XP.Network, a Cross-chain NFT Bridge, expands its involvement in the Tezos ecosystem by becoming a corporate baker. As a corporate baker, XP.NETWORK will now validate transactions and add them to the Tezos blockchain.
XP.Network
XP.NETWORK is a Multi-Chain NFT platform which allows NFTs and funds to flow freely across networks and wallets.
In January, XP.Network announced Tezos integration. This way XP.Network enables a multi-chain bridge for Tezos and its constantly growing arsenal of features, expanding its reach for the NFT market across the global cross-chain ecosystem.
This means wider exposure for NFT creators, better liquidity for asset holders, and increased transaction flow for the bridged blockchains.
For example, an NFT minted on Tezos can be sent to Ethereum and listed on OpenSea. A move that was not possible – until now.
What is a corporate baker?
A company that sets up a Tezos node, is playfully called a corporate baker. These companies often include the decision to start up a node into their strategy to build applications on Tezos.
A Corporate baker is not a special type of baker with any special position within the Tezos ecosystem. The fact that this baker will be run by a corporation simply emphasizes the amount of trust and involvement corporations show in the Tezos blockchain.
Additionally, setting up a node/ baker, enables them to play an active role in the democratic Tezos protocol and have a voice in the direction of core protocol development via amendment upgrades.
It essentially gives them a stake in the blockchain that they are running programs and applications on.
Tezos Slashes Barrier to Become a Baker by 25%
Tezos recently activated the ninth upgrade with the promise of greatly improving its scalability. Also, the upgrade reduces the requirement to become a network validator (“baker”) by 25%, from 8,000 XTZ to 6,000 XTZ, allowing more users to participate in the network by staking the native token of the Tezos blockchain. This further strengthens the decentralized nature of Tezos.
Advantages of a multi chain NFT bridge
Emerging NFT communities on alternative blockchains sometimes shoulder liquidity issues. By being limited to a single chain, promising NFT projects — and NFT holders — may miss out on countless opportunities.
XP.NETWORK bridges the gap by making it possible to transfer an NFT between blockchains in seconds at a minimal cost. This means wider exposure for NFT creators, better liquidity for asset holders, and increased transaction flow for the bridged blockchains.
For example, an NFT minted on Tezos can be sent to Ethereum and listed on OpenSea. A move that was not possible — until now.
Since February, XP.NETWORK have successfully bridged Tezos NFTs to blockchains like Ethereum, Polygon, Avalanche, Elrond, Fantom, Binance Smart Chain and many more.
“When we just started our way, XP.NETWORK knew that Tezos is a blockchain we want by our side. We believe this ecosystem is the benchmark many blockchains should aspire toward. We are excited to see what the future holds for this partnership!”
Nir Blumberger, XP.NETWORK CEO
Why Tezos?
XP.NETWORK chose to become a Tezos corporate baker to further become involved in the ecosystem. Tezos is industry-leading, energy efficient and constantly innovating.
As one of the first blockchains to adopt the proof-of-stake consensus method, Tezos has evolved into an increasingly popular alternative to several major POW-based options.
Tezos has cultivated an ecosystem of thriving NFT marketplaces, dApps, tools, and games that offer a wide variety of digital assets with very attractive and affordable fees.
It is for these reasons that XP.NETWORK is proud to become a corporate baker. – As stated by the XP.NETWORK team.
“XP.NETWORK is an exciting cross-chain NFT platform and we are thrilled to welcome them into the Tezos baking community. They will be a strong pillar and tool for the Tezos ecosystem and we know their dedication, enthusiasm, and skills will lead to the further growth of both the Tezos and XP.NETWORK ecosystem,”
Elie Terdjman, Founder of Tezos Israel.
XP.Network is now part of a growing list of corporate bakers on Tezos which includes Rocket Launchpad, Smartlink, Ubisoft, Wakam, Exaion EDF Group, Taurus, Sword Group, The Blockchain Group, Nisbah Capital, and Block0. XP.Network will be the 17th corporate baker to join the Tezos ecosystem.
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Disclaimer: This article first appeared on XTZ.news. Source Link here.