- Category: Smart Contract Platform
- Coin Launched: June, 2018
- Resources: White Paper
- Official Website: Tezos
- Reddit: Tezos
TEZOS History / Information / Buying / Staking
Tezos founded and on-chain governance design Arthur Breitman first proposed Tezos in a position paper released in Aug. 2014. He later released a white paper in Sept. 2014 that detailed more specifics about the project. Breitman published both articles under the pseudonym "L. M Goodman" akin to Bitcoin's anonymous founder, Satoshi Nakamoto. In the documents, the author stressed Bitcoin's design failed to account for a more inclusive governance process and did not facilitate the creation of new tokens. Breitman and his wife Kathleen, therefore, designed Tezos as a token issuance and smart contract platform with an on-chain governance model, which would allow XTZ holders to vote on proposed protocol upgrades to avoid forking the network.
HOW TEZOS WORKS
The Tezos platform offers smart contract functionality. The decentralized model for smart contracts on Tezos allows developers to create smart contracts and build dapps. Furthermore, the platform improves dapp security through mathematical proofs of dapps and smart contracts using formal verification. That process prevents dapps from being censored or shut down by third parties, and it can also protect dapps from bugs or other security vulnerabilities.
BENEFITS OF USING TEZOS
Some of the benefits of using Tezos are:
Proposed amendments by developers may also carry payments to individuals or groups who work on improving the protocol. A stakeholder can accept these proposals to provide the required funding. This robust funding process doesn't only decentralise the network maintenance but motivates participation.
SELF AMENDING BLOCKCHAIN
This allows the network to self-upgrade the protocol without undergoing a hard fork or splitting the network into multiple blockchains. This is exceptionally crucial for blockchains as hard forks can scatter the community, fragment the resources, change stakeholder rewards, and dilute all the benefits that it has accumulated over time. Self-amendment allows seamless coordination and implementation of future changes and updates.
ON CHAIN GOVERNANCE
Every stakeholder on the Tezos blockchain has a right to participate in the governance of the network. There is an election cycle that delivers a systematic and organised method to stakeholders to reach consensus over proposed blockchain changes and amendments.
PROFF OF STAKE MODEL
Proof-of-Stake or PoS is the protocol using which multiple stakeholders in Tezos acquire consensus regarding the state of the blockchain. In contrast to other PoS protocols, each stakeholder can be a part of the consensus process and has a right to directly receive his or her reward by the protocol itself for making a valuable contribution to the security and liability of the network
CAN YOU STAKE TEZOS
You can stake your XTZ assets and earn passive income for holding Tezos (XTZ) while contributing to the Tezos blockchain.
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