What is Tezos?
Tezos is a decentralized blockchain platform for developing smart contracts and decentralized applications (DApps). It was created by Arthur and Kathleen Breitman and released in 2018 with its own cryptocurrency token, the Tezos Token (XTZ).
One of the unique features of Tezos is its self-governance. This means that token holders can vote on proposed changes to the network, including upgrades to the protocol or amendments to the voting process itself.
How does Tezos work?
Tezos uses a Proof of Stake (POS) consensus algorithm, which means that validators (called “bakers” in the Tezos network) must stake a certain amount of XTZ tokens to participate in the validation process. Validating transactions on the Tezos network allows bakers to earn rewards in the form of newly-minted XTZ tokens.
Tezos also utilizes a smart contract language known as Michelson. Michelson is specifically designed to be more secure and prevent bugs or exploits from being introduced into the network through smart contracts.
What are the benefits of Tezos?
One of the main benefits of Tezos is its self-governance model. By allowing token holders to vote on proposed changes, Tezos aims to be more democratic and transparent than other blockchain networks. This also means that updates or changes can be made to the network in a more efficient and decentralized manner.
Another benefit of Tezos is its focus on security. The use of Michelson for smart contracts adds an extra layer of protection against common bugs or coding errors.
Finally, Tezos aims to address some of the scalability issues faced by other blockchain networks. Through its POS consensus algorithm and self-governance model, Tezos aims to be more efficient and adaptable to changes in the network.
How to buy Tezos?
Tezos is available for purchase on a number of cryptocurrency exchanges, including Binance and Coinbase. To buy Tezos, you will need to create an account on the exchange of your choice and link it to a payment method such as a credit card or bank account.
Once your account is set up, you can search for XTZ on the exchange and purchase it using your preferred payment method. It’s important to note that cryptocurrency prices can be volatile, so it’s always a good idea to do your research and understand the risks before investing.
Conclusion
Tezos is a decentralized blockchain platform that aims to be more democratic, adaptable, and secure than other networks. Its self-governance model and use of Michelson for smart contracts make it unique among other blockchain networks. If you’re interested in investing in Tezos, be sure to do your research and understand the risks involved.