Tezos is a blockchain network based on smart contracts. Although it’s almost similar to Ethereum, one thing that remains unique to Tezos is that innovation and improvements are possible with Tezos without the need for a hard fork. A hard fork brings a radical change to a network's protocol making previous invalid blocks and transactions valid, or vice-versa. The necessity for a hard fork made Bitcoin and Ethereum suffer all these years. Tezos ensures that their smart contract language will provide enough accuracy to their high-value use case. History of Asset Technology underpinned by Tezos was proposed as a white paper in 2014. Only after four years, the mainnet was launched in 2018. Let us now have a look at the founders of Tezos.
Arthur Breitman proposed the white paper for Tezos in the pseudo name L.M. Goodman. He conveys that the absence of a community consensus model in Bitcoin is a huge problem. His wife Kathleen is currently leading Tezos. She is the CEO of Dynamic Ledger Solutions, which is responsible for developing the Tezos protocol. Tezos later acquired this company to own the intellectual property of Dynamic Ledger Solutions completely. How Tezos is unique Let’s now learn how Tezos is different from the other Blockchain networks. Generally, staking is the process of actively participating in the Governance practice of a Blockchain. Tezos brings uniqueness to this process by introducing ‘Baking’.
Participants of Tezos take part in the Governance practice via the Baking process. Participants will stake 8,000 XTZ coins in the Baking process. This will serve as a financial incentive for participants being honest. Tokenomics- XTZ Let’s have a look at the Tokenomics of the native coin of Tezos, XTZ. According to Coinmarketcap rankings, XTZ is in the 40th position with an overall market cap value of 2.8 Billion Dollars. The current price of a unit XTZ token is $3.22, with a total supply of 885 Million tokens and a total circulating supply of 855 Million coins. XTZ recorded $8.4 as an all-time high and $1.65 as an all-time low in the past year.
Where to buy XTZ XTZ coins can be purchased on Crypto exchange platforms like Binance, OKEX, Coinbase, CoinBeam, and Huobi Global. XTZ Coins- Use Cases XTZ coins are used for holding, spending, sending, and baking purposes. By owning & baking XTZ coins, the users will have the ability to vote for network upgrades. As the value of an XTZ token in the last year has been 4.5 times its all-time low value, according to market experts, people investing in XTZ tokens now can expect better returns. Clean & Green Blockchain Tezos is also known as a ‘clean and green Blockchain’. The open-source Tezos network is a Proof of Stake blockchain that consumes over two million times less energy than Proof of Work networks like Bitcoin or Ethereum.
The low carbon footprint of Tezos means developers and users can prioritize innovation without compromising sustainability. The self-amending properties of Tezos allow the network to stay ahead of the constantly evolving trends in the blockchain ecosystem, such as gas optimizations and NFTs. On the whole, Tezos will have substantially lower energy consumption and a smaller ecological footprint. Please note that the facts shared here aren’t investment advice, and we neither own nor claim to own any of the data presented here. This is purely a knowledge-sharing video based on our crew’s research conducted for the past few months. We are in the process of creating more such videos on Blockchain & Cryptocurrencies. Stay tuned!.