Article Summary, Automatically Generated By AI
Here is a summary of the text in HTML format:
About Tezos
- Tezos is a high-performing blockchain and open-source platform for assets and applications.
- Focuses on code security, on-chain governance, and decentralization.
- LPoS (Liquid Proof-of-Stake) consensus mechanism enables stakeholders to participate in the consensus process.
- On-chain governance system allows stakeholders to create and vote on protocol upgrade proposals.
Founders of Tezos
- Conceived by Arthur and Kathleen Breitman in 2014.
- Arthur worked at Goldman Sachs, Morgan Stanley, Google X, and Waymo.
- Kathleen worked at R
About Tezos: A Pioneer in Self-Amending Blockchain Technology
Introducing Tezos (XTZ): A Revolutionary Blockchain Ecosystem
Tezos is a high-performance, open-source blockchain platform optimized for assets and applications, with a paramount emphasis on code security, on-chain governance, and decentralization. The forthcoming Tezos 2.0 iteration marks a significant milestone in the evolution of Tezos, striving to enhance scalability through layer 2 solutions, foster composability, and integrate support for a broad range of mainstream programming languages, including Javascript, Typescript, Python, and many others.
Initially conceived with formal verification in mind, the Tezos protocol empowers developers to sidestep bugs when crafting smart contracts, rendering it particularly well-suited for applications that necessitate an exceptionally high degree of security and certainty.
Tezos’ innovative LPoS (Liquid Proof-of-Stake) consensus mechanism empowers any stakeholder to participate, either directly or through delegation, in the validation process, and rewards them for their contribution to the network’s security. Notably, Tezos’ on-chain governance system also enables stakeholders to propose, vote on, and implement protocol upgrades, thereby facilitating a pioneering self-amendment process that eliminates the risk of blockchain forks, while fostering community-driven innovation without hindering progress.
In 2014, the concept of Tezos was first introduced, and after four years of development, the Tezos Mainnet was launched in 2018. Since its inception, the network has demonstrated an impeccable record of uninterrupted operation, garnering a stellar reputation for its technical prowess and fostering a vibrant, supportive community.
The Visionaries Behind Tezos: Meet the Founders
Conceived by Arthur and Kathleen Breitman in 2014, Tezos was first introduced in a white paper penned under the pseudonym L.M. Goodman, a nod to the enigmatic Satoshi Nakamoto, and a clever reference to a journalist who had mistakenly identified the creator of Bitcoin.
In a preceding paper, the Breitmans posited that Bitcoin’s most egregious shortcomings stemmed from the absence of a governance process that fostered contributions from its user community, the exorbitant costs and centralization concerns inherent to its proof-of-work system, the limited programmability of its scripting language, which precluded the implementation of smart contracts, and lingering security concerns. Tezos was subsequently conceived to address these perceived deficiencies.
Arthur boasts an impressive professional background, having served as a quantitative analyst at esteemed institutions such as Goldman Sachs and Morgan Stanley, as well as a research engineer at Google X and Waymo. He holds esteemed academic credentials, having graduated from the prestigious École Polytechnique and the Courant Institute of NYU, where he delved into the realm of applied mathematics. Kathleen, on the other hand, brings a wealth of experience to the table, having held the position of senior strategy associate at R3, a consortium comprising over 70 prominent financial firms. Her professional repertoire also includes stints at Accenture, Bridgewater Associates, and the Wall Street Journal. She is a proud alumnus of Cornell University.
Unveiling the Distinctive Characteristics of Tezos
Tezos distinguishes itself through its innovative on-chain governance system and unwavering commitment to code security and formal verification. Notably, it was also a trailblazer in adopting the liquid proof-of-stake (LPoS) consensus mechanism, a pioneering achievement in the realm of blockchain technology.
Notably, Tezos’ innovative on-chain governance system empowers any network user to propose and vote on protocol upgrades, with voting power proportionate to their stake holdings. This decentralized decision-making process unfolds entirely on-chain, comprising five distinct phases, including three successive voting rounds.
Each phase spans approximately two weeks, which translates to a full upgrade cycle lasting nearly three months. Provided there is consensus and a predetermined quorum is attained, the protocol’s self-amendment feature subsequently ensures the seamless implementation of the upgrade, aligning with the collective will of the majority stakeholders.
This process is distinguished by its decentralized nature, diverging sharply from the governance models employed by other protocols, such as Ethereum or Bitcoin, where a small coterie of core developers wield significant influence over the blockchain’s future trajectory.
Furthermore, it has garnered staking support from prominent cryptocurrency exchanges, notably Binance and Coinbase, thereby enabling users to earn rewards commensurate with their XTZ holdings – a distinction few projects can boast.
The Circulating Supply of Tezos (XTZ) Coins: A Closer Look
As of the current writing, the circulating supply of XTZ stands at 977,621,108. Notably, this total supply is uncapped, with validator rewards incrementally increasing the overall supply at an annual rate of approximately 4.5%.
In July 2017, Tezos hosted a highly successful token fundraising event, which saw a staggering 65,681 BTC and 361,122 ETH contributed. At the time, this monumental haul was valued at $232 million, cementing its position as one of the largest token fundraising events in history.
Roughly 80% of the initial supply was allocated to the generous donors who supported the fundraiser, while the remaining 20% was divided equally between the Tezos Foundation and Dynamic Ledger Solutions, the company established by the Breitman duo to drive the development of the blockchain.
The Tezos Network’s Robust Security Mechanisms
Tezos employs a liquid proof-of-stake (LPoS) consensus mechanism, a sophisticated iteration of the delegated proof-of-stake (DPoS) concept.
In the Liquid Proof of Stake (LPoS) consensus algorithm, individuals who possess a minimum of 6,000 XTZ can assume the role of a validator, commonly referred to as a “baker” within the Tezos ecosystem. Alternatively, stakeholders may opt to delegate their stake to any public baker operating within the network, regardless of whether the original staker’s holdings meet the specified threshold.
To guarantee the utmost inclusivity and accessibility of staking on Tezos, we strive to democratize access and foster a diverse array of validators, thereby safeguarding the network’s security.
Where to Acquire Tezos (XTZ): A Comprehensive Guide
XTZ, colloquially referred to as “tez,” can be readily acquired from a plethora of prominent exchanges, including Binance, Coinbase, HTX, OKX, Kraken, Kucoin, Bybit, Gate.io, and numerous others. A diverse array of trading pairs is available, linking XTZ with fiat currencies, as well as an assortment of other cryptocurrencies, notably Bitcoin.
Notable trading pairs for XTZ encompass USDT, BTC, USD, and EUR. For those seeking to exchange fiat currency for Bitcoin, a comprehensive guide is available
here
.
Associated Resources:
Delve into in-depth technical analyses on CMC Alexandria
Glossary: Defining Staking
Explore the latest additions to our cryptocurrency roster on CMC.
CoinMarketCap Blog: Insights and Analysis on the Latest Developments
Delving into the Intricacies of Tezos
About Tezos Nodes: Empowering a Decentralized Ecosystem
Tezos Nodes is a comprehensive service that assesses the reliability of public Tezos bakers, while also providing a monitoring platform for the performance of non-public Tezos bakers, ensuring optimal node operation.
In collaboration with the baking community, the team has devised a comprehensive baker reliability index, comprising 10 pivotal indicators. This index furnishes potential stakers with all the requisite information necessary to select a trustworthy public baker.