Tezos (XTZ)
| Category | Details |
|---|---|
| Website | https://www.tezos.com/ |
| @tezos | |
| https://www.reddit.com/r/tezos |
Tezos is a decentralized blockchain platform that facilitates smart contracts and decentralized applications (dApps). Launched in 2018, Tezos aims to improve upon previous blockchain architectures by incorporating a self-amending governance model, which allows stakeholders to vote on protocol upgrades without the need for hard forks.
History of Tezos
Founding and development
Tezos was conceptualized by Arthur Breitman and Kathleen Breitman, who began developing the project in 2014. The couple envisioned a blockchain that could evolve over time through a decentralized process, minimizing the risks associated with contentious hard forks. In 2017, the project conducted one of the largest Initial Coin Offerings (ICOs) at the time, raising over $230 million.
Launch and early challenges
The mainnet of Tezos was officially launched in September 2018. Despite its successful ICO, the project faced several challenges, including internal disputes and legal issues. However, the Tezos Foundation, which was established to support the project, managed to overcome these obstacles, allowing the network to proceed with its development and deployment.
How Tezos works
Proof-of-stake consensus
Tezos operates on a liquid proof-of-stake (LPoS) consensus mechanism, which is designed to be energy-efficient and scalable. In this system, stakeholders can participate in the validation process, known as "baking," by locking up a certain amount of their XTZ tokens. Bakers are incentivized through rewards for proposing and validating new blocks, and they also have the power to vote on network governance decisions.
On-chain governance
One of the defining features of Tezos is its on-chain governance model. This mechanism enables stakeholders to propose and vote on protocol upgrades, which are then implemented automatically if approved. This self-amending feature allows Tezos to adapt and evolve without the need for disruptive hard forks, providing a flexible and sustainable governance structure.
Smart contracts and formal verification
Tezos supports smart contracts through its Michelson programming language, which is designed to facilitate formal verification. Formal verification is a mathematical process used to prove the correctness of code, ensuring that smart contracts behave as intended. This feature is particularly important for applications requiring high levels of security and reliability, such as financial services.
The Tezos ecosystem
Use cases and applications
Tezos has been utilized in a variety of use cases across different industries. Its robust smart contract capabilities and focus on formal verification make it suitable for applications in finance, supply chain, gaming, and more. Several projects and platforms have been built on Tezos, showcasing its versatility and potential for innovation.