Introduction to Tezos
What problem does Tezos solve?
Tezos is a ‘decentralized Blockchain that governs itself by establishing a digital commonwealth and facilitates
formal verification’, according to its official website. Unlike Bitcoin and other cryptocurrencies, Tezos does not
solely rely on mining of Tezos (XTZ) tokens to process its transactions, rather, it makes
use of the proof-of-stake methodology.
The main purpose of launching Tezos was to cause a
revolution in the cryptocurrency technology, by redefining the building blocks of the transaction process in
order to facilitate an upgrade so that it would be replaced in a modular way.
The intention was to create a cryptocurrency that can be governed decentral. The company stated
that Tezos’ goal was to become “the last cryptocurrency” in the sense that all the
innovative changes of competing technologies could be readily accepted and incorporated in the Tezos Blockchain.
For this, Tezos will always be updated and bear the latest version of Blockchain technology
Aimstone: How is Tezos different from Ethereum (Here is how)
What is Tezos
What does the cryptocurrency Tezos actually do?
Tezos is a distributed ledger-based on Blockchain technology, just like Bitcoin and Ethereum. Its consensus mechanism is a Proof-of-Work system and it makes use of ‘smart contracts’. There is more to its good qualities as what it does in a rather revolutionary development, is that it takes the concept of smart contracts one step further, by “letting the participants directly control the rules of the network”. The modular architecture of Tezos gives it a competitive edge as flexibility and scalability are two major issues that have halted Bitcoin from growing. The project is far from being finished (Smith, 2018).
Who is behind Tezos
What team is working to make Tezos successful?
Tezos was founded by Arthur Breitman and Kathleen Breitman in 2014. With a team of core developers, the two started working on the technology with their headquarters located in Switzerland. Arthur and his wife control the founding company Dynamic Ledger Solutions (DLS) and own the intellectual property rights of the Tezos technology. The token’s ICO was organized by Tezos Foundation which is headed by Johann Gavers (The Analyst Team, 2018).
Tezos is looked after by the Tezos Foundation. There is a team of advisors and developers who constantly work towards the better development and representation of the cryptocurrency. Among this development team are Arthur Breitman, Kathleen Breitman, and Vincent Bernardoff. The advisors include Andrew Miller, Emin Gun Sirer and Zooko Wilcox.