Tezos

Tezos is a decentralised blockchain platform that supports smart contracts. It is similar to platforms like Ethereum and EOS etc. The platform was built with the intention to address one important weaknesses of Bitcoin and Ethereum – forking due to disagreements on update. Tezos incorporates a process for upgrading the protocol over time through on-chain governance.
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What is Tezos?

Tezos is a decentralised blockchain platform that supports smart contracts. It is similar to platforms like Ethereum and EOS etc. The platform was built with the intention to address one important weaknesses of Bitcoin and Ethereum – forking due to disagreements on update. Tezos incorporates a process for upgrading the protocol over time through on-chain governance.

How does Tezos work?

Tezos is a blockchain that can evolve by upgrading itself. Stakeholders can propose and vote on amendments to the protocol, including amendments to the voting procedure itself, to reach social consensus on proposals.

 

Self-amendment allows Tezos to upgrade itself without having to split (“fork”) the network into two different blockchains. This is important as the suggestion or expectation of a fork can divide the community, alter stakeholder incentives, and disrupt the network effects that are formed over time. Because of self-amendment, coordination and execution costs for protocol upgrades are reduced and future innovations can be seamlessly implemented.

Similar to EOS, Tezos uses delegated proof of stake as the consensus mechanism. Tezos has its own smart contract programming language known as Michelson. The benefit of the language allows developers to mathematically prove the correctness of their smart contract code before deployment.

At the time of writing Tezos was the third largest ICO by amount raised. However, the coin is quite controversial due to dispute between the founder and former defacto CE of Tezos Foundation.

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