Tezos – a Community-Driven Smart Contract Platform

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 created to be an evolving network, so token holders can vote on pending protocol developments, for which there is a rigorous mathematical basis. The proposal election (voting) cycles 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 called bakers validate blocks, while “endorsers” guarantee the legitimacy of these blocks by submitting an operation that specifies they have validated the previous one. 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 quite a few projects live on its blockchain. There are two languages used when 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. Compared to other platforms like Ethereum and Tron, Tezos remains a strong alternative, and its greatest advantages are low costs and its big and helpful community of enthusiasts, as well as the democratic nature of governance.

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. Moreover, Magnum is widely considered one of the best wallets for delegation, so you will not lose out on any extra coins coming your way. Choose any baker and delegate funds in just a few clicks.

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