Tezos – XTZ
Today we will introduce you to Tezos. As one of the most successful ICOs in 2017, it raised a whopping $228 million. It is a blockchain that develops itself through on-chain governance, a system in which token holders have voting rights to determine which way Tezos goes, without the need for so-called “forks”. Tezos supports smart contracts and offers a platform on which decentralized applications (dApps) can be developed. We take a closer look at this coin with the aim of giving you an objective view in a way that everyone can understand.
As mentioned, the Tezos network can develop itself through the governance system, without the need for (hard) forks. The group of token holders as a whole will together determine how the platform will continue to develop itself.
Tezos is often compared to Ethereum, however, Tezos goes a step ‘further’ in the sense that they also support smart contracts, but go further in this through the governance model and strike in a Delegated Proof of Stake model. Ethereum also plans to use Proof of Stake in the future, but has no delegations.
This review of Tezos – XTZ was created for informational purposes. This article is not intended for promotion.
So Tezos can develop itself thanks to Delegated Proof of Stake, but why is this so important? This is extremely important because it allows development to continue with a very reduced risk of a split in the community and thus a split in the blockchain (fork).
This creates a powerful community that makes decisions together, spends time efficiently and maintains one network together. All stakeholders of Tezos can participate in the governance model and can vote during the selection rounds of delegations. This requires a number of tokens to be tied up, which can be lost if voting is unfair. This ensures a fair, open and self-governing platform.
All of the above ensure that the smart contracts on the platform work as they should. This allows companies to make huge savings in transaction costs, risk and time.
The core team of consists of four team members, Co-Founder & CEO Kathleen Breitman, CTO Arthur Breitman, Bozman Çağdaş & Vincent Bernardoff.
Of course, they don’t do this alone. Thanks to Tezos’ open environment, community members contribute to many different aspects of the platform, for which they are also rewarded thanks to the governance model.
Kathleen Breitman lives in San Francisco, California and prior to her time at Tezos studied in New York and worked as a strategic employee at Accenture. Arthur Breitman has worked as a quantitative analyst at Goldman Sachs and Morgan Stanley and has a true investor mindset.
Cryptocurrencies can always be stored in multiple places. You can choose to do this on a software wallet, hardware wallet or exchange wallet (not recommended). We explain more about our choices for this on this page.
Tezos does not have an official wallet, but the token can be stored on the hardware wallets Ledger and Trezor, which is where we prefer to store it. There are also software wallets (web wallets) that store your XTZ online, such as Tezbox Wallet and Galleon Tezos Wallet.
Personally, I expect a lot from Tezos. They are currently one of the most well-known companies in the industry. Tezos has an incredibly active community that contributes to the growth of the platform in all areas, many hands make light work and given that the company currently seems to have more and more everything in order, it looks like the company will now be able to make great strides.
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