XTZ is the cryptocurrency for the Tezos blockchain. XTZ owners can participate in the validation process by making a security deposit. Users are rewarded for contributing to the network and ensuring its security and stability. Users who show illegal behavior can lose their deposit.
Transaction fees on the Tezos network are optional and users can send transactions with a zero transaction fee.
Tezos is a distributed, peer-to-peer, unauthorized network that seeks to improve on previous blockchain protocols such as Bitcoin and Ethereum. Its on-chain governance promises a self-modifying blockchain, as a result the protocol can evolve by updating its code after token holders have approved the changes.
The consensus mechanism that is reached within the network is called Liquid Proof of Stake, similar to the Delegated Proof of Stake (dPOS). The substantial difference between Proof of Stake (POS) and Delegated Proof of Stake (dPOS) lies in the presence within the dPOS of third parties who confirm the transactions by acting as delegates. While in POS the transaction involves the entire network. Holders of larger tokens will be able to have a higher decision weight at the time of the vote.
There are two types of accounts:
- Implicit Account: they have only one owner and one balance and cannot have delegates.
- Originated Account: they allow different operations, from the creation of smart contracts to the possibility of having delegates for the dPOS.
Tezos' blockchain protocol (XTZ) is divided into three different levels:
- Network protocol: network protocol responsible for the transmission of information by nodes;
- Transaction procotol: layer that defines the Tezos transaction system;
- Consensus protocol: network consensus model.
Main features:
- Auto-modification: Tezos can be updated without the need to fork the blockchain.
- On-chain governance: XTZ owners vote on the direction of the blockchain.
- Liquid Proof-Stake: Tezos uses a proof-of-stake consensus model in which each stakeholder can participate in the validation of transactions on the network and be rewarded accordingly.
- Formal verification: Tezos blockchain facilitates mathematical demonstration and correctness of codes in transactions. Avoid errors in code.
- Turing completes Smart Contracts: Tezos provides a platform for the creation of Smart Contracts and decentralized applications (dApps).
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