Tezos

What is Tezos (XTZ)?

Tez (XTZ) is the native coin of the Tezos network. Tezos is open source blockchain ecosystem. It offers a wide range of blockchain services. It uses smart contracts that allow users to develop decentralized applications (dApps), play games, and trade non-fungible tokens (NFTs). on one of the many trading platforms.

The platform provides security and scalability. It facilitates peer-to-peer networking and peer-to-peer communication. Users can create NFTs and create decentralized entertainment spaces. Tezos introduced a unique staking model known as baking. It is intended to be the next stop on the way to Web3 transformation.

Tezos is one of the first and largest Proof-of-Stake (PoS) networks in the crypto space. He has collaborated with world famous companies such as Ubisoft, McLaren and Société Générale. You can see data related to the price of Tezos in the dynamic chart above.

Who founded Tezos?

Tezos was founded by Arthur and Kathleen Breitman. Arthur is a computer scientist who has worked in quantitative finance. Under the pseudonym L.M. Goodman, he published the initial Tezos white paper. Kathleen is an entrepreneur who has worked in the hedge finance industry. She is the CEO of Dynamic Ledger Solutions, the company behind the Tezos project.

Before launching, the project conducted an initial coin offering (ICO). At the start of the ICO, the price of Tezos was estimated at approximately $3.

Tezos crypto ecosystem does not have a centralized core team and does not operate as a company. Instead, users can contribute to an open source project, either by providing technical expertise or by participating in governance processes.

Tezos is one of the direct competitors of Ethereum (ETH) in the smart contract market. Unlike ETH, Tezos is a proof-of-stake network, which makes it faster and more energy efficient. The platform was designed to avoid hard forks and evolve itself to avoid network exploits and problems encountered on platforms such as Bitcoin And Ethereum in past.

Tezos was officially launched in January 2018. The token has been somewhat volatile since its launch, and as of June 2022, Tezos’s highest ever price was reached in October 2021 at $9.12.

What are the main features of Tezos?

Although Tezos is commonly used to refer to both the asset and the platform, there are two official terms for both. Tez (stylized as lowercase tez), or tezzie, refers to the network’s native coin, and Tezos is the name of the entire project.

According to the protocol, there is no hard limit on the number of tez tokens in existence. The coin is not deflationary, and continuous production means that the price of XTZ will not be affected by scarcity of the asset, as is the case with Bitcoin.

Tez is used as the main utility coin in the Tezos ecosystem. His used for dApp interaction, payments, betting and managementamong other functions.

Tezos uses a Proof-of-Stake consensus mechanism to create new blocks. This process is called “baking”. It was one of the first blockchain networks to use PoS instead of PoWa mechanism used by some of the largest blockchains such as Bitcoin and Ethereum.

To become a baker, users must stake a minimum of 10,000 XTZ. They can then be selected to sign transactions and add or bake new blocks to the chain. There is a high incentive to actively participate as a baker and produce reliable blocks. Malicious online activities such as double-baking are punishable.

For their contribution to the network, bakers can receive 16 XTZ per block. Endorsers who act as block verifiers receive 2 XTZ per block. Given the relatively low price volatility of Tezos, users have a high incentive to become bakers or endorsers and accumulate rewards.

Owners of XTZ coins can take part in protocol control. This ensures decentralization and transparency of the network. How much power the bakers have through their vote is calculated in proportion to the amount they wager.