Blockchain

Blockchain Will Do the Same Thing to Value What Internet Did to Data – Founder MyTezosBaker

Recently, BlockPublisher got in touch with the founder of MyTezosBaker (MTB) to ask about the details of this project and get some opinions regarding blockchain and crypto overall. MTB is essentially a website where people can find bakers of the Tezos ecosystem. Block creation is done by bakers in the Tezos ecosystem and MTB essentially acts as a search engine for bakers.

Talking about the main idea behind this platform, Shazaf Burki, the founder of the website stated:

There are more than 85 bakers listed on MyTezosBaker (MTB). MTB acts as a search engine for people looking to delegate their coins to different bakers. It’s hard for people to go to each baker’s website and find the basic details.

Describing the term ‘Baker’, Shazaf shared this:

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) they own (or that is delegated to them) is randomly selected to create a block. Since not everyone holding tokens is interested in being a baker, tokens can be “delegated” to another party.

Hence, those interested in delegating the tokens to other bakers can get much help from MyTezosBaker. Baking is essentially alternative to the process of mining. There is no proof-of-work involved and random selection is done to choose the baker that will create the next block in the Tezos ecosystem. As explained above, the need for delegation arises when a party is not interested in block creation and wants to give the token to someone else, that’s where MTB steps in. Seems like a great tool for the Tezos followers.

Shazaf also shared his overall views about the blockchain and crypto world. Talking about the nascent technology of blockchain, Shazaf stated:

I am very optimistic about blockchain technology. Blockchain will do the same thing to value what internet did to data.

Regarding the aspect of cryptos replacing fiat, he said:

It’s hard for cryptocurrencies to replace fiat for daily use. Cryptocurrencies, or should i say crypto assets are a new class of assets like stocks or commodities. Bitcoin will act as a reserve currency or Swiss bank accounts. Exciting times are coming ahead!

With developments being made in terms of improved volatility and a crypto-linked ETF in sight, most likely in the next year, times ahead seem surely exciting. It will also be interesting to see how Tezos tackles the market saturation in the crypto world.

Edited On 11/14/2018 2:17 PM PKT for link addition.

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Ahsan Khalid

News editor of BlockPublisher, an electrical engineer with majors in software development. Ahsan takes the engineer's approach for reporting legislation around the blockchain industry. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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