Tezos is a blockchain platform that enables the creation and deployment of smart contracts and decentralized applications. One of the most important components of this platform is its own cryptocurrency, called XTZ or Tez. Unlike some other blockchain platforms, Tezos uses a special consensus algorithm called Proof of Stake (PoS), which allows users who hold Tez in their wallet to participate in the block creation process and earn rewards in the form of new coins.
Tezos is designed for easy development and updating, allowing its users to vote on proposals for protocol changes and updates, leading to a decentralized and democratized process of platform management. Tezos is also designed to provide high-quality security and user privacy. Its architecture includes multiple layers of security, and data stored on the platform is encrypted and protected from unauthorized access.
History of Tezos
Tezos was launched in 2018 and has since gained popularity among developers and investors interested in creating blockchain applications and using the technology.
Arthur and Kathleen Breitman are behind the project. The company operates its functions from Switzerland. It was finalized thanks to an ICO that raised more than $232 million and in just two weeks!
What are the advantages of Tezos?
Tezos is a blockchain that has several unique advantages:
- Self-regulation – Tezos has a self-regulation mechanism that gives the ability to change the protocol and rules of the network without creating a hard fork. This allows the network to evolve more flexibly and smoothly, which is especially important for the long-term stability and development of the project.
- Security – Tezos uses the Proof of Stake consensus mechanism, which means that holders of XTZ tokens have the option of staking them as security for the network. As a result, the more XTZs are staked as security, the more difficult it is to attack the network, resulting in a higher level of security.
- Delegation – In Tezos, XTZ holders have the ability to delegate their tokens to nodes that support the network. Delegation allows token holders to earn passive income without having to engage in the transaction validation process. This also increases the decentralization of the network, as token holders can delegate their votes to different nodes.
- Updates – Tezos has an update mechanism that allows changes to be made to the protocol without forking. This makes updates easier and more secure, and users don’t have to worry about losing resources or splitting the network.
- Programmability – Tezos has a built-in Michelson programming language that enables the creation of smart contracts at the protocol level. Michelson is a functional language, which allows for more formal verification and validation of code.
