Tezos


Tezos is my favorite crypto currency, why? Well let’s talk about Tezos.

What is Tezos? Tezos is a Self-amending open source block chain in which stakeholders determine upgrades to the system or its delegation system. In other words, it almost like blockchain democracy, or perhaps a block chain republic. Tezzies are the native cryptocurrency on the Tezos blockchain

The ability to amend and upgrade through voting reduces the risk of hard forks while enabling a fluid and dynamic ecosystem that encourages innovation and collaborations. The system enables amendments to be proposed and voted on by members who have participated in what is called staking. Staking is a short term for Proof of stake where Tezzie holders stake them in nodes, to provide a consensus mechanism for the blockchain, providing the proving of transactions. This is in contrast to proof of work systems like ether and bitcoin where the underlying value is derived from the energy put into performing the math problems to mine the currency. Tezzies are created through baking, which is much less energy intensive. Individual holders of Tezzies can stake their coins to what are called bakeries, earning a portion of the tezzies they help to uncover through staking to a baker.

In addition to earning “interest” on staking, you can create smart contracts on the Tezos blockchain much like Ethereum, one big difference is the formal verification process that takes place before publishing of a smart contract is done. This helps to prevent fraud and bugs,

The underlying technology, proof of stake system, delegation and on chain governance makes Tezos a truly unique blockchain. I do worry that in the future large institutions will become the primary holders and voters on the chain but as it is in its infancy, I highly suggest you check it out, read and do research about Tezos and Tezzies

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