Tezos is a Blockchain-based network that supports the creation of smart contracts. In many ways, the Tezos network is similar to the Ethereum network. However, the Tezos network has some distinctive factors, one of which is its interface. Apart from its user interface, the Tezos platform also offers its users a more advanced infrastructure. The implication of this is that updates can be executed on the network over time without it ever running the risk of a hardfork. A hardfork being a problem that has occurred on both the Bitcoin and Ethereum ecosystems.
The Tezos network is decentralized and allows for the users of the platform to control the implementation of upgrade protocols. According to the network, its build is based on an upgradable system that was made to last. The network also prides itself in its level of security and also in the accuracy that is required for smart contracts on a network with a high use case. Based on the white paper and approach used by the Tezos ecosystem, it is considered state of the art and will remain like that for a while. This follows the system’s embrace of upgrades to its blockchain as a whole and other subordinate parts of its network.
The Tezos network in its creation process employed several methods to ensure its long-term existence. Another one of these sets of methods is the system creating two separate cryptocurrencies with distinctive prices.
Who are the Founders of Tezos (XTZ)?
The existing technology used by the Tezos network was proposed in September 2014 on its white paper. After this, the network was delayed for a while before launching a couple. of years after.
The network’s whitepaper was written by Arthur Breitman and similar to the originator of cryptocurrency, Satoshi Nakamoto, he penned the system’s white paper under the name L.M. Goodman. According to him, the improvements on the Tezos ecosystem were based on the close watch of its predecessors such as Bitcoin. Breitman stated that one of the flaws in the Bitcoin ecosystem is the lack of a governance procedure that allowed the network users to make valuable contributions on upgrades that may be required on the network. He also stated another flaw of the network is its inability to issue new tokens through the blockchain.
Arthur Breitman along with his wife Katherine started a tech company called Dynamic Ledger Solutions in 2014 which was responsible for the code that currently upholds the Tezos network. A few years later, the company was absorbed by the Tezos foundation for it to retain all the intellectual property rights of the Tezos protocol.
What is Tezos (XTZ) used for?
The Tezos network offers users on its network many of the common cryptocurrency features. For starters, its smart contract feature allows developers on its platform to run dedicated programming logic and design new decentralized program applications. These applications designed on the platform mirror the functionality of the custom logic that It’s based on.
The network also opens its token holder to the opportunity of trading its XTZ tokens for other cryptocurrency pairs in the market. This allows the participants on the network to be able to make a profit off of their Tezos tokens through the tradeoff process at different prices.
What Is the Unique Point of Tezon (XTZ)?
In general, staking is a common concept in the world of blockchains, however, the Tezos network’s staking system has a tweak that makes it unique. The network allows its participants to get involved in its governance process through ‘baking’. The ‘baking’ process on the platform involves its participants staking 8000 XTZ tokens. The effect of this is a community of financially incentivized honest individuals.
Participants that choose to partake in the baking process have an obligation to vote on changes proposed to the blockchain’s code. The process involves 4 stages and takes around 23 days. If a proposal is voted for by the majority of the bakers on the network, it is then put through a probation test for 49 hours. After this, if the backing of the proposal remains on the majority, it is then implemented fully into the platform.
Another factor that makes the Tezos system unique is its early adoption by several high-end businesses and organizations. In September 2020, the Tezos system was adopted by a major French bank known as Societe Generale. The goal of the bank was to execute a testing phase for a central bank’s digital currency.
The platform has also gained massive support from several major exchanges for the staking of XTZ tokens. This implies that holders of its tokens can be rewarded for being a part of the network.
How many Tezos (XTZ) coins are in circulation?
In July 2017, the Tezos ecosystem carried out a token sale as an ICO. In total, 361,122 ETH and 65,681 BTC at the sale, the total value of the cryptocurrency stood at $232 million. This amount took Tezos to become one of the largest results from an Initial offering.
Currently, the circulating supply of XTZ tokens in the world stands around 743,862,304. In its original supply, the mode of apportionment assigned 80% of the total supply to the investors. The Tezos foundation was assigned 10% while the other 10% was assigned to the Dynamic Ledger Solutions company.
Is the Tezos (XTZ) Network secured?
The Tezos network is secured and synced through the Liquid Proof-of-stake mechanism which is a distinction from the traditional proof-of-stake mechanism. The two consensus mechanisms are similar in several. However, the LPOS system is the algorithm currently run for the validation of transactions, distribution of new tokens, and the general security of the network.
To provide an additional layer of security to the platform, participants who work in the best interest of the network are rewarded. While participants who do otherwise run the risk of losing their stake completely.
How do I buy Tezos (XTZ)?
Tezos is one of the few currencies that have gained support from major cryptocurrency exchanges right from the early days of its existence. This has helped its publicity and by extension increased its rate of adoption. Currently, it’s available across a collection of exchanges and the steps below provide the right direction to purchasing its tokens.
* Open an account with crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy XTZ through your trading account.