Konubinix' opinionated web of thoughts

Tezos

fleeting

“Baking” is the act of signing and publishing blocks to the Tezos blockchain.

Tezos ledger currently has two types of accounts that can hold tokens

https://tezos.gitlab.io/active/michelson.html

implicit account is a non programmable account, whose tokens are spendable and delegatable by a public key. Its address is directly the public key hash, and starts with tz1, tz2 or tz3.

https://tezos.gitlab.io/active/michelson.html

smart contract is a programmable account. A transaction to such an address can provide data, and can fail for reasons decided by its Michelson code. Its address is a unique hash that depends on the operation that led to its creation, and starts with KT1

https://tezos.gitlab.io/active/michelson.html

Tezos is a public, open-source blockchain protocol relying on a low power consumption and energy-efficient consensus. The protocol also incorporates a self-amending governance system, which allows continuous improvements while preserving the integrity of this consensus. This is a rare feature that eliminates hard forks troubles. Tezos is also fundamentally designed to provide code safety through Formal Verification.

https://opentezos.com/tezos-basics

Like in Ethereum, Tezos uses 2 types of accounts:Classic accounts with a primary address, to store tez (ꜩ)Smart contract accounts with an address, storing code and tez (ꜩ)

https://opentezos.com/tezos-basics/smart-contracts

Tezos vocabulary, “contracts” refers to both types in general

https://opentezos.com/tezos-basics/smart-contracts

each contract has a “manager”. Precisely, a classic account has an “owner”

https://opentezos.com/tezos-basics/smart-contracts

An implicit account is linked to a manager

https://opentezos.com/tezos-basics/operations

A transfer operation to the account’s address creates the account itself.

https://opentezos.com/tezos-basics/operations

Only implicit accounts can be registered as delegates and participate in the baking process

https://opentezos.com/tezos-basics/operations

Smart contracts are also called “originated accounts” and are created with an origination operation

https://opentezos.com/tezos-basics/operations

don’t have a private key and public key pair.

https://opentezos.com/tezos-basics/operations

operation is usually a message sent from one address to another

https://opentezos.com/tezos-basics/operations

operation can be sent from an implicit account (if signed using the manager’s private key) or programmatically by contract code execution

https://opentezos.com/tezos-basics/operations

there is also a counter field, whose purpose is to prevent replay attacks.

https://opentezos.com/tezos-basics/operations

only valid if the contract’s counter is equal to the operation’s counter

https://opentezos.com/tezos-basics/operations

Currently the Tezos network on Florence can process around 100 TPS (transactions per second) or 121 TPS for Tez transfers and has an operation confirmation time of 30 minutes

https://opentezos.com/tezos-basics/operations

Operation confirmation time is the time it takes for an operation to be considered secure.

https://opentezos.com/tezos-basics/operations

Bitcoin can process 7 TPS and has a confirmation time of 60 minutes (6 valid blocks).

https://opentezos.com/tezos-basics/operations

The diagram below represents the life cycle of an operation:FIGURE 1: Life cycle of an operation

https://opentezos.com/tezos-basics/operations

Although it uses RPC and is JSON-based, it does not follow the JSON-RPC protocol.

https://opentezos.com/tezos-basics/cli-and-rpc

Tezos-client is the official client to interact with a Tezos node via RPC

https://opentezos.com/tezos-basics/cli-and-rpc

Baking: The creation of new blocks on the Tezos blockchain by its validator nodes (aka bakers), who receive compensation for each new block produced

https://opentezos.com/tezos-basics/governance-on-chain

Endorsement: Each baked block is validated by other bakers who have not baked the block. These are known as endorsers of the block and they receive compensation for this

https://opentezos.com/tezos-basics/governance-on-chain

Delegation: All holders of the Tez crypto-currency can delegate their baking and voting rights to a baker called a delegate, while still maintaining control of their funds

https://opentezos.com/tezos-basics/governance-on-chain

Roll: An amount of Tez which is used as the unit of measure for baking and voting rights. Weight in the baking and voting process is indexed to an integral number of rolls. At present, one roll is equal to 8,000 Tez

https://opentezos.com/tezos-basics/governance-on-chain

Cycle: The time equal to the creation of 4,096 blocks’ on Tezos (around 2 days, 20 hours, and 16 minutes (1 minute per block, if all bakers cooperate effectively))

https://opentezos.com/tezos-basics/governance-on-chain

The self-amendment process is composed of five periods:Proposal PeriodExploration Vote PeriodTesting PeriodPromotion Vote PeriodAdoption PeriodEach of these five periods lasts five baking cycles (i.e. 20,480 blocks or roughly 14 days), taking almost two months from the proposal to activation. The latest and current self-amendments are available at tezosagora.org.

https://opentezos.com/tezos-basics/governance-on-chain/

tez

Tezos coins are called “Tez” and their symbol “ꜩ” (\ua729, “Latin small letter tz”). The symbol “XTZ” is also used, especially on markets

https://opentezos.com/tezos-basics/

Notes linking here