What is Tezos (XTZ)? Crypto Currency XTZ Token in Details

In this article, What is Tezos (XTZ)? We will answer the question and provide detailed information about the project.

In this article, What is Tezos (XTZ)? We will answer the question and provide detailed information about the project.

What is Thesis (XTZ)?

Tezos (XTZ) Tezos is a blockchain platform supporting smart contracts and dapps based on the idea of ​​a digital state where governance is democratized efficiently and sustainably to avoid costly hard bifurcation scenarios.

In 2017, Tezos ICO collected $ 232 million in BTC and ETH, making it one of the largest ICOs in the industry. The Swiss-based Tezos Foundation is leading efforts to support the wider adoption of the protocol.

Within the network, XTZ is the token used for all transactions. With the inclusion of features such as Liquid Proof-of-Stake and on-chain governance, the throughput is traded for a higher level of decentralization.

Tezos relies on Liquid Proof of Stake (LPoS) with the full support of Turing’s full contracts. In the Tezos network, block generation is called baking while validators are known as bakers.

Tezos (XTZ)

The key features of Tezos include:

Liquid Proof-of-Stake (LPoS): Tezos uses a Proof-of-Stake consensus mechanism designed to maximize the decentralization of governance and encourage participation among XTZ owners of all sizes. LPoS has a dynamic set of validators that can expand with the network and allow stakeholders to transfer their rights to other owners.

In-chain governance: All stakeholders can participate directly or indirectly in protocol governance through authorization. An election cycle provides a procedure for stakeholders to propose changes and reach an agreement.

Self-modification: The protocol can “upgrade itself” without having to split the network into two different blockchains. Decisions to change the direction of the protocol are taken from the community of stakeholders and implemented through the on-chain governance process. It is designed to reduce coordination and execution costs for self-modification, protocol changes, and provide a smoother transition between network iterations.

Tezos main features

To alleviate the governance issues faced by many blockchain protocols, Tezos uses a series of leading-edge features based first of all on the basic consensus algorithm. The term Liquid Proof of Stake was chosen to distinguish the model used by Tezos from Delegated Proof of Stake (DPoS) chains such as EOS or NEO. While DPoS blockchains share block generation rights equally among a number of active block producers, LPoS determines the probability of block generation based on the proportion of the stake held by each validator; and there is no limit to the number of bakers in the system.

The Swiss-based Tezos Foundation is responsible for the promotion and management of the protocol. The Foundation is divided into six committees that focus on various related aspects. Foundation; The Foundation Council consists of the Executive Board, the Audit Committee, the Investment Committee, the Technical Advisory Committee and the Nominating Committee.

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