June 17, 2021

What is Tezos (XTZ)?

Tezos (XTZ) is a blockchain network and open-source platform that offers smart contracts, long-term upgrades and open participation from the crypto community.

Tezos (XTZ) is a blockchain network and open-source platform that offers smart contracts, long-term upgrades and open participation from the crypto community. One of the main aspects of this network is related to its flexibility, which we will address in the next sections. 

Over the last years, developers and XTZ developers have been working to make this blockchain network a more advanced solution to Bitcoin (BTC) or Ethereum (ETH). The project has been relatively successful as the price of the token has massively surged and the XTZ virtual currency remains as one of the largest digital currencies in the world. 

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What is Tezos (XTZ)?

Tezos is a cryptocurrency project that aims at becoming an evolving network in the blockchain industry. The project has had several years of development after being launched as an Initial Coin Offering (ICO) in 2017. The mainnet of this network went live in 2018 and it continues to attract new users. 

The official launch of the project has been surrounded by different disagreements and difficult situations among developers. Indeed, there have been several conflicts among the founders of this blockchain network that seem not to be affecting the project anymore. 

The project works with a Liquid Proof of Stake (LPoS) that works as its consensus algorithm. At the same time, it has added support to turing-complete smart contract technology. On the Tezos networks there are validators that process the blocks (bakers). Furthermore, the protocol makes it possible to change some of its features (update the whole network) through open voting from the community. 

Why Tezos?

The project wants to become one of the largest networks to offer solutions to companies and firms all over the world that would like to launch tokens with different functionalities. For example, there are some firms and companies that are already using Tezos for their projects.

One of the firms that is now using the Tezos network is Elevated Returns (ER), a company that is now focusing on making traditional assets more digital. This firm is now tokenizing real-estate offerings to some of its investors. However, this is just one of the examples that we find right now in the market, but there are many others. 

Compared to Ethereum and Bitcoin, Tezos makes it faster and easier for those using the blockchain network to get access to the services they need to use. It is faster and not as slow and expensive as Bitcoin and Ethereum. This is why the Tezos blockchain network has attracted the attention of many companies from many different countries. 

Tezos XTZ Token

The XTZ token is currently among the largest in the cryptocurrency market. We can see it when looking at the charts and seeing it on the 34th spot in terms of market valuation. The XTZ virtual currency is the token used on top of this platform. This works in a similar way as ETH on the Ethereum blockchain or Binance Coin (BNB) on the Binance Chain. 

If you are an XTZ holder you can stake your funds and earn rewards on them. There are some exchanges that are offering this possibility to users. Coinbase and Binance are two of the platforms offering this solution to users. 

Over the last months, the digital asset has been in a bull market and it was able to reach massively high levels. Indeed, the price per coin surged to $7.5 in May 2021 before plummeting. Now it is just a matter of time to see how the XTZ token will evolve in the coming years. One thing is clear, as the demand for the tokens grows, it might be possible for the price to move higher. 

On-Chain Governance and Self-Amendment

Finally Tezos works with self-amendments making it possible for the blockchain network to avoid forks. Forks are usually negative things for the community considering that it could get divided on how to proceed with improvements. 

At the same time, stakeholders are able to participate in the governance of this project. That means that they should participate and reach an agreement on how to process amendments to the entire network. This could be done in different ways. Finally, Tezos is can change the election process and adopt better governance systems. 

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