitcoin would “necessitate a hard fork”.
In terms of protecting the network against corruption by malicious entities, Breitman believed that upgrades leading to Bitcoin hard fork had fairly “worked” for the digital coin. However, admitting the potential issue in the system, he stated,“The problem is that then you also give up on the ability of having more meaningful changes.”
Taking a jibe at Bitcoin enthusiasts, Breitman said that those who considered smart contracts “useless” had “sour grapes”. The creator also reflected on Tezos’ network and its first self-amendment and stated that the system evaded “external interference” and accommodated innovation simultaneously.