We are happy to announce our partnership with the team at Tezos to bring the Tezos (XTZ) cryptocurrency to fox.exchange.
Apart from its unique proof-of-stake (Baking) consensus protocol, the price of XTZ has more than tripled since October 2019! This reveals a promising cryptocurrency especially after the project’s successful ICO.
Built on top of a self-amending decentralized platform for dApps similar to Ethereum, Tezos started as a husband and wife project and now boasts contributions from investors like Tim Draper who contributed $1.5 million towards the project.
What is Tezos (XTZ)
Tezos is currently ranked among the top ten cryptocurrencies according to CoinMarketCap. The Tezos (XTZ) cryptocurrency powers the Tezos multi-purpose platform.
It was developed by Arthur Breitman who is a former analyst at Morgan Stanley. The Tezos platform aims to tackle some of the key hurdles in the way of blockchain’s mass adoption. These include scalability, safety, and upgradability.
This is done through a modular architecture that combines a self-correcting protocol with that of an on-chain governance system.
How does it work?
The Tezos platform works like any other distributed, peer-to-peer network. The platform is built around smart contracts whose rules on the network are directly controlled by the network’s users.
This level of flexibility is designed into the platform to improve scalability, safety, and upgradability. Therefore, while most blockchain platforms depend on miners and developers to formulate consensus protocols for governance, the Tezos platform has a built-in decision-making process that is democratic and is dependent on the users themselves.
At its core, the Tezos platform provides an incentive for users to participate in its core development and maintenance process through the baking reward system that works similar to earning interest on bank deposits.
What makes Tezos standout?
Unlike Ethereum, the Tezos platform is built on a unique programming language called Michelson. The programing language was created by the Tezos development team to write smart contracts and to facilitate the platform’s Formal Verification process.
Formal Verification is a mathematical process used in high-stake situations e.g. in nuclear reactors and in medicine, to improve security and avoid costly bugs.
Tezos’ on-chain governance allows developers to propose upgrades to the network as XTZ holders decide on whether to keep the changes thus facilitating a self-evolving network without the need for a fork.
This is one of the biggest advantages of the Tezos platform, enabling developers to continue working and improving the platform autonomously. A self-upgrading mechanism and democratic decision-making process gives each XTZ holder a voice and makes Tezos a cryptocurrency platform to watch.
The Tezos Team
Arthur Breitman and his wife Kathleen Breitman are the founders of Tezos. They are both well versed in the financial sector and Arthur also has a background in computer science and mathematics. Together with the rest of the Tezos team, Kathleen (CEO) and Arthur (CTO) continuously improve and add new features to Tezos.
Recommended Tezos (XTZ) Wallets
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