Nope, this is not a reference to Paul Hollywood, nor is it a sentiment to Mary Berry, this is an article about baking, the new alternative to mining that is, all in all, most fantastic. The phrase seems to come from Tezos, a new smart contract and Dapp platform. As it stands, Tezos is now running a BetaNet and thus is well on the road towards a full launch, at the moment though, the project is still in its early stages. You can find out more about Tezos, for yourself, here- https://tezos.com/ Back to bakingâ¦ In a post on Medium, Tezos Validator ArthurB has uploaded a post in which they describe the differences between baking and mining. You can see the full post on Medium, for yourself, here- https://medium.com/tezos/its-a-baker-s-life-for-me-c214971201e1 According to ArthurB:
âIn Bitcoin, miners compete to publish blocks containing a proof-of-work stamp by repeatedly hashing block headers. In Tezos, block creation is done by bakers. Rather than deriving the right to create a block by finding the solution to a proof-of-work problem, bakers obtain that right when a Tezos token (or rather a roll, see below) they own (or that is delegated to them) is randomly selected to create a block.âMoreover:
âA baker becomes aware of its right to bake blocks a few weeks in advance. When it does so, it is expected to create a safety deposit that will be held for a few weeks. This safety deposit is referred to in the white paper and in various places as a âbondâ. In a few other proof-of-stake systems, this deposit is a single static set amount staked by a delegate. In contrast, in Tezos, the deposit dynamically changes depending on the number of blocks a delegate is set to create.âInteresting, right? The full post on Medium does of course offer a deeper insight into this new design, I suggest if you get a moment, that you have a read (it should take you around 6 minutes to do so). What does all of this really mean? Ultimately, we could be seeing a brand-new revolution here in the way cryptocurrencies are âgatheredâ from the network. Whilst mining has inherent advantages, it seems that baking does too, such advantages include:
- Resistance to DDoS attacks.
- Key Protection.
- Prevention of Mitigating Intrusion