Insight 19 Oct 2024
Tezos AI podcast on staking, art and blockchain
Leo
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Transcription:
Hey there, you. Ready for another deep dive? We're really diving into Tezos this time. You guys sent over some super interesting articles and videos and I got to say, after going through them, it's clear that Tezos like really wants to be more than just another blockchain. Yeah, it's really fascinating to see how they're, you know, challenging the status quo, they're not content with just like fitting in with the crowd. You know, it's almost as if they looked at the whole blockchain scene and thought, we can do all of this better more openly and really put the user first. I like that.
OK, so where do we even start with all this? I mean, we're talking about like this whole new approach to staking. They've got this goal of becoming the broadband of blockchains. And then there's all this buzz about Tezos becoming a haven for artists and collectors. I don't know. You ready to have your mind blown? I think I am. Let's dive in then.
So one of the biggest things that jumped out at me was like their revamped staking system. They're not messing around with this one. I was just getting that. This isn't just like some small tweak either, right? It sounds like a completely different way for users to participate in the whole Tezos ecosystem.
But before we get too far into the weeds, maybe just a quick reminder for everyone about staking versus delegating on Tezos, because I still feel like there's some confusion out there. Oh, absolutely. Super important distinction.
So before June 2024, you see what most people called staking was actually delegation, basically delegating. It's kind of like having a checking account. You've got your Tez, they're liquid. You can access them whenever. But the returns, well, they're more like, you know, basic interest. Not exactly going to make you rich. OK, yeah, that makes sense.
So if delegating is your checking account, what's the analogy for this new staking system? Staking, think more like a term deposit or, you know, the certificates of deposit. You're locking up those Tez for a specific period. But in return, you're getting a much sweeter deal, like double the rewards compared to delegating. You had me double. OK, now that's a serious incentive to make the switch.
But I got to ask, what about people who are like a little hesitant to lock their Tez up like that? That's a big step, right? Totally understand that. But and this is where it gets cool. One of the best parts of this new system is that there's zero lag in earning rewards. You start earning immediately, not like with delegation. Oh, wow. That's a game changer.
OK, I remember earlier you mentioned that this whole shift to staking, it represents like a much deeper change in Tezos tokenomics. What exactly does that mean? I'm not always up on the lingo. Yeah. So basically, it's about Tezos moving away from just relying on these block rewards and really pushing for participation in the broader Tezos economy.
You know, DeFi, those NFTs, everyone's talking about all those really cool applications they're building on Tezos, the new staking. It's fuel for all that growth. So it's bigger than just making more Tez, right? It's about supporting the entire Tezos ecosystem, the whole shebang. You got it.
And with all these changes, Tezos is really setting itself up to be much more scalable, more efficient, which I guess brings us to another exciting development, Tezos X. Oh, yeah. Tezos X. I saw that in the article you sent over. It sounds intense. So what is it? Think of it this way.
Tezos X is all about speed. Imagine a blockchain, right? That can handle a million transactions every single second. That's up there with the giants like Visa. It's achieving that kind of speed, that efficiency of the centralized systems. But with all the good stuff blockchain brings, decentralization, security. The best of both worlds, you know? A million transactions per second.
Hold on. How is that even possible? And you're saying they're doing this while staying true to that whole decentralization idea. That's incredible. That's the cool part. OK, so Tezos X uses this modular design, but it keeps everything connected like a single system.
OK, maybe in English this time.
Imagine Legos. Each block is like a different runtime, a place where code can like actually run. And with Tezos X developers can take these different Legos, whether it's from like Ethereum stuff, JavaScript stuff, whatever, and just snap them together on Tezos. It's like a universal adapter for all things blockchain. So it's about making Tezos super developer friendly, opening it up to like a bazillion more uses.
Exactly. And that right there. That's what's going to get a lot more people using it. OK, before we get ahead of ourselves, there's one more thing from those articles I wanted to touch on. Tezos is getting big in the art world. What's the deal with that?
Well, it really comes down to this. Tezos has become a really attractive platform for artists and art collectors. I mean, you've got the crazy low fees, the whole proof of stake system that's easy on energy consumption and something a lot of artists love. Yeah. That guarantee that no one can just take their art off the platform. Censorship resistance, they call it.
Censorship resistance, huh? How's that work in the art world? I don't totally see the connection. Well, let's say you're an artist and you want to get your work out there, but you're worried about like someone taking it down or censoring it for whatever reason. That's where a decentralized platform like Tezos comes in. You have control, total control. Plus, with those low fees, it means artists can actually sell directly to collectors. They don't have to give up a huge chunk of their earnings to some middleman.
Wow. Yeah. That's a big deal for artists. I'm sure collectors love that extra layer of transparency and security. It's all out in the open. Right. Platforms like fx hash and AKASwap, they're perfect examples of this. It's amazing to see how blockchain tech can actually empower artists and give them more opportunities.
That's so cool. I mean, it really adds this whole other dimension to the blockchain conversation. It's not all just numbers and code. This is about creativity expression. Totally. When you look at everything together, this new staking thing, Tezos X being all about speed and scale, the art world embracing it, it paints a really interesting picture of a platform that's really evolving, pushing boundaries. This isn't some static thing. It's moving fast. Yeah.
This is way more than just another blockchain, isn't it? It feels like we're seeing the beginning of something different, something new, but let's not get too ahead of ourselves. We have a lot more to unpack here. Right. Always more to discover. Speaking of exploring, you mentioned earlier something about traditional banking, that whole idea of earning interest and how it all connects. Maybe we should dig into that a bit more.
Yes. I'm glad you brought that up. It's helpful to think about it like that, starting with something everyone understands. So staking on Tezos, it's like putting your money in a term deposit at a regular bank. You're locking it up for a certain amount of time, but you usually get a better interest rate. Exactly. Just like with those term deposits, the longer you stake those Tezos, the bigger the potential rewards. But that's kind of where the similarities end. Things get way more interesting with Tezos. Okay.
Now you've got me curious. What makes Tezos different from the whole traditional banking thing? Well, think about it. With Tezos, you're not relying on some big bank to hold your money, to decide what the interest rates should be. It's all controlled by the Tezos protocol, which is like we were saying, decentralized, transparent. You see everything. So it's more like what? Cutting out those middlemen and actually participating in a system that's run by the users themselves for the users.
That's it. It's a whole different way of thinking about things compared to that old banking model. Plus, when you stake on Tezos, you're actually helping to make the network more secure, more stable. You're not just a customer, you're a participant in this whole decentralized ecosystem. That's a cool way to put it. It's not just having a savings account. It's like owning a part of the bank.
Yeah, I like that. And it really gets at the heart of the difference between Tezos and traditional finance. With Tezos, you have a say, a real voice. You can be a part of how the network is run, even help decide its future. That's powerful. It is. And you mentioned before that these staking changes are part of this bigger shift in Tezos tokenomics. How does it all connect in the grand scheme of things?
It's about creating a strong Tezos economy, an economy that can thrive and grow. By encouraging users to stake their Tezos, it actually helps to stabilize things, makes it less volatile. And that, well, that makes it much more attractive for developers who are building the cool new apps on Tezos.
So like this positive feedback loop, right? Staking helps the Tezos economy grow stronger, which makes people want more Tezos, which leads to even more staking. It just builds on itself. Bingo. It's about creating this system where everyone benefits. And this is where it gets really exciting when we start talking about Tezos X. Imagine a world where this blockchain technology is so fast, so efficient, that it can handle everyday transactions, not just these niche things, but everything.
Right. That's the ultimate goal, isn't it? To have a decentralized system that can finally compete with like the speed and ease of use of everything we're used to. But I feel like we've been really focused on all the tech stuff.(...) What about the human side of Tezos?(...) I'm thinking about art, creativity, all that. What are your thoughts?
Now that's where it gets really inspiring. One of the things I find most exciting about Tezos is how it's changing the art world, how it's empowering artists. We touched on it earlier, but I think it's worth really emphasizing. Definitely. The more we talk about it, the more I realize how this tech is removing barriers for artists. It's creating all these new possibilities no matter what your background is. Exactly. It's about giving artists control over their own creations and connecting them directly with their audience.
And we can't forget Tezos is energy efficient, so artists don't have to worry so much about the environmental impact of their work, which let's be honest is a big deal for a lot of artists these days. It's huge. It just makes sense. Tezos is all about being responsible, sustainable. But honestly, I've got to say the NFT art world, it can feel a little intimidating.
What would you say to someone who's totally new to all this? Where do they even start? It can be a little overwhelming, right? Where do you even begin? But that's the fun part too. Just got to be curious and dive in. So for someone who's totally new to NFTs, to digital art on Tezos, what should they do? What's a good starting point? Honestly, just start exploring. Go check out platforms like FXHash, AKA Swap. See what's out there. What kind of art are people making? Get a feel for the different styles, the communities.
And don't be shy about asking questions. The Tezos community is actually super welcoming, really supportive, especially if you're just starting out. Yeah, that's good advice in general, right? Just dive in, see what catches your eye. You know, it's funny going through all this stuff, these articles, videos, it really opened my eyes to like how much potential there is here.
It feels like we're just scratching the surface with Tezos, especially with Tezos X on the horizon. 100%. Think about it. A blockchain platform that can handle like a million transactions every second. That's not just about faster payments. That's a whole new ballgame. That's decentralized social media. Gaming that could actually compete with the big guys. Supply chains that are actually transparent, efficient.
Wow. Yeah. This could change everything. Not just finance, not just art. The way we interact online, the way we do business, it could be completely different. Right. And that's what makes it so exciting. It's not just about making things a little bit better. It's about like reimagining everything. What's possible? I love that. Reimagining what's possible. Yeah. So as we wrap up this deep dive, what's like the one thing you hope our listeners take away from this? That Tezos is doing something really special here. I mean it.
They're building a blockchain platform that's secure, it's scalable, and it's designed with the user in mind, which is so important. Whether you're into staking or maybe you're an artist or you just want to see where this whole decentralized tech thing is going, keep an eye on Tezos. It's going places. Well, I totally agree. And hey, before we go, I want to say a huge thank you to all of you listening. You know, your questions, your curiosity. That's what makes these deep dives so awesome. Until next time, everyone, keep exploring, keep learning, and we'll see you in the next deep dive.