Tezos is a decentralized self-amending cryptographic blockchain network created for stakeholders to approve or disapprove network changes.
What is Tezos?
- Tezos is a blockchain network created to run smart contracts but differentiates itself from blockchain networks such as Ethereum by its infrastructure.
- Tezos can evolve and improve over time without being in danger of getting a hard fork.
- Everyone that holds the XTZ token has the ability to vote for protocol upgrades that the Tezos creators have put forward.
- Tezos links a digital token called Tez (XTZ) and is not mining-based but instead relies on the Liquid Proof of Stake (LPoS) consensus mechanism.
- Tezos’s ICO began on July 1, 2017 earning $232 million dollars making it one of the largest ICOs of all time.
|Total Token Supply||893,120,610|
|Current Circulating Supply||See Coinmarketcap|
|Market Capitalisation||See Coinmarketcap|
|Token Creation Date||June 2018|
|Can it be mined?||No|
Who is behind Tezos?
The Tezos blockchain was originally created by husband and wife Arthur and Kathleen Breitman in 2014 through Dynamic Ledger Solutions. The Tezos team raised $232 million in its initial coin offering (ICO). The Tezos Foundation is currently headquartered in Switzerland where they look after the project and any strategic resources.
What is the purpose of Tezos?
The Tezos blockchain was created to enable developers to use its software to run custom programming logic. This is executed through the usage of smart contracts with the goal to design new programs in the form of decentralized applications (dApps) that are meant to serve similar purposes as traditional products or services.
Tezos uses Liquid Proof of Stake (LPoS) to secure their blockchain.
- Tezos is different in the way that it creates governance rules for the stakeholders to approve protocol upgrades whereas older blockchains rely on development teams. This makes the blockchain a decentralized and democratized network.
- Tokens are not mined as the system uses Proof-of Stake.
- Tezos’s architecture is a modular style of blockchain network which can change, amend, and upgrade itself.
- Tezos (XTZ) digital token is called tez or a tezzie.
- Tezos has a delay in token issuance, which can cause users to miss out on rewards without getting informed.
- Tezos voting power Is determined by how much XTZ a user owns, which could make it centralized.
News and Updates:
- On August 6, we saw the 7th upgrade to Tezos go live, known as “Granada.” It cut block times by 50%, added gas improvements, and reduced gas consumption in smart contracts. It also added liquidity baking, which leverages governance mechanisms and incentives to provide for public goods.
- On October 14, according to data from XTZ news, Tezos became the second most developed interest in the industry and saw explosive growth in adoption, which was led by global brands, artists, and more.
- On October 20, Sweet, which is an enterprise NFT solutions provider, announced their integration of Tezos.
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