What is Tezos?

Tezos is a self-amending smart contract platform that is the brainchild of Arthur and Kathleen Breitman. The Whitepaper was released in 2014, and three years later Tezos went on to have the biggest initial coin offering (ICO) by amount raised at the time. The project is now up and running, with its native cryptocurrency Tez or Tezzie (XTZ) having gained significant market capitalization.

Baking & Governance

From the start, Tezos was intended to be an evolving network, so token holders are allowed votes on pending protocol developments, for which there is a rigorous mathematical basis. The election cycles for proposals ensure that only the most popular decisions are made at all times.

Additionally, Tezos has a unique consensus mechanism known as Liquid Proof-of-Stake (LPOS), in which randomly chosen stakeholders “bake” blocks, while “endorsers” guarantee the legitimacy of blocks by submitting an operation in a given block that specifies they have validated the previous block. Both bakers and endorsers can represent their own account balance or someone else’s, but only once they’ve had a security deposit frozen for a number of blocks. There are other rules, too, many of which are subject to change in the future.

Smart Contracts

Just like in Ethereum, one can create smart contracts and build decentralized applications in Tezos, and there are already a few projects released on its blockchain. There are two languages for writing smart contracts in Tezos – Michelson, which is low-level and designed to facilitate formal verification, and Liquidity, which compiles into Michelson and is more user-friendly.

Where to store Tezzies?

Choosing a good wallet for storing your cryptocurrencies is the best way to secure your digital assets. Magnum Wallet allows you to easily and safely manage your funds in Tezos and exchange them instantly if you need to.

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