Tezos Commons :: Corporate Baking On TezosNovember 1, 2023
What is corporate baking? Why does it matter? Who are some of the main corporate bakers on Tezos?
With the recent addition of Deloitte Luxembourg as a corporate baker in the Tezos ecosystem, I thought it would be a good time to have a look into what corporate baking is, what the benefits are, and which entities are already baking (validating) on Tezos.
Deloitte Luxembourg is one of the biggest professional services firms in Luxembourg that provides audit, tax, consulting, and financial advisory services to clients and they have decided to become a baker in Tezos. But what does that mean exactly and why did they do it?
Baking On Tezos
First things first, in Tezos, “baking” refers to the process of producing and validating new blocks, which is essential for the security and efficiency of the network. Under Tezos’ liquid proof of stake (LPoS) design, stakeholders can either bake on their own or delegate their tez to a bakery, which typically charges a fee for their services. To bake on your own, stakeholders must have at least 6000 tez.
One of the key features of Tezos’ LPoS design is its ‘liquid’ nature — stakeholders can participate in the baking process directly or delegate their stake to a bakery. Additionally, the delegated stake is never locked and at all times remains ‘liquid,’ allowing stakeholders to move it freely whenever they should choose to do so.
What Is Corporate Baking?
Corporate baking is simply a term used for companies and enterprises that choose to run nodes and participate in the baking process of Tezos with the goal of exploring and utilizing the technology. A few reasons on why these companies choose to participate in baking on Tezos:
Innovation: It provides a platform for organizations to stay at the forefront of technological advancements, empowering them to create new products and services around the cutting-edge technology of the blockchain world.Diverse Use Cases: Companies can explore various applications, including creating smart contracts, minting NFTs, and validating transactions with increased certainty.Influence and Control: Corporate bakers have a say in the blockchain’s future direction, giving them proportional control over the technology they plan to integrate into their products and services. This is done thanks to Tezos’ battle-tested on-chain governance feature.Hands-On Experience: Technical and product teams gain valuable experience by actively participating in network maintenance, which can be applied to innovative solutions.
Why Does It Matter?
Having big companies and enterprises validating on Tezos has a lot of benefits for the network as well. Let’s take a look at some of them:
Enhanced Security: A greater number of nodes, including corporate bakers, bolster network security by making it more challenging for malicious actors to compromise the system.Increased Confidence: The presence of corporate bakers instills confidence in Tezos’ reliability and integrity, attracting more stakeholders and users.Governance Participation: Corporate bakers often have a significant say in the governance of the blockchain, contributing to its evolution and improvements.Network Growth: The involvement of corporate bakers can lead to increased interest from enterprises, potentially expanding the adoption of the Tezos technology.Innovation and Use Case Development: Tezos can benefit from the innovative applications and use cases that corporate bakers explore and implement.
List Of Corporate Bakers On Tezos
Here are a few examples of Tezos corporate bakers:
Google Cloud: Google Cloud, one of the world’s largest tech giants, has joined the Tezos network as a corporate baker. They not only bake, but also facilitate corporate customers’ deployment of Tezos nodes, supporting the technology’s adoption.Ubisoft: The renowned gaming company Ubisoft has become a corporate baker on Tezos. They have leveraged the Tezos blockchain to experiment with NFTs in their Ghost Recon Breakpoint game, showcasing their genuine interest in blockchain technology.EDF Group (Exaion): EDF Group, a global electricity supplier, has entered the world of blockchain through its subsidiary Exaion. They use Tezos for its environmental sustainability, aligning with their sustainable development policy.Infrachain: Infrachain is a Luxembourg-based non-profit organization for operational blockchain projects and it consists of a wide network of blockchain players, providing blockchain solutions and services to organizations in various sectors such as supply chain and logistics, finance, health, public services, and more. They just recently announced a new Tezos hackathon.Sword France: Sword France, a digital transformation specialist, has adopted corporate baking on Tezos. They are deeply involved in the issuance of security tokens and have launched Tezos DigiSign, a solution for digitally signing and verifying documents on the Tezos blockchain.
If you would like to learn more, feel free to check out XTZ News’ list of corporate bakers.
Corporate baking offers a unique opportunity for enterprises to engage with the Tezos network and gain valuable insights into the inner workings of the blockchain ecosystem. By participating in the baking process, corporate bakers can contribute to the security and efficiency of the network, while also gaining firsthand experience with this cutting-edge technology. This not only benefits the enterprises themselves but also the Tezos network as a whole. Corporate baking is a win-win for everyone involved. Enterprises get to stay ahead of the curve with blockchain technology, while the Tezos network gets stronger with every new corporate baker that joins the ranks. The future of Tezos is getting a little brighter everyday especially with new large institutions taking a role in securing the network. I can’t wait to see the next corporate baker that joins the Tezos ecosystem!