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‘Choose Your Baker’ Allows The Selection Of Validation Nodes So Corporate Entities Can Meet Compliance Criteria While Utilizing Tezos
‘Choose your baker’ is specifically interesting for Corporate Bakers, which can now choose nodes on the blockchain that meet their compliance criteria so they can comply with regulations.
By: XTZ News
27 July 2022
Disclaimer
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
‘Choose your baker’ is specifically interesting for Corporate Bakers, which can now choose nodes on the blockchain that meet their compliance criteria so they can comply with regulations.
‘Choose Your Baker’ is an open source software solution developed by the service company Coeyxa, with the technical support of Société General – Forge, Coinhouse, Ubisoft, and Nomadic Labs.
The launch of this project allows companies that are using the Tezos blockchain to ensure that their transactions will only be validated by nodes that meet their compliance criteria.
When companies consider designing a business project around blockchain technology, legal and compliance departments are more and more observant about environmental commitments, CSR standards, the reduction of their energy consumption, or data protection.
Companies use the Tezos blockchain for those exact values due to its security, transparency, and energy efficiency.
We now count the number of projects in the hundreds: tokenization of financial assets, real world voting, NFTs marketplaces, DeFi, blockchain gaming, documentary certification, etc.
Between June 2021 and June 2022, the number of smart contract calls on Tezos exceeded 66 million and Tezos has recently hit 10,000 new smart contract deployments in July 2022, which shows increasing developers activity on Tezos.
The number of Corporate Bakers has also very markedly progressed, with more than 25 companies having joined the network of validators on Tezos.
The arrival of ‘Choose your Baker’ will make it possible to respond to an even higher level of requirements: companies with complex needs that are present on the blockchain will be able to filter the validator nodes they want to use based on their criteria.
For example, a company in the financial sector can now ensure that its carbon emissions securities token will not be processed by validators from sanctioned countries.
Likewise, the abuses sometimes noted of “MEV” (Maximal Extractable Value, when a validator of a blockchain takes advantage of its position at the expense of users) can be limited by the choice of a network of trusted bakers.
“We are thrilled to support the creation of this open-source project with the support of companies invested in blockchain topics, this shows that the decentralized model is increasingly apprehended and accepted by companies.
This initiative also strengthens our mission to democratize the use of Tezos blockchain technology”
– Hadrien Zerah, Managing Director of Nomadic Labs.
“The creation of this open-source software project is the result of a reflection to open the field of possibilities for all types of companies, in order to join the blockchain around criteria and values that unite. ”
– Alain Broustail of Coexya.
“We are happy to participate in this project which should facilitate the adoption of the blockchain by market professionals and in particular institutions with whom we work a lot”
– Manuel Valente, Scientific Director and co-founder of Coinhouse
Disclaimer
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
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