The Tezos (XTZ) cryptocurrency is a native cryptocurrency of Tezos, an open-source innovative contract platform used to issue new digital assets and create decentralized applications or dapps. The Tezos (XTZ) cryptocurrency fuels the platform of tezos and enables the holders to participate in voting on the protocol proposals.
Tezos, in simple words, is a blockchain network that is based on smart contracts, in a way that is not too dissimilar to ethereum. However, there is a noticeable difference, Tezos focuses to offer an infrastructure that is more advanced, which means that it can evolve and improve them overtime without there were being a danger of a hard fork. Now this is something that both ethereum and bitcoin have suffered since they were created. The players who hold the Tezos (XTZ) cryptocurrency can vote on the proposals for protocol upgrades that the developers of the Tezos network have put forward. This open-source platform itself serves as ‘secure, upgradable and built to last, and also says its smart contract language provides the accuracy that is required for some high value use cases.
As per the Tezos, its approach means that it is the future-proof and will also remain the state of the art long into the future, which means it can embrace the developments in the blockchain technology. The technology underpinning the Tezos (XTZ) cryptocurrency was first proposed in a white paper released in September 2014. After a few series of delays, the Tezos (XTZ) cryptocurrency was launched four years later.
Who Are The Founders Of The Tezos (Xtz) Cryptocurrency?
The man who wrote the Tezos white paper was Arthur Breitman, who works under the pen name ‘L.M. Goodman. Furthermore, he argued that one of the most significant failings of bitcoin was the lack of a governance process. It invited contributions from the community who use this network and the fact that the new tokens cannot be issued through this blockchain. Both he and his wife founded this startup known as ‘Dynamic Ledger Solutions’ which was tasked with writing the code. It would underpin the Tezos protocol. This company also purchased the Tezos (XTZ) cryptocurrency foundations to ensure that it owned all of the intellectual property rights related to the network.
What Makes The The Tezos (Xtz) Cryptocurrency Unique?
While staking is standard across the blockchain networks, the Tezos (XTZ) cryptocurrency comprises a unique twist on this process. Here, the participants get involved with the governance of the whole network via ‘banking,’ where they effectively stake the 8,000 XTZ. It creates a financial incentive to act honestly, too.
The bakers are then given the task of voting on the proposed changes to the blockchain code in a four-step procedure that is approximately completed in 23 days. Finally, the proposals that receive the support from the majority of the participants are put through their speeds on a test net for 48 hours and are also implemented if backed by a supermajority.
The Tezos (XTZ) cryptocurrency is also unique because of how it all started to be used by some high-profile business experts. For example, in September 2020, it was announced that these french banking giants Societe general planned to use the blockchain for experimenting with a central bank digital currency. Furthermore, the big cryptocurrency exchanges such as coinbase and binance have also unveiled the support for Tezos (XTZ) cryptocurrency staking, meaning users can receive rewards based on the STZ they hold.
How The Tezos (Xtz) Cryptocurrency Coins Are There In Circulation?
Our data shows that around 743,863,304 Tezos (XTZ) cryptocurrency coins are in circulation right now. A token sale for the Tezos (XTZ) cryptocurrency was held back in 2017, and during the ICO, a total of 361,122 ETH and 65,681 BTC was raised.