Exchange rate Tezos:
Table of Contents:
- What is Tezos? What problems does it solve
- Tezos vs Ethereum - basic differences
- Tezos - detailed discussion of technical aspects
- Who Made Tezos? The history of the project
- XTZ cryptocurrency - what is it and what is its use?
- Cryptocurrency wallets for XTZ - which one to choose?
- On which exchanges is Tezos listed?
What is Tezos? What problems does it solve
Imagine a blockchain that is self-evolving. As new solutions appear on the network, an update is made. Tezos was based on such foundations. Although it can be briefly described as a platform dedicated to concluding smart contracts and building decentralized applications (dApps), it goes beyond what the competition has offered so far. And most importantly, it stands out quite strongly against its background.
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Tezos vs Ethereum - basic differences
Let's compare Tezos with the Ethereum project, which aims to become the world's computer. While the two platforms may be similar in several respects, they also have some characteristics that set them apart. To better illustrate them, we will use a table.
Tezos vs Ethereum
Management / How to make changes to the protocol
The programming language used to construct smart contracts
Summary: There are three main differences between the Tezos network and Ethereum, we see them in: governance, the consensus mechanism and the smart contract programming language.
Tezos - detailed discussion of technical aspects
Tezos, unlike other blockchains, automatically introduces the same corrections. They help to improve the blockchain without having to go through hard forks - a split in the network (read more about hard forks here). This design allows for a smooth evolution in the blockchain.
How does it all work in practice? Well, programmers submit a proposal to update the protocols in order to receive remuneration for their work. The incentive system encourages developers to improve the project. The proposal enters a test period where the community discusses the protocol and criticizes it for possible improvements. After the tests are completed, XTZ token holders are entitled to vote on whether a given idea should be implemented or rejected. After deciding to update the protocol changes, its new version is initialized.
It's worth remembering! In Tezos, the protocol is updated passively in a decentralized manner, but each update must go through multiple testing phases and receive feedback from the community. Each improvement must be approved by the majority of users. This, in turn, prevents a breach in the network.
When discussing the mechanism of consensus in Tezos, it is important to explain at the very beginning what exactly is Liquid Proof of Stake (LPoS). Well, it is nothing but a system that flows smoothly from direct democracy to representative democracy. It works like this: the user can vote directly or delegate it to a delegate. Moreover, the delegates themselves may delegate their voting responsibilities to another delegate who may vote on their behalf.
What if the person who has voted in the hands of the delegate is unhappy with the decision he made? Well, in such a situation there is a possibility of withdrawing the vote and casting it again.
The main advantages of a liquid democracy:
- everyone's opinion is important
- entry barriers are relatively low. To become a delegate, it is enough to gain the trust of a given user
- minority groups can be more fairly represented due to the possibility of oscillation between direct and delegated democracy
- any user who does not have time to vote may delegate his / her responsibilities to another person.
What is Proof of Stake (PoS)?
Proof of Stake (PoS) is one of the consensus mechanisms. It differs from PoW in that miners are replaced with validators. Validators block a certain number of coins belonging to the project as a stake. Then they check the correctness of the blocks. However, there is a concern that this is not a fully scalable method. Blockchains such as EOS or Cardano use the Delegated Rate Approval Protocol (DPoS). This means that a predetermined number of delegates is already selected. They are responsible for consensus and the overall welfare of the network.
The consensus mechanism in Tezos works similarly, but with little difference. Fluid democracy is introduced in it.
What is LPoS?
There is Fluid Proof of Rate (LPoS) in the Tezos ecosystem. In order for the user to participate in the consensus on the blockchain of this project, he must allocate a certain amount of XTZ coins to it. This process is called "baking" and users are "bakers." They can easily transfer their validation powers to other XTZ holders without transferring ownership.
Each block generated by a random user is validated by 32 randomly selected users. A security deposit is collected to encourage the bakers to act fairly when creating the blocks. For example, if the user were to double-tag blocks, he would lose his deposit.
A programming language
Tezos was coded using Ocaml. Smart contracts on his blockchain are created using a programming language called Michelson. Both the former and the latter belong to the group of functional languages.
Who Made Tezos? The history of the project
The Tezos was developed by the married couple Kathleen and Arthur Breitman. The concept of this project was presented on September 2, 2014 with the publication of the white paper. Arthur Breitman was a research engineer at Google and Waymo. Prior to that, he worked as a quantitative analyst at Goldman Sachs and Morgan Stanley. His wife, in turn, held the position of Associate Strategy at R3 and Associate Management at Bridgewater Associates.
The Tezos ICO lasted 13 days from July 1-14, 2017. At that time, 65,703 BTC and 361,122 ETH were collected. It was the equivalent of $ 232 million. Interestingly, there was no target amount to be collected by the project. It was undoubtedly one of the largest crowdfunds at the time.
Kathleen and Arthura Breitman founded Dynamic Ledger Solutions (DLS) to be behind the Tezos project. An independent non-profit organization called Tezos Foundation was established next to it. It controlled the funds accumulated during the ICO.
Along the way, there was a conflict between the owners of intellectual rights - Kathleen and Arthur Breitman, and the president of the Tezos Foundation - Johhan Gevers. As a consequence, after numerous disputes, he left the company. However, he did receive a $ 400,000 severance pay.
It should be added that as a result of internal conflicts and failure to keep promises, investors began to lose hope that this project would be launched at all. In view of the growing anxiety, on October 25, 2017, a lawsuit against Tezos was filed with the California District Court. Not seeing any progress in the project, users began demanding the return of the funds allocated to the ICO. There were also those who claimed that the Tezzi tokens (XTZ) with which the fundraising was carried out constitute securities, but they are not registered.
Undoubtedly, the beginnings of the Tezos project were very turbulent. It came to life only in 2018. On June 30, the beta version of the Tezos test network was launched, and on September 17, the main network.
XTZ cryptocurrency - what is it and what is its use?
The Tezos project has its own cryptocurrency called Tez or Tezzi (XTZ). Currently, it is on the 11th position in the CoinMarketCap ranking. Its current price is $ 2.08 (as of 02/03/2020). Its ATH, i.e. the highest price level, this cryptocurrency reached on December 17, 2017. Its rate was then $ 10. The market capitalization of this cryptocurrency is $ 442,096,797. The total number of coins in circulation is 694 191 974 XTZ. Their maximum supply is 763 306 930 XTZ. Due to this limitation, the Tezzi cryptocurrency is deflationary in nature.
Cryptocurrency wallets for XTZ - which one to choose?
So far, few cryptocurrency wallets supporting XTZ have appeared. What's more, it is no longer an ERC-20 token but a cryptocurrency based on the Tezos blockchain. Below is a list of the most popular wallets for XTZ.
Wallets for Tezos (XTZ)
On which exchanges is XTZ listed?
The Tezos cryptocurrency is available on 25 cryptocurrency platforms. In the near future, it will also be listed on the Polish TOKENEO stock exchange.
Cryptocurrency exchanges for XTZ
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