Baking is a process native to the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-tezos-xtz/">Tezos blockchain</strong></a>. Users known as bakers form new transaction blocks on the blockchain using the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-delegated-proof-of-stake/">Delegated-Proof-of-Stake (DPoS)</strong></a> consensus mechanism. For each baked block, they receive rewards in XTZ, the native token of the Tezos blockchain network.</p>\n<p><strong>Tezos</strong> is a decentralized open-source blockchain. It is utilized for crypto transactions using the XTZ tokens and&nbsp;<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a>. Developers can also use Tezos to create&nbsp;<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized applications (dApps)</strong></a>.</p>\n<p>Bakers are typically more likely to bake a block the more tokens, referred to in the baking context as <strong>Rolls</strong>, they have. The minimum amount of tokens required to partake in baking is 10,000 XTZ.</p>\n<p>Users that meet this threshold can choose to become a baker or an endorser. Bakers sign off and publish new transaction blocks on the Trezos blockchain and receive 16 XTZ per block as a reward for their work.</p>\n<p>Endorsers are the verifiers of the new blocks on the chain. They ensure that the baking process was done correctly and the transaction information is correct. They receive 2 XTZ per block for their contributions.</p>\n<p>Some users who hold <strong>originated accounts</strong> can register as delegates. If they meet the 10,000 XTZ criteria, their accounts may be delegated to be used in the baking process on behalf of other users who do not meet the minimum token threshold.</p>\n<p>Unlike <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a>, which uses the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work (PoW)</strong></a> consensus mechanism referred to as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining/">mining, the blocks on the Tezos network are validated using <strong>Delegated-Proof-of-Stake</strong>. PoW is a physical mining process that requires high energy consumption and hardware resources.</p>\n<p>DPoS uses virtual mining to bake the blocks. This method is more accessible and energy-efficient. 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In other words, it is <strong>a set of</strong> <strong>regulations dictating the token's overall usage</strong>, and how it can be traded. It was developed with the aim to allow developers to launch different tokens through an adaptable token version.</p>\n<p>The most commonly used token standard is <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-erc-20/">ERC-20. However,&nbsp;BEP-20 is compatible with ERC-20, since <strong>BEP-20 was formed based on the Ethereum token standard.</strong> Thus, the code of the operations defining the BEP-20 standard is a variation of the ERC-20 code.</p>\n<p>BEP-20 provides the fundamental configuration - seeing the owner of the token, returning a balance, trading, etc. By creating this token variation, the focus was to upgrade the protocol and keep the fast performance, as well as the price of the transaction. The BEP-20 tokens can become dollars kept in a bank cellar or even shares within the business.</p>\n<p>Besides,<strong> it's possible to</strong> <strong>attach tokens from other blockchains to BEP-20 </strong>in order to make them function on the Binance Smart Chain.</p>","level":"easy","meta_title":"What is BEP-20? Definition & Meaning | Crypto Wiki","meta_description":"BEP-20 meaning: BEP-20 - is a token standard for using tokens on the Binance Chain.","meta_keywords":null,"language":"en","created_at":"2022-02-11T09:21:50.000000Z","updated_at":"2022-09-29T13:17:04.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-bep-20"},"prevSection":{"id":64,"original_id":null,"author_id":40,"translator_id":null,"title":"What is BEP-2 (Binance Chain Tokenization Standard)?","slug":"what-is-bep-2-binance-chain-tokenization-standard","section":"B","keyword":"BEP-2 (Binance Chain Tokenization Standard)","status":"published","definition":"a management methodology for utilizing tokens on the Binance Chain.","content":"<p>The shortest definition of BEP-2 (Binance Chain Tokenization Standart) is that <strong>it is an administrative model for employing tokens on a Binance Chain.</strong> It also refers to the Binance Chain Evolution Proposal 2. BEP-2 explains layers of regulations that tokens must follow to perform well in the ecosystem of the Binance Chain.</p>\n<p>To put things into perspective, every one of the BEP-2 tokens has to have a source address that refers to the owner of the token. Also, the token has to have a name, which can be anything, as well as a&nbsp;symbol you can see on the token, which is the main identifier. The tokens also have a total supply which refers to the number of issued tokens. And lastly, every token has to be mintable. <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-minting/">Minting increases the total supply of the token.</p>\n<p>However, BEP-2 only describes the fundamental features of tokens released on the Binance Chain. They can also have unique approaches for the particular task they&rsquo;re developed for.</p>\n<p>The tokenization standard makes sure that all of the tokens that symbolize unique trading goods and assets can be in harmony within the ecosystem. BEP-2 attached to <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">Bitcoin, BUSD, and other multichain projects is known to be implementing the advantages of the tokenization standard.</p>\n<p><strong>BNB</strong> <strong>is the essential asset of the Binance Chain.</strong> It essentially acts like gas that is used to pay for fees. For instance, to exchange BEP-2 tokens, it is required to have a small amount of BNB.</p>\n<p>Binance Smart Chain, on the other hand, is aimed at proceeding with <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a> as well as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized applications</strong></strong></a>. That way avoiding blocking the original chain. BEP-2 tokens can be swapped for their BEP-20 counterpart as a result of the <strong>cross-chain adaptability.</strong></p>\n<p>A decentralized exchange that&rsquo;s working on top of the Binance Chain, Binance DEX, is where the BEP-2 tokens can be exchanged.</p>\n<p><strong>Proof-of-stake and Tendermint BTF consensus</strong> are the two consensus algorithms that the Binance chain depends on. They are an effective, fast, and trustworthy alternative to proof-of-work.</p>","level":"medium","meta_title":"What is BEP-2 (Binance Chain Tokenization Standard)? Definition & Meaning | Crypto Wiki","meta_description":"BEP-2 (Binance Chain Tokenization Standard) meaning: BEP-2 (Binance Chain Tokenization Standard) - is a management methodology for utilizing tokens on the Binance Chain.","meta_keywords":null,"language":"en","created_at":"2022-02-11T08:11:37.000000Z","updated_at":"2022-09-13T10:05:00.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-bep-2-binance-chain-tokenization-standard"},"currentChapter":"B","currentSection":"what-is-baker","chapterTitle":"B","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-baker","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter B

What is Baker?

Baker MEANING:
Baker - a user on the Tezos blockchain responsible for appending new transaction blocks via the Proof-of-Stake baking method.
Medium
2 minutes

Let's find out Baker meaning, definition in crypto, what is Baker, and all other detailed facts.

Baking is a process native to the Tezos blockchain. Users known as bakers form new transaction blocks on the blockchain using the Delegated-Proof-of-Stake (DPoS) consensus mechanism. For each baked block, they receive rewards in XTZ, the native token of the Tezos blockchain network.

Tezos is a decentralized open-source blockchain. It is utilized for crypto transactions using the XTZ tokens and smart contracts. Developers can also use Tezos to create decentralized applications (dApps).

Bakers are typically more likely to bake a block the more tokens, referred to in the baking context as Rolls, they have. The minimum amount of tokens required to partake in baking is 10,000 XTZ.

Users that meet this threshold can choose to become a baker or an endorser. Bakers sign off and publish new transaction blocks on the Trezos blockchain and receive 16 XTZ per block as a reward for their work.

Endorsers are the verifiers of the new blocks on the chain. They ensure that the baking process was done correctly and the transaction information is correct. They receive 2 XTZ per block for their contributions.

Some users who hold originated accounts can register as delegates. If they meet the 10,000 XTZ criteria, their accounts may be delegated to be used in the baking process on behalf of other users who do not meet the minimum token threshold.

Unlike Bitcoin (BTC), which uses the Proof-of-Work (PoW) consensus mechanism referred to as mining, the blocks on the Tezos network are validated using Delegated-Proof-of-Stake. PoW is a physical mining process that requires high energy consumption and hardware resources.

DPoS uses virtual mining to bake the blocks. This method is more accessible and energy-efficient. Bakers need to maintain nodes to keep the network working, which requires hosting fees that they must cover themselves. Bakers receive XTZ tokens as a reward for validating the transaction blocks and maintaining the network.
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