You would have read a lot of articles recently praising how great Tezos project is and why you should start baking some Tezo pies right away. If you are wondering when did this Tezos arrive and why you had not heard of it before then don’t worry you are not alone as this project barely got launched a year ago. The team has been very active in marketing their coin and highlighting what are their special benefits. I got interested in Tezos once I received an alert that Coinbase Earn videos were available. I immediately completed the videos and was credited about 4 XTZ token in my wallet. I was left thinking about the baking concept which was mentioned in one of the videos and I decided to investigate further about it to see if it was a project worth getting involved in for the long term. Here is a summary of the main points which struck me:
- Legit Deal: The first think which I check about any project is to confirm it’s not an obvious scam. I went through their whitepaper which has been available since 2014 and despite the delay in launch the team behind it appears committed. (barring the recent controversy between founders and president over ICO funds utilization). Another big plus is that in 1 year of it’s launch it was listed on Coinbase. This is a big factor for me as I know Coinbase does it’s own research to ensure they are not allowing any scammy coin to trade on their exchange as they have a big reputation to maintain.
- Baking Tezos: Tezos uses a proof of stake mechanism which rewards new tokens based on the amount of XTZ you hold and does not require high end mining hardware which is needed for mining coins like Bitcoin. Baking however is not so straightforward as to set up your own node for staking you need to own a minimum 8,000 XTZ which will set you back by more than $ 10,000. I don’t know about you but I currently don’t have sufficient faith in Tezos to put $10,000 in it. In this scenario there is an option of staking delegation, which is something like a pooled staking. There are already many sites offering this service at different rates and you need to do through research to not get duped by a shady service.
- Tezos Faucet: This generated a lot of curiosity in people as who would pass an opportunity to get free tokens of a legit deal. I was already happy with the tokens I got through Coinbase so like many others I also went to the faucet link. This was however a major disappointment as I have been waiting for a day and the page keeps showing the message that they are busy processing my request. This was a major turn off for me as I am still wondering if this was a marketing gimmick and they didn’t plan to distribute any tokens through this faucet or perhaps they had some tokens to distribute but they were not expecting so many people to come with their buckets to their faucet
As of now I have sort of mixed feelings for this project and will wait and watch for a while before investing any substantial amount is the project. Their proof of stake is definitely an interesting concept which has a lot of potential but the trustworthiness of this project is still pending to be seen.
Let me know if you have any experiences to share about baking Tezos.
If you liked this article and would be interested in more articles related to cryptocurrencies do give my account in Uptrennd a visit. If you still don’t have an Uptrennd account then feel free to use the referral link which will give you a starting advantage of free 100 1UP tokens. Do share your feedback and experience if you decide to join.
Referral link- https://www.uptrennd.com/signup/MzI4OTI
Originally posted on Uptrennd by me at - https://www.uptrennd.com/post-detail/is-tezos-worth-the-hype~MTk1ODEy