Tezos: The Self-Amending Blockchain

Tezos is an open-source blockchain platform for assets and applications, distinguished by its unique approach to governance and security. This article discusses what Tezos is, its defining features, and its XTZ token.

What is Tezos?

Tezos is a blockchain platform designed to support smart contracts and decentralized applications (dApps). Its most notable feature is its "self-amending" protocol that lets developers propose, select, test, and activate protocol upgrades without hard forks.

Key Features of Tezos

Tezos uses a delegated proof-of-stake consensus algorithm and features a unique system of governance where any stakeholder can propose changes to the network's rules. Changes that are approved through community voting are automatically applied to the protocol, preventing disruptive hard forks.

The Tezos Token (XTZ)

XTZ, also known as "tez" or "tezzie," is the native cryptocurrency of the Tezos network. It's used for transaction fees and for staking in the network's consensus mechanism, where holders can "bake" or delegate their tez to participate in block creation and earn rewards.

Building on Tezos

Developers can build smart contracts and dApps on Tezos using Michelson, a domain-specific language designed for Tezos smart contracts. The network also has tools and resources to facilitate development and foster its ecosystem.

Conclusion

Tezos introduces a novel approach to blockchain governance and security. By allowing stakeholders to vote on protocol changes, Tezos aims to create a secure, upgradable, and long-lasting blockchain network. However, potential users and investors should conduct thorough research and consider the risks involved before participating.