Suggestions of Baking from Coinbase’s CEO Leaves Investors Wondering If It’s a Hint that Tezos is their New Altcoin
Tezos recently published a post on Medium, discussing the process of baking and delegating XTZ. Baking is an essential part of Tezos, which requires “bakers” to be delegated in order to earn block rewards. According to the post:
“Baking is what Tezos refers to as the action of signing and publishing a new block in the chain. Bakers need at least 10,000 XTZ (~ $22,000) to qualify as a delegate, and having additional delegated stake increases their chances of being selected as a Baker or Endorser.”
Delegates post no threat to the user’s stake, but they are required in the assignment to bakers. The whole blockchain for Tezos thrives on a proof-of-stake system that uses smart contracts. The betanet for the network was launched at the end of June this year, and the first three cycles of block production were entirely performed by the Tezos foundation.
The whole set of guidelines that govern these transactions can be found on a post called “Tezos Baking & Delegation Guide,” which was published on July 25th by Staked. It was preceded by a blog titled “How Much Income does Tezos Pay and How to Earn Baking Income?” on July 9th by BambouClub.
On October 18th, despite no recent information on the topic being posted, it seems that a few major players are speaking in metaphors about the process. Brian Armstrong, the co-founder and CEO of Coinbase, wrote:
Many Twitter users noticed the double entendre of using the word “bake” in this circumstance, with some people suggesting that Coinbase could add XTZ, the token of Tezos. Though Armstrong hasn’t seemed to reply to any of the users yet, he also added:
Plus need to replicate the “browning” effect of sugar. Seems doable, and could be one more important step to help solve the obesity epidemic.
— Brian Armstrong (@brian_armstrong) October 18, 2018
Multiple exchanges have announced their plans to add Tezos recently to their platforms, like the Kraken Exchange and Bitfinex. Right now, it is in the pre-launch stage, so it is likely that the industry will see multiple platforms add the altcoin. However, now that Armstrong is talking about it cryptically, does that mean that Coinbase will let users trade with XTZ? According to a report on September 26th on Bitcoin’s news website, it is one of the many altcoins they are considering. However, until a decision is made, users will have to wait with bated breath to see what’s next.
Here are some of the more comical Tweets:
— xrp_news ⚡ (@xrp_news) October 18, 2018
— Corey Soreff (@csoreff) October 19, 2018
I see what you did right there sir. You're secretly talking about #tezos. If @coinbase does add $xtz, please add a delegation solution as well so when coins are in your custody, they can earn interest. You could even build some incredible apps on top of all those baked coins.
— LunarCRUSH (@LunarCRUSH) October 19, 2018
— cryptoQurrency (@cryptoQurrency) October 18, 2018
neo to coinbase confirmed 😂😂😂
— CryptoWaldo (@CryptoWaldo) October 19, 2018
bro list ada stop messing around
— Bad Boy Bubby (@BadBoyBubby5) October 19, 2018
Then you always have that one guy that will ask about Coinbase Listing XRP
— Jessica Torres (@LunaticZ02) October 18, 2018
What are your thoughts on the tweet? Was it simply a tweet about changing the health industry or was there a cryptic meaning behind it?