Are you a blockchain enthusiast? Wondering what exactly Tezos is? This article is a one-stop destination for everything you need to know about Tezos blockchain.
Learning Of Blog
- What is Tezos?
- Is Tezos Different From Other Blockchains?
- Pros and Cons
Tezos (XTZ) is a blockchain network linked to a digital token, which is called a tez or a tezzie.
According to its official website, “Tezos is an open-source blockchain protocol for assets and applications backed by a global community of validators, researchers, and builders.”
It is not based on the mining of tez; instead, token holders receive a reward for taking part in the proof-of-stake(PoS) consensus mechanism. It is assumed to be secure, upgradable, and built to last.
With its powerful and flexible network, Tezos drew massive attention in its initial coin offering(ICO). Bursting into the crypto space, it went on to earn $232 million, making it one of the largest ICOs of all time.
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Is Tezos Different From Other Blockchains?
Tezos is a self-amending blockchain that can evolve itself by upgrading it over time. By self-amendment, it means Tezos upgrade itself without having to fork the network into two different blockchains. Just like Ethereum, a blockchain-based platform, Tezos supports smart contract functionality and allows developers to build decentralized applications (Dapps) on top of it. Like other blockchain platforms, Tezos is also a decentralized one.
But what makes it different from others.
To formulate new design choices, most of the early blockchains rely on development teams and mining communities to build the decision-making process into the network of users itself. Tezos, on the other hand, this particular blockchain platform attempts to build the decision-making process into the network of users itself.
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Pros and Cons
Blockchain adoption faces many issues, and to eradicate such issues, Tezos addresses key barriers in terms of smart contract safety, long-term upgradability, and open participation.
Let’s talk about the advantages that Tezos blockchain offers.
- Tezos utilizes the Proof-of-Stake consensus mechanism in which participants provide only the necessary computational resources to keep the network working. This, it is inexpensive as compared to other blockchains that use PoW and other PoS processes.
- Tezos blockchain allows any stakeholder to participate in the consensus mechanism and rewards for contributing to the security and stability of the network.
- Like other blockchain platforms, it allows blockchain developers to create smart contracts and develop dApps. Michelson, Tezos native smart contract language, facilitates formal verification, which is commonly used in mission-critical environments like aerospace, nuclear, etc.
- When it comes to safety and code correctness, Tezos claims to provide both for high-value use cases.
- Tezos aims to provide the safety and code correctness required for assets and other high-value use cases.
- Tezos possesses a modular architecture and formal upgrade mechanism. Or we can say that it is self-amendment that allows the network to propose and adopt new technological innovations smoothly as they emerge.
- It offers formal and systematic procedures for stakeholders to reach an agreement on proposed protocol amendments.
- The primary pitfall associated with Tezos is a delay in token issuance, causing several users to miss out on their rewards without being informed.
- Although investors and delegators can spend on XTZ tokens, they are sticking to other popular coins such as Bitcoin, Ethereum, etc. There is a lack of commercial support with Tezos.
- Presently, blockchain developers consider Tezos as an immature network as it is difficult to predict what its transaction fees and speeds will be once the platform becomes more widespread.
- Due to the delay in token issuance and other reasons, Tezos has dealt with behind-the-scenes drama and other conflicts which acts as a barrier in its popularity.
As we have seen that how Tezos has faced a tough start, it is now becoming a promising platform as it offers powerful technical innovations in terms of consensus mechanism, smart contract security, and self-upgrade procedures. Tezos have a supportive community, “Tezos Foundation,” that is incentivized to help improve its protocol and the entire ecosystem. As we have seen the various advantages of Tezos, it can be said that it offers an excellent opportunity to become the dominant chain in the cryptocurrency space. But only time will reveal whether it can recover from the issues of delays and setbacks.
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