Tezos Explainer: Incentivizing Developers with Inflation Funding
June 24th, 2019
Boston, MA | Ken Garofalo
Follow Tezos Commons on Twitter: https://twitter.com/TezosCommons
Tezos Commons has released another great video in their ongoing series of Tezos Explainers. This episode features slick moving graphics and visuals to help explain the first successful Tezos Governance protocol upgrade, Athens. It also mentions how any developer can submit a protocol amendment and invoice the work with an inflationary invoice – as they are excited to see the first million dollar invoiced proposal as the community gears up for the second round of proposals. A few companies to keep an eye on during the next proposal round are Nomadic Labs and Cryptium Labs among others from the controversial OCamlPro.
The Athens upgrade successfully decreased the amount of XTZ per roll to 8,000 from a previous level of 10,000 XTZ. A roll is required to participate in the Tezos Liquid Proof of Stake network as a self baking validator. Now, Tezos holders with less then a roll can still participate in the network staking by a process called delegation. This is where the holder gives baking rights of their Tezos XTZ to another party called a “Baking Service” in turn for rewards split minus a fee for the service. The holder always remains in control of their Tezos during the delegation process and can transfer the coin at any point in time. This freedom of control and separation of staking rights from asset ownership is truly a unique feature of XTZ.
The invoicing process that developers can take while proposing a protocol amendment should theoretically potentially employ any developer good enough to submit a worthwhile upgrade to the Tezos Network. What this means is that someone like Vitalik Buterin, Vlad Zamfir, Charles Hoskinson, Cathie Yun, Zaki Manion or Bjorn Wagner could organize and submit a proposal and invoice millions of dollars to the amendment. These crypto developer rockstars could be competing for the next Tezos amendment acceptance – this prize is the invoice – newly minted XTZ.
While we can dream of all developers working to get their code on the Tezos blockchain, we know of a few ready to submit proposals during the next voting cycle where Tezos Shareholders vote on the upgrade process in a decentalized and autonomous manor. The few companies to keep an eye on during the next proposal round are Nomadic Labs and Cryptium Labs among others from the controversial OCamlPro. Click the links above to get into their twitter feeds for past news announcements.
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