Tezos
What is Tezos?
Tezos is a decentralized blockchain marketplace that can work with smart contracts and provides the function of creating coins and decentralized applications.
The founder of the Tezos project is Arthur Breitman. His father is the popular French playwright Jean-Claude Dere. Artur has a good background in mathematics and computer technology, and has worked in very well-known and large companies such as Goldman Sachs, Morgan Stanley, Google X and Waymo. He started working on the Tezos project 8-9 years ago, and already in 2014 he released a white paper and a tezos memorandum. These documents indicated the weaknesses of bitcoin and, against the background of them, the decisions of the project were presented and that the tezos cryptocurrency should become the world’s first self-improving cryptocurrency. The name of the whole project and cryptocurrency was chosen in an unusual way – this name was generated by an algorithm (created by Arthur) that looked for free domain names.
In 2015, a company was created (which was called Dynamic Ledger Solutions (DLS). Its main goal was to write the source code for the Tezos cryptocurrency. Already in 2016, the source code was ready and in At the beginning of 2017, the alpha network of the protocol was introduced based on it.
Due to the peculiarities of Swiss law, the non-profit Tezos Foundation was created in Switzerland in 2017. Thus, it turned out to divide the responsibilities – the fund is responsible for the financial part of the project, and the DLS company controls the intellectual property of the project. The Tezos ICO began on July 1, 2017, raising approximately $232 million. But these funds were raised not directly in US dollars, but in Bitcoin and Ethereum.
The project token has the same name as Tezos and the stock ticker is XTZ. The Tezos cryptocurrency is based on an inflationary model, in annual terms it is approximately 5.5%. XTZ coins are created along with new blocks, and some of the coins can be burned as a penalty for the unscrupulous behavior of the validators. Tezos coins have different uses:
- As a reward for participating in the creation and confirmation of new blocks
- As the right to vote in the governance systеm
- As a means of payment
- To pay commissions
Tezos operates using the Liquid Proof-of-Stake (LPoS) consensus algorithm. It is important to note that this algorithm is often confused with another – Delegated Proof-of-Stake (DPoS), but despite similar names, it works on a different principle. New blocks are created by one participant (delegate), and 32 other participants approve this block.
Tezos Mining
The Tezos cryptocurrency is received not by miners, but by so-called bakers. Thanks to Liquid Proof-of-Stake (LPoS), each owner of tokens can participate in the “baking” process (in the Tezos network, this is the process of creating new blocks and processing cryptocurrency transfers). To do this, you need to install a node on a personal computer and give a special application on the official website of the cryptocurrency.
How do I purchase Tezos?
You can buy Tezos through a trusted crypto exchange like Leoexchanger! or on the crypto exchange where this token is traded.
Tezos Price Trend (USD)
As of September 2022, 1 XTZ costs approximately $1.48. The total market capitalization is $1,348,986,974.
The price movement chart is shown below:
How to store Tezos?
Tezos can be stored in regular crypto wallets, including various software wallets such as Trust Wallet. Tez can also be stored on Ledger or Trezor hardware wallets using third party software.
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