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Tezos (XTZ), launched in September 2018, made headlines in 2017 when it raised a then record of $232 million during its ICO. The project faced several lawsuits and differences internally before launching its beta network in 2018.
Tezos is much like Ethereum, in that it is a decentralized network that is oriented towards smart contracts. The platform’s token, XTZ, is primarily used for governance, with holders receiving rewards for proposing protocol upgrades and contributing to the project.
The Ethereum and Ethereum Classic split influenced the development vision of Tezos, with the Tezos executives saying that the splitting of communities and visions is precisely the kind of incident that Tezos wants to avoid, instead focusing on the community consensus via formal methods.
Tezos aims to address the challenges associated with forks through self-amendment and on-chain governance. It recently implemented its first ever on-chain governance blockchain update. Tezos users staked their tokens to implement the first backwards incompatible change to the network, which was termed “Athens A.” The change, democratically conducted as a majority of users voted for this change, resulted in lowering the token threshold for one to be able to participate in the governance and voting process.
It has been revealed that financial firm, Elevated Returns, which focuses on digitizing traditional assets, is planning to release $1 billion worth of Security Token Offerings (STOs) via the Tezos network, which would mark an important step in adoption for the network. Similarly, Latin America’s largest investment bank, BTG Pactual bank, has also announced that it would sell $1 billion worth of STOs on the Tezos blockchain.
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