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ELI5 Tezos On-Chain Governance

Tezos is a third generation cryptocurrency which offers all the benefits of first and second generation cryptocurrencies, plus Proof of Stake minting and on-chain governance. In this post we discuss decentralized governance and how it’s implemented in Tezos. First, let’s take a look at some basic concepts. Governance What is understood by governance in the […]

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ELI5 Tezos Q&A

ELI5 How does Tezos avoid baking centralization?

One of Tezos’ most exciting features is the way it protects itself against attacks. There are no trusted hosts or manually designated network watchmen. It is a fully decentralized and trust-less architecture. As it turns out, one of the attack protection mechanisms also serves a secondary, yet just as important, function. By requiring certain amounts […]

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ELI5

ELI5 How does Tezos protect itself against common attacks?

Unlike other Proof of Stake cryptocurrencies, Tezos does not have the concept of preferred block validators, as this would imply trust. Tezos is 100% trustless platform, where every dynamic aspect is decided by self-adjusting algorithms. Liquid Proof of Stake Tezos uses a Liquid Proof of Stake system where validators are chosen on the fly based on […]

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ELI5

ELI5 What is liquid Proof of Stake?

“You must be shapeless, formless, like water. When you pour water in a cup, it becomes the cup. When you pour water in a bottle, it becomes the bottle. When you pour water in a teapot, it becomes the teapot. Water can drip and it can crash. Become like water my friend.” – Bruce Lee […]

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ELI5

ELI5 Self-Amendment : How can Tezos upgrade itself?

In a recent post, we discussed Tezos’ abstract blockchains. In short, by making system components loosely coupled, you can make changes to one part of the system without breaking anything in a completely unrelated section of the code. This strategy allowed Tezos developers to build a highly modular system where you can instantiate any kind […]

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ELI5

ELI5 Why can’t I delegate to multiple bakers?

Most Tezos wallets operate on a single account at a time. Which means everything you do in an instance of a personal wallet, like Galleon, is done under one account. To work on a different account, you must close the current one and open a different wallet file. All Or Nothing In the current instance […]

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ELI5

ELI5 What’s the minimum amount of XTZ required to stake Tezos?

Is there a minimum amount of XTZ required to begin staking? A lot of new Tezos users ask this question because there certainly is a minimum amount of XTZ required to bake Tezos. tl;dr; No, there is no minimum amount of XTZ required to bake Tezos. To be precise, there is a minimum but it’s […]

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ELI5

ELI5 What are Tezos abstract blockchains?

“All problems in computer science can be solved by another level of indirection.” – David Wheeler Computer science professor David Wheeler once famously stated that every problem in computer science can be solved, or made a lot easier to solve, by adding one more level of indirection. Indirection is an abstract concept we often employ […]