Tezos founded and on-chain governance designArthur Breitman first proposed Tezos in a position paper released in Aug. 2014. He later released a white paper in Sept. 2014 that detailed more specifics about the project. Breitman published both articles under the pseudonym "L. M Goodman" akin to Bitcoin's anonymous founder, Satoshi Nakamoto. In the documents, the author stressed Bitcoin's design failed to account for a more inclusive governance process and did not facilitate the creation of new tokens. Breitman and his wife Kathleen, therefore, designed Tezos as a token issuance and smart contract platform with an on-chain governance model, which would allow XTZ holders to vote on proposed protocol upgrades to avoid forking the network.
In 2015, the Breitmans established a company called Dynamic Ledger Solutions (DLS), which was responsible for writing the initial code for Tezos. At its core, Tezos is a system designed to formalize proposing, voting for, and implementing changes to the functionality of the network. Once a proposal is submitted, holders of Tezos (XTZ) tokens can vote with a weighting of one vote per token. DLS released the source code in 2016 and used the codebase to launch an alphanet of the Tezos protocol in Feb. 2017, a few months before the Tezos token sale.
Tezos initial coin offering (ICO) and Foundation troubles The Tezos initial coin offering (ICO) launched on July 1, 2017, and the two-week sale managed to raise ~$232 million in Bitcoin ($BTC) and Ethereum ($ETH), exceeding the project's target of $20 million. It was the largest ICO at the time, surpassed by Filecoin's ($FIL) ~$257 million token sale a few months later. The newly established Tezos Foundation, led by appointed president Johann Gevers, assumed control of the funds as well as the responsibility to deliver the sold tezzies to ICO contributors. The foundation, which did not include the Breitmans as board members for legal reasons, intended to use a portion of the funds to purchase Dynamic Ledger Solutions (DLS) from the Breitmans, a move that would transfer control of the Tezos codebase to the foundation.
Before the sale of DLS could take place, an internal dispute arose between the Breitmans and Gevers, leading to a delay in the distribution of XTZ tokens to investors. In response, angry investors launched several class-action lawsuits targeting Tezos and DLT, adding further delays to the protocol's development and token issuance event. The internal dispute ran its course by mid-Feb. 2018, when Gevers and another involved foundation member left their positions.
Mainnet launch The foundation's early troubles caused the development team to miss its initial 2017 launch date. After the resolution, protocol development resumed, enabling the Tezos Foundation to release a betanet in June 2018. Once it completed a testing period on the betanet, the foundation launched the Tezos mainnet in Sept. 2018.
The launch introduced a new version of a Proof-of-Stake (DPoS) consensus model. Token holders can participate in consensus by locking up their tokens in exchange for the ability to validate blocks. The industry commonly refers to this process as staking, but the Tezos community uses the synonymous term "baking." The Tezos design expands on traditional PoS systems by enabling users to "delegate" tokens to bakers without transferring ownership. In this self-described "liquid" PoS model, a baker receives a block reward in the form of new XTZ tokens with a proportional amount of this reward distributed to users that delegated tokens to the baker. This system enables smaller token holders to participate in the validation (and reward) process if they hold less than the required amount to become a full baker.
Issuing OrganizationsSours: https://messari.io/asset/tezos/profile
What Is Tezos?
Tezos (XTZ) is a blockchain network linked to a digital token, which is called a "tez" or a "tezzie". Tezos is not based on the mining of tez. Instead, token holders receive a reward for taking part in its proof-of-stake consensus mechanism.
After a promising start and a highly successful initial coin offering (ICO), Tezos was troubled by numerous delays and legal issues. However, Tezos survived the cryptocurrency bear market, in part because of its unique proof-of-stake mechanism. The price of tez more than tripled between October 2019 and February 2020 and reached record highs. Tezos continues to attract attention in 2021 and remains in the Top 40 cryptocurrencies.
- Tezos (XTZ) is a blockchain network linked to a digital token, which is called a tez or a tezzie.
- Tez are not mining-based and rely on a proof-of-stake mechanism.
- Tezos had a highly successful ICO, but it was followed by lawsuits and price declines.
- The price of tez reached record highs in early 2020, leading to renewed speculation about its future investment potential.
Like Bitcoin and Ethereum, Tezos is a decentralized ledger that makes use of blockchain technology. Like Ethereum, Tezos is designed to make use of smart contracts. The term “Tezos” is ancient Greek for “smart contract,” according to the developers.
However, Tezos goes beyond previous offerings. It takes the smart contract concept “one step further by letting participants directly control the rules of the network.”
Tezos is intended to be an evolving network. This flexibility is seen as a crucial aspect of its system. In particular, the lack of flexibility and scalability in Bitcoin has saddled it with numerous difficulties and growing pains. Ethereum has grown in large part because of its flexibility, and Tezos continues in that direction.
How Tezos Is Different
One of the distinguishing elements of Tezos is its governance. Most early blockchains rely on development teams and mining communities to formulate new design choices. However, Tezos attempts to build the decision-making process into the network of users itself.
“Tezos takes a fundamentally different approach by creating governance rules for stakeholders to approve of protocol upgrades that are then automatically deployed on the network," its developers claim. "When a developer proposes a protocol upgrade, they can attach an invoice to be paid out to their address upon approval and inclusion of their upgrade.”
As a result of this system, Tezos creates incentives for user participation in the core development process. That democratizes the development process and decentralizes maintenance.
At the same time, the developers of Tezos were aware that specific critical properties needed to be upheld over time. Tezos uses formal mathematical proofs to verify that these properties are maintained.
In effect, this means that the Tezos network remains decentralized. Though other blockchains are decentralized, Tezos also includes a mechanism that allows for collective decision-making. Tezos token holders are allowed votes on pending protocol developments.
Concerns About Tezos
With a powerful and flexible network at its core, Tezos drew massive attention in its initial coin offering. The ICO began on July 1, 2017. It went on to earn $232 million, making it one of the largest ICOs of all time.
However, following the success of the ICO, a significant dispute took place between Tezos President Johann Gevers and Arthur and Kathleen Breitman, the owners of Tezos' intellectual property rights.
As a result of the dispute, the launch of the Tezos platform itself was delayed indefinitely. As of early March 2018, the Tezos network had not yet launched, although Kathleen Breitman had previously suggested the launch would come within a few weeks of a conference at UCLA in February.
The delay of the launch was one of the reasons that Tezos ran into legal trouble. Investors initiated a series of lawsuits, arguing that tez were unregistered securities. The lawsuits sought to allow investors to receive refunds for the purchases that they made in the ICO. However, Tezos eventually launched in 2018.
The outlook for Tezos improved in early 2020, but the prices of cryptocurrencies are extremely volatile and highly speculative. Potential investors should exercise due diligence and avoid risking more than they can afford to lose.
Future of Tezos
The future of Tezos was once again looking bright in February 2020. Though the rapid rise in the price of tez suggests caution in the short term, record highs resolve some problems. In particular, all of those who want their money back could simply sell their tez on the market for a profit.
The future of Tezos remains positive. As with any cryptocurrency, rapid rises in the price suggest caution in the short term, while record highs resolve some problems. In particular, all of those who want their money back could simply sell their tez on the market for a profit. As of Sept. 4, 2021, Tezos is on 256,710 watchlists on CoinMarket cap.
More importantly, Tezos proved its staying power by surviving the bear market and reaching new highs. As cryptocurrency skeptic Warren Buffett once put it, “Only when the tide goes out do you discover who's been swimming naked.” It seems that Tezos is better suited to the future than many believed. However, the ultimate fate of Tezos will depend on the value of its technological innovations and its ability to gain support.
5 Things to Know Before You Buy Tezos (XTZ)
Tezos (XTZ) is one of a number of programmable blockchains that run tiny pieces of self-executing code, called smart contracts. Smart contracts are particularly useful for decentralized finance (DeFi) services that cut the middleman out of traditional banking.
If you're considering investing in Tezos, here are five things to consider.
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1. It recently announced a deal to provide tokenized assets for three Swiss firms
At the end of August, Incore Bank, Inacta, and Crypto Finance Group announced they would use Tezos to develop DAR-1 tokens. These new tokens will use smart contracts to comply with anti–money laundering rules and improve governance. Incore Bank also announced it would launch staking services for the Tezos network.
This deal supports Tezos's argument that its smart contract language is especially well suited to financial agreements. It says its Michelson language ensures funds won't get lost or frozen due to bugs in the code.
2. It calls itself a self-amending blockchain
Tezos says its self-amending chain is one of the things that make it unique -- its blockchain is "designed to evolve." The idea is that people who own Tezos can propose and vote on-chain to approve any changes, without the need for in-person discussions. Approved updates will then be implemented automatically. It's an unusual governance model that -- in theory -- reduces the likelihood of divisions within the community.
In contrast, off-chain governance involves more discussion at conferences, or via forums and mailing lists. Decision making can become slower and more acrimonious.
3. XTZ has gained around 170% since the start of this year
Tezos posted strong gains this year, though the price has not grown as much as that of other major cryptocurrencies. For example, if you'd bought $100 worth of XTZ on Jan. 1, it would be worth about $270 today. If you'd instead bought $100 worth of Ethereum (ETH), it would now be worth about $520.
Cryptocurrencies are extremely volatile investments that can see significant gains as well as considerable losses in what can only be described as a roller coaster. If you are investing in the hope of another 170% gain in the short term, you may be disappointed.
Instead, look at whether you think Tezos will perform well in the long term. As with any investment, it's important to take time to research the fundamentals and understand what problems it wants to solve. There are no guarantees, but this approach means you can be more confident it will do well over time -- and you won't have to worry as much about day-to-day price fluctuations.
4. It is trying to put its initial scandals behind it
We touched on Tezos' governance model above, but we didn't mention the internal struggles that hampered its early development. After a hugely successful initial coin offering in 2017, an internal dispute between the coin's creators (Arthur and Kathleen Breitman) and the Tezos Foundation led to significant delays in the platform launch.
The promised XTZ tokens took almost a year to materialize, prompting investors to take legal action. And it was only last year that the Tezos Foundation reached a $25 million settlement, $16.5 million of which went to investors who lost money.
The settlement should mean Tezos can finally draw a line under the scandal. The challenge is that while it was solving its internal issues, other cryptocurrencies -- like Cardano (ADA), Solana (SOL), and Polkadot (DOT) -- were developing their technologies. A year is a very long time in crypto. It also brings the token's on-chain governance model into question as the failure in Tezos' real world governance had such a big impact on the coin's development.
5. You can stake XTZ and earn interest
Tezos is listed on many of the top cryptocurrency exchanges. This means it's easy for U.S. investors to buy and sell the token safely. In addition, investors can stake their tokens (either through their exchange or wallet, or directly with the Tezos network) to earn interest.
Unlike Bitcoin (BTC), Tezos uses the more environmentally friendly proof-of-stake model to validate transactions and keep the network secure. If you stake your XTZ, you tie up your coins so they can power the network. According to Staking Rewards, a data provider, almost 77% of XTZ tokens were staked at the time of this writing, earning an average of 4.66% APR in rewards.
The interesting thing about cryptocurrencies is that blockchain technology is evolving and there are many problems still to solve. Right now, a number of programmable blockchains are competing to take market share from the giant that is Ethereum. It was first to market, but it struggles with network congestion and high fees.
Tezos is certainly in the race, and its recent tokenized asset deal shows its technology has real-world uses. But so far, its price hasn't had the same jumps as its competitors. That increase may still come, but there's also a chance investors won't be able to forget about its initial problems.
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On June 30th, Tezos launched a betanet version of their blockchain with its XTZ tokens being tradeable since then. Prior to this, on July 2017 The Tezos Foundation ICO managed to sale $232 million worth of XTZ tokens which were migrated to the freestanding Tezos blockchain when the betanet was launched.
Today, the beta phase of Tezos blockchain will be giving its place to the Tezos mainnet, after the announcement of the Tezos Foundation on September 14th that they will be officially launching the protocol a few days later. As of now, the new platform for smart contracts and decentralized applications will be fully operational and efficiently governed by its stakeholders who will also be able to implement future innovations through the Tezos protocol. The platform is currently valued at more than $1 billion of token supply.
50% Growth in 7 Days
During the last few days, the tokens have been trending, gaining an upper hand against Bitcoin and other cryptos. However, early in September, the tokens performed badly against the United States dollar at a time when Bitcoin was still within the $6000 region. Buta s Bitcoin began to rise above $6500, the tokens also showed some slight promises.
However, the 50% growth of XTZ isn’t because of the increment in market prices but because of the imminent launch of Tezos mainnet after one year delay.
According to the Tezox foundation president, Ryan Jesperson, the betanet release was smooth and stress-free, thanks to a team of developers in Paris who were saddled with the responsibility of testing and refining the codebase.
Furthermore, Tezos have come to an agreement with PWC (PricewaterhouseCoopers) – a well-known auditing firm from Switzerland – to validate the project operations. In fact, this is the first time in the history of the blockchain sector that a member of the big four accounting firms will be working for a blockchain organization.
The next step for XTZ
Usually, after the launch of a mainnet, the price of tokens declines drastically. However, given the fact that a few months ago, XTZ received zero support from renowned cryptocurrency exchanges, it is now likely to surge higher and gain more momentum from the launch of Tezos mainnet.
Release date tezos
Institutional Grade Security.
Tezos is designed to provide the safety and code correctness required for assets and other high value use cases at both the protocol and application layers by leveraging languages OCaml and Michelson, which facilitate formal verification, a practice commonly used in mission-critical industries, spanning from nuclear and aerospace to semiconductor and others.
Governance by the People.
The Tezos platform was built with mechanisms to ensure active community governance and participation. Users can actively participate by evaluating, proposing, or approving amendments to Tezos. This design empowers the type of collaborative innovation that keeps Tezos on the bleeding edge of technology.
An Energy-Efficient Algorithm.
Unlike Proof-of-Work blockchains like Bitcoin or Ethereum, Tezos’ Proof-of-Stake requires significantly less energy and cost to operate, making it an ideal alternative platform for building blockchain applications that are eco-friendly.
Smarter Smart Contracts.
Tezos is one of the leading smart contracts Proof of Stake blockchains. Tezos smart contracts can use formal verification, allowing them to be mathematically verified, reliable, and secure.
Seamlessly, Forklessly, Endlessly Upgradeable.
Tezos is built to adjust, adapt, and add features and functionality through its proven on-chain upgrade mechanism.
Tezos is built to remain state-of-the-art. Its modular architecture and formal upgrade mechanism minimizes disruptions while offering regular upgradability and enhanced functionality over time.
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