Tezos is a smart contract platform like Ethereum. However, it differs from Ethereum in terms of being able to make changes to the platform.
What is Tezos?
Tezos is a smart contract platform. There are some differences that distinguish Tezos, which is a smart contract platform like Ethereum, from Ethereum. Tezos’ goal is to create a self-governing decentralized blockchain by building a truly digital society. It started to be developed in 2014 by a group of software developers under the leadership of Arthur Breitman and Kathleen Breitman. Then, funds were collected for the project in 2017 and it was put into operation in 2018. It is implemented by the non-profit Tezos Foundation, headquartered in Zug, Switzerland. The funds raised are managed by the Tezos Foundation. The Tezos project has attracted attention since its first release.
The fact that it is a constantly developing network has been effective in attracting attention. One of the reasons Tezos is different from other projects is governance. Many of the early blockchains rely on their development teams and mining communities to formulate new design options. However, Tezos tries to embed the decision-making process inside the users’ own network. Thus, Tezos creates incentives for user participation in the core development process. This democratizes the development process and decentralizes maintenance.
How does it work?
As mentioned, Tezos is a smart contract platform like Ethereum. However, Tezos has differences. One of them is allowing changes to be made on the platform separately from the Ethereum smart contract system. Thus, Tezos ensures that the necessary arrangements for the needs that may arise over time can be made within itself with the decisions of the digital society, not with a hard fork. In addition, Tezos uses formal mathematical proofs to verify that certain critical properties are preserved. This means that the Tezos network remains decentralized.
While other blockchains are decentralized, Tezos also includes a mechanism that allows for collective decision making. The necessary developments on the Tezos platform are made by the developers. When there is a need for a necessary development to the platform, the software developers convey this request to the Tezos digital community. The Tezos community, which wants to support this request, pays the developer with Tezos (XTZ) token. The development to be made is submitted to the approval of the community and Tezos token holders are allowed to vote. The most important feature of the platform that distinguishes it from other blockchain systems is that with the approval of the created digital community, project developments can be made and development can be made when necessary.
What is XTZ Coin?
The native cryptocurrency of the Tezos network is XTZ. XTZ Coin plays an important role in maintaining and operating the Tezos network. Also XTZ Coin is used to hold, spend, send. XTZ is a decentralized blockchain network and uses only its proprietary DPos (Delegated Proof of Stake) consensus. The purpose of XTZ is to support smart contracts, solve and improve technical problems in this field. XTZ Coin can be mined with the PoS system.
Since the first development of the Tezos platform, it has allowed mining with the authorized PoS system instead of PoW, unlike the Ethereum and Bitcoin system. PoW used in Bitcoin and Ethereum causes a serious electricity consumption. If Tezos is in authorized PoS mining, it is sufficient to have enough XTZ Coins in your wallet. There is no need for any device or electricity consumption for Tezos (XTZ) Coin mining. Mining is done virtually.
Also Tezos; Red Bull Racing is used by Honda, McLaren Racing, OneOf, Interpop, and marketplaces such as Hic-Et-Nunc, OBJKT and Sweet.io for NFTs. Billionaire investor Tim Draper is one of the key investors of Tezos (XTZ).
Tezos (XTZ) Coin Review
XTZ Coin has attracted attention since the launch of the Tezos network. The Tezos project faced many legal problems during the ICO, but it has become a respectable project that has overcome its difficulties. Tezos blockchain is focused on self-development and takes development decisions together with its investors.
Improvements accepted as a result of voting by investors voting on development proposals are implemented automatically. XTZ Coin is used to pay transaction fees on the Tezos blockchain. XTZ holders also have the right to vote. XTZ Coin is considered to be very reliable as it performs encryption and security transactions on its own blockchain, the Tezos blockchain.
Tezos (XTZ) Coin is stated as a project that long-time investors trust. As of 2022, Tezos (XTZ) Coin has been trading in the markets for about 4 years. Recently, it has been seen that it has risen again with the developments and new updates made on the network. Tezos Coin (XTZ) is considered by experts as a project with a bright future.
