Tezos (XTZ) is a Blockchain platform with similar features to Ethereum. However, Tezos stands out with some self-modifying capabilities specializing in decentralized applications using Smart Contracts such as Onchain Governance, and Self-Amendment. Stemming from fresh ideas, and the potential of a Smart Contract platform that can be upgraded without Fork, Tezos has become the attraction of the cryptocurrency market.
Tezos is an open-source Proof of Stake blockchain that is energy efficient, security-focused, and seamlessly upgradable. These features are consistent with the Club’s wider efforts to promote environmental sustainability and to continually evolve with the support of a global community.
The project is designed to provide the safety and code correctness required for assets and other high-value use cases at both the protocol and application layers by leveraging languages OCaml and Michelson, which facilitate formal verification, a practice commonly used in mission-critical industries, spanning from nuclear and aerospace to semiconductor and others.
The Tezos platform was built with mechanisms to ensure active community governance and participation. Users can actively participate by evaluating, proposing, or approving amendments to Tezos. This design empowers the type of collaborative innovation that keeps Tezos on the bleeding edge of technology.
Unlike Proof-of-Work blockchains like Bitcoin or Ethereum, Tezos’ Proof-of-Stake requires significantly less energy and cost to operate, making it an ideal alternative platform for building blockchain applications that are eco-friendly.
The project is one of the leading smart contracts Proof of Stake blockchains. It is smart contracts can use formal verification, allowing them to be mathematically verified, reliable, and secure.
It is built to adjust, adapt, and add features and functionality through its proven on-chain upgrade mechanism.
It is built to remain state-of-the-art. Its modular architecture and formal upgrade mechanism minimize disruptions while offering regular upgradability and enhanced functionality over time.
It is an open-source platform for assets and applications that can evolve by upgrading itself. Stakeholders govern upgrades to the core protocol, including upgrades to the amendment process itself.
Self-amendment allows Tezos to upgrade itself without having to split (“fork”) the network into two different blockchains. This is important as the suggestion or expectation of a fork can divide the community, alter stakeholder incentives, and disrupt the network effects that are formed over time. Because of self-amendment, coordination and execution costs for protocol upgrades are reduced and future innovations can be seamlessly implemented.
In the project, all stakeholders can participate in governing the protocol. The election cycle provides a formal and systematic procedure for stakeholders to reach an agreement on proposed protocol amendments. By combining this on-chain mechanism with self-amendment, Tezos can change this initial election process to adopt better governance mechanisms when they are discovered.
Proposed amendments that are accepted by stakeholders can include payment to individuals or groups that improve the protocol. This funding mechanism encourages robust participation and decentralizes the maintenance of the network. Fostering an active, open, and diverse developer ecosystem that is incentivized to contribute to the protocol will facilitate Tezo’s development and adoption.
The project offers a platform to create smart contracts and build decentralized applications that cannot be censored or shut down by third parties. Furthermore, Tezos facilitates formal verification, a technique used to improve security by mathematically proving properties about programs such as smart contracts. This technique, if used properly, can help avoid costly bugs and the contentious debates that follow.
Participants (“nodes”) in decentralized, peer-to-peer networks provide the necessary computational resources that keep a network up and running. Proof-of-Stake (PoS) is the mechanism by which the various participants in Tezos reach a consensus on the state of the blockchain. Unlike other PoS protocols, any stakeholder can participate in the consensus process in Tezos and be rewarded by the protocol itself for contributing to the security and stability of the network. Additionally, PoS is less costly than other consensus mechanisms and lowers the barriers to entry for involvement.
In PoS, a security deposit is required to participate in the consensus process and avoid being diluted by inflation. As in proof-of-work, the consensus protocol relies on an honest majority for its security which is incentivized directly by the project protocol by penalizing dishonest behavior and rewarding honest behavior. If a participant behaves dishonestly, they can lose their deposit. Users who do not wish to participate directly in the consensus protocol have the option to delegate their rights to other users to participate on their behalf.
XTZ is a Utility Token with the role of a cryptocurrency, the main asset in the Tezos ecosystem.
In addition to providing profit and motivational fuel in the Tezos network, XTZ also acts as a “vote” used to vote when a proposal is published on the network.
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The project is an open-source platform that addresses key barriers facing blockchain adoption for assets and applications backed by a global community of validators, researchers, and builders. By design, Tezos embraces long-term upgradability, open participation, collaboration, and smart contract safety.
Find more information about Tezos:
Website: https://tezos.com/
Twitter: https://twitter.com/tezos
Telegram: https://t.me/TezosPlatform
If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Elise
Coincu Ventures
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