Everything About Tezos you should know
Tezos is also another blockchain technology after the biggies like Bitcoin and Ethereum. Tezos is the future of the cryptocurrency; it is a decentralized and public cryptocurrency. Tezos are different from other cryptocurrencies like BitCoin and Ethereum. As every cryptocurrency demands mining of it, but Tezos does not depend on it. Tezos can be stored in many wallets, like Tezbox. Wallets like Tezbox ico can recover your fundraiser account. Tezos aims at an on-protocol update policy. It uses a democratic if holders want to change the protocol they can come with the agreement of other stake-holder. Tezos is the first of its kind. Other major cryptocurrencies do not follow this protocol. Tezos has reached its maximum supply of 763,306,930, and now if anyone wants to buy it, he would have to exchange it. Tezos (XTZ) ICO was held in 2017 and was able to raise $232 million, and it became one of the biggest ICO in history. A Switzerland non-profit organization did it. Tezos also saw the bad days when the ICO happened. It went through some lawsuits and allegations. Because of these legal affairs, Tez took the time to become a tradable token. Things smooth out when the president of foundation Johann Gevers decided to quit. From there, things settled down, and Tez became a tradable token. Every cryptocurrency requires a wallet, and many wallets can do that, but the first wallet to store Tez is Tezbox, and Tezbox ico can be used for recovering the ICO account. The three feature why should you invest in Tezos are: –
- Formal verification: – After Doa hack in Ethereum, there was a need for a better and secure smart contract. Tezos use immensely secured technique, and that is Formal verification. It provides a mathematical proof of the correctness of code. It means that there are some formal proofs that the program is the same. It is nearly impossible to have a bug in the system with formal proofs. The compiler is also formal verified with the help of their language called Michelson; it is a readable machine language.
- On-Chain governance: – Tezos work on the on-chain governance. It is different than the Bitcoin and Ethereum. Bitcoin and Ethereum work on forks. Forks create situations like Bitcoin Cash, Bitcoin SV, or Ethereum and Ethereum classic. But Tezos solve this issue by On-chain governance. It means when participants want an amendment. There is a testing and evaluating of participants (it means validators). After that, participants can vote.
- Liquid Proof of Stake:– Tezos uses Proof of Stake to figure out who the participant is to secure the Tez and owners get rewards for doing this. In Bitcoin and Ethereum, miners are used for staking. In Tezos, staking is called baking as Tezos has roots in France. Other models that are using Proof of Stake have a centralized system. It means that there could be several validators. But Tezos is more decentralized as there is no fixed number one who has a minimum of 8000 Tez can be validators