Tezos

Tezos (XTZ) is a high-performing blockchain and open-source platform for assets and applications. It has a strong emphasis on code security, on-chain governance, and decentralization. The next phase of Tezos, known as Tezos 2.0, aims to enhance scalability through layer 2s, composability, and support for mainstream programming languages such as Javascript, Typescript, Python among others.

The Tezos protocol was initially designed with formal verification in mind. This allows developers to avoid bugs when creating smart contracts, making it particularly suitable for applications that require a high level of security and certainty.

Liquid Proof-of-Stake Consensus Mechanism

The Liquid Proof-of-Stake (LPoS) consensus mechanism of Tezos allows any stakeholder to participate directly or by delegation in the consensus process. Participants are rewarded for securing the network. Uniquely, Tezos’ on-chain governance system also enables stakeholders to create and vote on protocol upgrade proposals. This innovative system enables the protocol to self-amend without causing a split (or fork) in the blockchain which facilitates community empowerment without hindering innovation.

First proposed in 2014 and launched in 2018, the Tezos Mainnet has been running uninterrupted since its inception and has earned a reputation for technical excellence and an engaged community.

The Founders of Tezos

Tezos was conceived by Arthur and Kathleen Breitman in a 2014 white paper under the pseudonym L.M. Goodman as an homage to Satoshi Nakamoto. They criticized Bitcoin's biggest shortcomings such as lack of a governance process that invited contributions from its user community, cost and centralization issues raised by its proof-of-work system, limited expressiveness of its programming language which didn’t allow for smart contracts, and security issues.

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