Tezos is one of the very few cryptocurrencies that made an earth-shattering entry into the crypto sphere with its hell of a hit ICO. It has always been doing rounds in the social media for its unique offerings. Over the past few days, Tezos has once again caused friction in the crypto community with its massive bull run and looks like it would join the Top-10 most valuable cryptocurrencies club in no time.
In this post, ChangeHero brings you everything you need to know about Tezos in one place.
Home Run on the First Pitch
Tezos is a decentralized blockchain platform with a major emphasis on smart contracts and dApps. The husband and wife duo Arthur Breitman, Kathleen Breitman joined hands almost before a decade with aims to develop a true digital commonwealth blockchain. In 2014, the official whitepaper of Tezos was launched stressing the flaws of Bitcoin and potential fixes. The research-driven blockchain network has gained traction among the investors and raised a whopping $232 Million in its first ICO in the year 2017.
The team took an unconventional method of developing the network, the entire blockchain was coded from scratch and not based on Bitcoin or any other protocol. Though Tezos appears to echo Ethereum in terms of the core features like smart contracts and dApps, it has a few quirks under its belt that sets it apart. To name a few, Self-amendment, On-chain governance, Baking (yeah, it’s not a typo this time 😉) and Michelson are a few peculiarities that are driving Tezos ahead of others.
F-word? Not again!
We’ve seen many cases where some of the strongest communities in crypto parting ways due to the difference in the perspective of a network. Yeah, it’s the F-word in crypto, FORK. And we’ve seen quite a few controversial cases like Bitcoin Cash and Ethereum Classic. Tezos is tackling this issue by self-amending and on-chain governance. Upgrades to the network can be implemented without having to split the blockchain through the self-amending. On-chain governance functions as a means to drive the upgrades by voting on the proposed amendments. Developers can submit upgrade proposals and stake-holders vote on which proposal should be implemented or not. This mode of governance system vests the power of voting and decision making in the hands of users and ensures decentralization. The combination of self-amendment and on-chain governance keeps the network cohesive.
Mr.Michelson Verifies Your Contracts
Tezos uses a unique programming language called Michelson to write smart contracts on the platform. It was specifically designed to facilitate the formal verifications of smart contracts. It uses mathematical algorithms to check the correctness of the developers’ code and the logic behind every smart contract. Incorporating this technique into the protocol beefs up the security and minimizes the bugs.
Tez is the native cryptocurrency of the Tezos blockchain and trades with the ticker XTZ. It can be used to conduct transactions and interact with the network. Tezos uses a Liquid Proof-of-Stake mechanism which is based on the PoS. The process of staking in Tezos network is called Baking and token-holders are supposedly called Bakers. One of the most intriguing aspects of Baking is the optional delegation. This allows every stake-holder to participate in the consensus without deligating their tokens to third parties or validators. Bakers get a chance to bake the block randomly and they get notarized by 32 other random bakers. Bakers will be compensated with transaction fees and rewards for contributing to the consensus.
Despite the internal disputes and lawsuits for the delays in the initial launch of the platform, Tezos has performed consistently well. With new integrations such as zk-SNARKS protocol to facilitate private transactions and Tendermint, the future looks promising to Tezos. As of writing, it is being traded at $2.18 with a total market cap of over $1.5 Billion. All in all, Tezos is one of a kind project that ensures decentralization without sacrificing on the scalability and features.
ChangeHero believes in the potential of Tezos and pledges its support. On ChangeHero, you can get $XTZ by swapping any crypto or you can simply buy with your credit or debit card.