Saturday, June 22, 2024

Quick Take

OKCoin Japan joins Tezos as the newest corporate baker, emphasizing the blockchain’s growing global appeal. This partnership not only strengthens Tezos’ security through the Liquid Proof of Stake mechanism but also underscores Japan’s rising prominence in the crypto landscape. With giants like Google Cloud and Ubisoft already on board, Tezos is poised for significant expansion.

In a move that underscores the growing influence of the Tezos blockchain, OKCoin Japan has joined its ranks as the latest corporate baker. This signifies not just an adoption of Tezos by another leading corporate entity, but also a growing synergy in the Asian market, particularly Japan, in the Web3 circuit.

The entry of OKCoin Japan to the Tezos ecosystem draws parallels with the participation of other global giants such as Google Cloud, Ubisoft, EDF Group, and Deloitte Luxembourg. It also builds on the ongoing push to deepen the adoption of crypto in Japan, a country that stands in the top 20 of the Chainalysis 2023 Global Crypto Adoption Index.

Why Corporate Baking is a Game-Changer?

Corporate bakers on Tezos participate in the Liquid Proof of Stake (LPoS) consensus mechanism, an energy-efficient means of maintaining blockchain security. Notably, these corporate entities not only contribute to the blockchain’s security but also play an active role in its governance by voting on protocol upgrades.

OKCoin Japan to add tez (XTZ) to its staking services

Additionally, from November 8, 2023, OKCoin Japan will introduce tez (XTZ) to its staking services.

David Tng, Managing Director of TZ APAC, emphasized the significance of OKCoin Japan’s participation, stating it will afford the Japanese audience the convenience of staking on the Tezos blockchain through a licensed virtual currency service provider.

Digging Deeper into Tezos Baking

Tezos’ unique approach to securing its blockchain revolves around ‘baking.’ Here, network participants, or bakers, validate transactions. To ensure the authenticity and accuracy of these transactions, bakers are incentivized with rewards in the form of newly minted tez. Simultaneously, to ensure the highest degree of integrity, bakers risk losing their staked tez if they approve fraudulent transactions.

The baking mechanism doesn’t purely revolve around computational power; it is the amount of Tez staked that determines the probability of a participant getting selected as a baker. This staked tez remains liquid, allowing users flexibility in moving their assets.

Why Corporates are Attracted to Tezos Baking?

But what is it that draws corporate entities like OKCoin Japan to participate as bakers on Tezos? The answer lies in control and innovation. By participating as a corporate baker, businesses can have a direct say in the evolution and direction of the blockchain. This level of control and influence is unparalleled and can be likened to having a say in every software update on an enterprise’s systems.

Companies diving into corporate baking also find themselves at the edge of blockchain technology advancements, allowing them to spearhead new products and services. Furthermore, the integration of corporate bakers lends the Tezos blockchain an added layer of security, and the backing of these corporate entities instills greater confidence in its reliability.

The Road Ahead

With OKCoin Japan’s entry as a corporate baker, it’s clear that Tezos is becoming an attractive proposition for corporate entities looking to stay ahead in the rapidly evolving blockchain landscape. As more corporations join the Tezos ecosystem, it could very well herald a new era of growth, innovation, and security for the blockchain.

Read Also: Tezos Activates Nairobi Upgrade, Boosting Speed and Scalability for Blockchain Applications

Check out our other content

Check out other tags:

Most Popular Articles