The Baking Sheet - Issue #166
Decentralization in Action: DAOs, Oxford, and the Tezos Evolution
In the ever-evolving tapestry of the digital realm, the Tezos Ecosystem has woven yet another intricate pattern. This week, we dive deep into the Tezos Ecosystem DAO, a decentralized funding mechanism that's been bolstered by the generosity of its community. From the artistic endeavors of Felipe Vargas to the substantial contributions of Baking Benjamins and Money Every 3 Days, the DAO's treasury has swelled. But the crescendo came with the approval of Tezos Foundation's grant of 72,000 tez by Tezos Commons. This isn't just about funds; it's an open invitation to the Tezos community, beckoning innovators from all walks of life to step forward with their fresh ideas.
Yet, the DAO is but one facet of this week's narrative. The Oxford proposal, with its ticking clock, stands poised at a crucial juncture in Tezos' journey. As we navigate the intricate corridors of Oxford, we're not in the hallowed halls of the ancient university but in the digital labyrinths of the Tezos proposal. From Adaptive Issuance to the introduction of the 'staker' role, Oxford is a testament to Tezos' commitment to adaptability and evolution.
But the Tezos tapestry is vast and varied. Arthur Breitman, joined a panel at Google Cloud Next, elucidating on the convergence of blockchain and AI technologies. His insights into Tezos' growth, its ethos of decentralization, and its burgeoning adoption are not just informative but illuminating.
On the development front, Marigold continues its unwavering support for Tezos, running multiple RPC nodes, while Taqueria serves up its "Humble Pie Patch," v0.39.1, addressing the oversights of its previous release.
And for those who prefer the spoken word, TezTalks Radio offers a tête-à-tête with Richard Entrup, the human web3 encyclopedia. As he dives into the world of NFTs and the technological revolution, listeners are in for a treat.
This week's Baking Sheet is not just a newsletter; it's a narrative, a story of innovation, evolution, and community. Dive in, and let's journey through the Tezos Ecosystem together.
The Dawn of Decentralized Funding in the Tezos Ecosystem
The cryptocurrency and blockchain space has always been celebrated for its revolutionary potential: the ability to create decentralized systems that reward innovation, participation, and shared goals. We are extremely excited to announce that we are one step closer to that with the Tezos Ecosystem DAO. At its inception, the Tezos Ecosystem DAO banked upon the philanthropy of members within its community. The artist Felipe Vargas, known for his work on Tezos upgrade memorabilia, was one of the early donors. Through the sales of NFT memorabilia on Objkt, initially boot-strapping the DAO. Several other ecosystem participants, such as Baking Benjamins and Money Every 3 Days, contributed a fraction of their baking rewards.
The Grand Grant: But what seemed like a trickle has now become a torrent. Tezos Commons has now managed to secure an impressive grant of approximately 72,000 tez from the Tezos Foundation. This move further attests to the foundation's unwavering commitment to the Tezos Ecosystem DAO. Notably, this entire amount is funneled directly into the DAO treasury, earmarked solely for ecosystem grants.
An Open Invitation: There is a palpable excitement in the air from the Tezos community. With funds in place, the Tezos Ecosystem DAO is extending a warm invitation to the entire Tezos ecosystem. It beckons artists, developers, builders, gamers, and more, to come forward with their innovative ideas.
If you've got a project or an idea that you think could use some funding, now's the time to step into the limelight. From developing tools to designing games, from hosting events to integrating Tezos into other platforms, the possibilities are wide-ranging. The primary goal? To ensure that the Tezos community remains vibrant, innovative, and forward-looking.
Ensuring Transparency and Participation: As with any decentralized operation, the essence of the DAO lies in its democratic spirit. Proposals aren't just about seeking funding; they're about engaging in a dialogue with the Tezos community. It's about building consensus, discussing the merits and potential of an idea, and deciding collectively where the funds would be most impactful. For those keen on proposing, Tezos Agora has detailed guidelines to ensure transparency and clarity. It's a process that's both straightforward and comprehensive, leading to the most deserving projects seeing the light of day.
A Glimpse of the Future: Much like its namesake, the Tezos protocol, the Tezos Ecosystem DAO is in perpetual evolution. With features like Homebase lambdas, the DAO can constantly upgrade itself, ensuring it remains agile, relevant, and in step with the needs of the community.
Have a proposal ready? Several community members have already got the ball rolling and submitted a proposal on Agora — get started today!
Oxford: What You Need to Know
With just two days remaining in the Oxford proposal, the clock is ticking for a crucial decision point in the Tezos journey. Bakers, it’s time to make your voice heard and cast your vote. For a deeper understanding of the proposal and to vote, check here.
For the 15th upgrade proposal, we journey to Oxford, a place that’s more renowned for its ancient university than for anything digital. Yet, the digital realm is precisely where our attention is drawn to as we dive into Oxford - not the ancient halls, but the Tezos proposal.
Oxford's Identity: Just as you might be recognized by your passport number or SSN, the Oxford proposal has its identifier - the hash, ProxfordSW2S7fvchT1Zgj2avb5UES194neRyYVXoaDGvF9egt8.
The Main Changes: Two pivotal modifications to the staking economics of Tezos.
Adaptive Issuance: It’s a change in how tez is issued, making it dynamic and dependent on how much tez is staked at any given time.
A New Staking Mechanism: This introduces a 'staker' role, adding to the existing 'delegate' (also known as 'baker') and 'delegator' roles.
Activation Process: If accepted, the changes won't be automatic. The bakers will vote separately to express their stance.
1. Adaptive Issuance and Staking:
Originally termed "Adaptive Inflation," this concept reshapes the staking mechanism. By tying the regular issuance of tez to the ratio of staked tez over the total supply, it endeavors to maintain a protocol-defined target of 50%.
What this means is that participation rewards and the Liquidity Baking subsidy are fluid, adapting to encourage or discourage staking.
2. New Staking Mechanism:
This new role, the 'staker', allows tez holders to add to a baker’s security deposit. However, this doesn't mean the baker has control over their funds.
The system ensures that stakers can adjust or withdraw their stakes, with certain conditions and waiting periods.
3. Refinements to PoS:
A series of changes to the existing PoS system:
Increased control for delegates over their frozen deposits.
Double-baking penalties are adjusted to be proportionate to the frozen deposit.
Reduction in rewards for pointing out dishonest behaviors.
Direct payment options for rewards to frozen deposits.
4. Activation Process:
Upon approval, there will be a continuous vote for bakers to decide on the activation of the aforementioned features. The requirement is an 80% ‘Yes’ vote threshold to ensure consensus.
5. Timelocks Return:
The cryptographic Timelocks are back in the game with the Oxford proposal. Designed to tackle the challenge of Maximal Extracted Value (MEV) in blockchain-based transactions, Timelocks had previously been sidelined due to security concerns.
6. Smart Rollups Enhancement:
Building on the groundwork of the Nairobi protocol, the Oxford proposal further enhances the Smart Rollup infrastructure. This includes simplifying operations and enriching host functions for querying storage.
Oxford exemplifies Tezos’ dedication to evolution and adaptability. It’s another step forward, with the new staking economics at the helm. As always, the power rests in the community’s hands.
This Week in the Tezos Ecosystem
Arthur Breitman joins a panel at Google Cloud Next
Check out this insightful panel discussion and explore the latest advancements in Web3 and blockchain technology. During the panel, Arthur discussed the growth of Tezos, which started in 2014 and launched in 2018. Tezos stood out by pioneering a proof of stake protocol with added economic benefits. Since then, it's had 14 upgrades, making it more stable and scalable. Arthur also expressed the main ethos of Tezos which is decentralization and resisting control. It’s built to heavily involve its community and adapt based on their feedback, ensuring it's not controlled by any single group. Lastly, Arthur touched on how Tezos adoption is building a vibrant art community along with major entities like California DMV, big banks like Société Générale, and Ubisoft using Tezos for a variety of applications.
This Week in Tezos Development
RPC Nodes | Marigold
Marigold is dedicated to supporting the Tezos ecosystem by running multiple RPC nodes for both the Tezos mainnet and testnets.
Key Points to Note:
Dedicated Team: The Infra team at Marigold is responsible for the maintenance of these nodes, reflecting their strong commitment to Tezos.
Reliability: Marigold's nodes are recognized for their consistent uptime and performance, ensuring reliable access for users.
Cost-Efficient: Users can access these nodes at no cost.
Access: Provides both API and RPC access points to users.
Location: The nodes are strategically located in Europe.
TzProxy: Marigold offers TzProxy, although specifics are not detailed in the provided information.
Learn More: Marigold encourages users to discover more about their RPC endpoints and delve deeper into their infrastructure work through their website.
For further insights into Marigold's contributions and updates, interested individuals can visit their official website linked above.
Taqueria v0.39.0 is served | ECAD Labs
Taqueria has released v0.39.1, aptly named the "Humble Pie Patch," to address issues from the previous version.
Key Points to Note:
Oversight in Previous Release: Taqueria acknowledges that a bug slipped through in their v0.39.0 release, affecting plugin installations.
Immediate Rectification: The bug has been promptly addressed in this patch to ensure smooth plugin installations for users.
Issue #1901 has been fixed, restoring the custom deno lock and getting debug.sh operational.
Issue #1900, which was the core of the plugin problem, has been resolved.
Some code housekeeping has been done, emphasizing the importance of clean coding practices.
Feedback Valued: Taqueria greatly appreciates user feedback, which helps improve their offerings.
Stay Updated: Users are encouraged to check out the full list of changes on Taqueria's GitHub for a detailed overview.
For a deeper dive into Taqueria's developments and to stay updated with their latest offerings, users are advised to visit their official channels regularly.
TezTalks Radio 64: Richard Entrup | Investing into Web3
This week we sit down with the human web3 encylopedia, Richard Entrup.
Richard is currently lending his prowess to KPMG US as a Senior Advisor in their Enterprise Innovation group and serving as a Strategic Advisor to cutting-edge startups in spaces such as Generative AI, Web3, and Blockchain. Richard is right at the heart of the technology revolution.
If you're intrigued by the burgeoning world of NFTs, you're in for a treat. Richard has his fingers on the pulse of online art & NFT platforms, ready to divulge insights from his unique vantage point.