Putting your tezzies to work


#1

Tezos Staking

First a little background, on August 5, 2017, @PhilChampagne posted in the thread inflation-and-staking-the-details:
“…I can see businesses popping up to create dedicated tezos staking cloud computing facility for many tezzies holder to use…”

And with that, I knew it was time to formally announce what I have been working on behind the scenes, Chainomatic, a business designed to facilitate Tezos participation.

Tezos uses Proof-of-Stake (PoS) as their decentralized mechanism.
This form of decentralization has some hurdles, as do all forms, but the one I’m going to address now is this:

If one wants to support Tezos fully then one must walk the line by putting their tezzies to work.

But what if you do not have the resources, time, technical expertise etc, required to fulfill that goal?

Chainomatic is one possible solution to overcoming that hurdle.

I could go on and on about all the features but this is not the thread to do that.
What I will say is this, technical expertise will not be required to fully support your Tezos.

By posting this I have opened myself up to all sorts of possible questions so have at, ask away.


#2

Congrats on your announcement! We’ve created a “Services” category and added your topic to it. Feel free to share details here. - Jonas


#3

Hi there
Interesting. Very interesting.
But what does it do? How does it do it? How would I put my tezzies to work at(or on or in) the chainomatic thing?
If you were to say that I know nothing I’d agree.
Can you help me out of my ignorance?
The link to chainomatic does not illuminate away my questions
Regards


#4

Hello @Cd96GJSi,

Q. But what does it do?
A. It is one way for you to stake your ꜩ.

Q. How does it do it?
A. Once staked you will receive an uncapped personal container optimized for validating Tezos.

With Chainomatic you will not have to think about physical server requirements:

  • Memory
  • CPU
  • Drive space
  • Transfer thresholds

All of that is eliminated.

You get a container customized to stake your ꜩ on, with the possibility of validating Tezos smart contracts.

The next question is usually how much is this going to cost me?

First, we will not be accepting fiat money, ꜩ only thank you.

Second, how many ꜩ it will cost you will be based on how many ꜩ you gain. If you gain nothing it will cost you nothing. Once Tezos contracts start validating then you might be randomly selected as the validator, thus rewarded for your proof-of-stake validation.

We will then expect, not demand, at the end of you’re staking cycle, to be composited a nominal amount. The recommended amount will be a fraction of what you have gained. This fraction of a percent has not been established yet but will be once closer to launch.

In other words, you and you alone have control over how much, if any ꜩ, we receive.

We are doing this because this is what we wanted but could not find; A solution to participation no matter who you are.


#5

Well done! I think this concept is going to take off. We should chat and compare notes. I’ve been speaking with Tezos for a while about the need for exactly this type of service. www.mycryptodelegate.com (our beta site. Name will likely change)


#6

It turns out a common pool? More details please.
It’s interesting to look at these both, www.mycryptodelegate.com and www.chainomatic.com what’s the difference.


#7

PLEASE READ THIS

As a ꜩ holder, you are a part of the Tezos consensus protocol.

A consensus protocol works on the problem of truth, what to accept and what to discard.

The problem is, with no central authority how do we come to any agreement on truth and enforce the decisions made once the truth has been agreed to?

Today there are three primary consensus protocols in use, one is based on central power, the other two decentralized.

  1. Centralized
  2. Proof of Work, PoW
  3. Proof of Stake, PoS

Tezos has chosen to use a form of the proof of stake protocol to arrive at the truth.

A form because Tezos has added their ideas to the consensus solving problem, more on that another time.

Now before we go further let’s add the word security to the truth, as far as consensus protocols are concerned, any consensus protocol, security, and truth go hand in hand.

You cannot have truth without being secure, and you cannot be secure without knowing and acting on the truth.

Makes sense?

Truth and security are needed to arrive at consensus.

Now remember we are talking about a decentralized system here, so if you hold any ꜩ you are a part of that decentralization.

That makes you integral to the consensus of Tezos.

Take a deep breath in, reread the lines above, do you feel that, that is the value you are bringing to Tezos.

You are paramount to the truth and security of Tezos.

Now you know what consensus protocols are, a way of agreeing on the problem of what is true, and how paramount to this truth you are in the Tezos model, very.

Know this:

Never reveal your Tezos private key to anyone!

Question:
If the Tezos foundation asks for your private key because they absolutely need it, what would you tell them?

Answer:
Correct, you would tell them no way no how will I give you my private key.

You are integral to the consensus of Tezos.
You are paramount to the truth and security of Tezos.
Never reveal your Tezos private key to anyone!

With Great Power Comes Great Responsibility


#8

No common pool allowed on our end.

Everyone gets their own container, run as fast as Tezos can.

Containers are customized to server Tezos.

Running on open source software Triton/SmartOS.


#9

Likewise, nice to see services coming so soon to Tezos.

Yes, let’s talk.

Cheers,


#10

Yes, thanks for the reminder of security, and about the private key) I know all this well and remember., But it will not be superfluous).
I’d like to see how your container works on https://www.joyent.com/triton/computer configured on Tez.
I understand its configuration and technical support do you?
What would it get and try it out I need to leave my mail on the site?
I understand that the launch and full work of DPOS tezos will begin after the accrual of xtz.

P.s. I’m not a developer., But I’m pretty good at technology. + I just barely can see the code.


#11

Yes, with them a long time …
Can you say Strongspace long time?

Try it out now? You are the first to ask, how about that.

No public accessible trial going on, still playing in the sandbox.

Once Tezos gets further along the pkgsrc image will be solidified and made available.

Out of the bag - I’m thinking of having no user interaction, none.
The only thing a user will have to do is provide/send a staked key to an address.

Once accepted a geographical location will be chosen and a container will spin-up.

Since you know Triton, how far have you taken automation?


#12

I have not yet installed a triton. There is a trial version. But you probably need a version with a subscription. as I understand.
I also do not use www.strongspace.com, but I can install the same.

What should we do?)


#13

They ran a file storage company that became Strongspace when they transitioned to Joyent, so long ago.
No need to have Strongspace, great service though.

You can download Triton here, not a trial.

Sorry, I should have been more clear.


#14

Excellent. Today I think I’ll finish the installation. I have some problems with login. And sometimes with dns, during the installation process. But I hope to solve them.

In the .iso file I found this folder with the password (platform / root.password)., But there is a problem when logging in with the login.

I did not use a Smart OS. (Only linux / windows), at the moment mac). but I can imagine why it is needed.)


#15

Congrats to Chainomatic and mycryptodelegate

I’m very happy this is already in the making ahead of the launch so all could participate. The higher the number of tezzies holders in the staking, the better in terms of security for the network.


#16

I took, for a start, the average free plan strongspacе, 1 GB., In the future I will change the subscription. For test it enough to start?
I also think about SmartOS ., I think how I’d better use it. Through a bootable USB flash drive or under a virtual machine., For high-quality work. For the time being, I am absorbed in the study of these interactions.


#17

In principle, I installed everything. We can somehow try… What do I need for further action? Nothing that we communicate here? In private messages can go away?


#18

You should get a Mailchimp account and start collecting emails to alert those of us that are interested when you launch.


#19

Feel free to sign up at www.MyCryptoDelegate.com I’m sure Cryptomatic will also have email signup at some point soon.


#20

You write (Over 500,000+ TEZOS PRE-REGISTERED … AND GROWING!), Is it like? We only have 30k + purses for the time being. Or it’s a coin., But I did not see there’s a form that someone would count the coins on pre registration.