Introducing the world’s first self-evolving blockchain, Tezos is a smart contract platform which is functioned similar to Ethereum. While introducing digitalcurrencies like Bitcoin have stuck to their guns, Tezos will sees the future of cryptocurrency as an upgradable path to success.
The technology behind the cryptocurrency is getting advance at such a pace that it seems rather difficult to keep up with all the latest developments. So, Why not you upgrade your blockchain with the latest techology which is available? As new innovations unfold, Tezos predicts that the future blockchain will remain on the cutting edge to peak level.
What is Tezos?
Blockchain technology has changing this world the way of think in payment, system and bankings implementing by the different type of transactions. But coming to the new blockchain platform, Tezos is a disruptive one.
Tezos is a decentralized and innovative blockchain project that promises to create a new digital commonwealth. It was designed to work better than the existing leaders of the industry, Bitcoin and Ethereum.
Tezos in simple words:
Tezos is designed to provide the safety and code correctness required for assets and other high value use cases. Its native smart contract language, Michelson, facilitates formal verification, a methodology commonly used in mission-critical environments such as the aerospace, nuclear, and semiconductor industries.
The goal of Tezos:
Just like ethereum, Tezos is secure and future proof of smartcontract with inbuilt consensus algorithms. Tezos’ goal is a very straightforward one: it aims to create a blockchain capable of incorporating new innovations without risking a hard fork that could potentially divide its community.
How Tezos works:
Tezos works like most other blockchains. The main difference between other blockchains and Tezos is related to how new additions, updates, innovations, are added to the blockchain. In short, Tezos has a totally different view on governance.
Developers are free to propose protocol updates, and attach invoices in order to receive rewards if the said upgrade goes through. This type of approach incentivizes all participants in the Tezos core development and decentralizes the way the network is maintained.
What makes Tezos be highlighted?
Tezos has its own blockchain, built from the ground up. Also, Tezos relies on a far less power-hungry algorithm. Even though it still relies on a Proof-of-Stake consensus algorithm, its far less power-consuming than other similar algorithms.
At the end of the day, the main difference between Tezos and its competitors is the way it allows its ledger rules to be self-governing. This is done by making the “apply” and “score” variables (usually associated with any blockchain project) a part of the mutable state.
Tezos key future:
A key feature is the involvement of all stakeholders in the direction and governance of the platform. Stakeholders can vote on amendments to the Tezos protocol and even changes to the voting procedure itself. In the simplest case, stakeholders will approve or veto changes in the code or protocol.
An Architecture of Tezos:
A typical tezos blockchain uses the following 3 protocols to function:
•Network protocol – discovers blocks and broadcasts transactions
•Transaction protocol – decides what makes a transaction valid
•Consensus protocol – determines how consensus is achieved in a unique chain
Briefly the protocol explains the below points:
•Network Protocol: This is the gossip protocol which is responsible for peer listening and broadcasting between nodes.
•Transaction Protocol: This is the transactional layer which defined the accounting model that is implemented by the blockchain.
•Consensus Protocol: Pretty self-explanatory. This defines the consensus protocol that will help our blockchain reach agreements on the state of our transactions.
Types of Tezos Account:
You can use two types of account for tezos:
These are the most common accounts in Tezos. They start with tz1 (Ex: tz1cJywnhho2iGwfrs5gHCQs7stAVFMnRHc1). This is a simple account that is generated from a pair of public/private keys. The tz1 public address is derived from the public key and each tz1 account has its own private key. These accounts have an account owner and account balance.
Implicit accounts cannot have a delegate. To delegate funds, they will need to transfer funds to an originated account and then a delegate must be set.
Along with implicit accounts you also have accounts for your smart contracts which are called originated accounts. These start with KT1 (Ex: KT1Wv8Ted4b6raZDMoepkCPT8MkNFxyT2Ddo). These accounts have the following fields:
•Manager – This is the private key of the account
•Amount – Amount of Tz in this account
•Delegatable – If this account’s funds can be delegated for baking
•Delegate fields – Info on who this account has delegated to for baking.
An originated account can delegate its funds to the baker’s implicit account. We will talk more about bakers later.
Tezos has three unique capabilities:
•On-chain governance and self-amending.
•Liquid Proof-of-Stake consensus mechanism
•Smart contracts with formal verification.
Smart Contracts and Formal Verification
Tezos has been coded using OCaml. The smart contracts that will run on Tezos will be created using Michelson. So, what is special about these languages? They both happen to be functional languages.
Where Can You Buy and Store XTZ?
Tezzies have yet to be listed on any major exchange. This will most likely prevent the project from gaining wider adoption until some additional options are added. In the meantime, if you were not an investor in the ICO you can buy and sell XTZ on:
and some smaller exchanges. There is currently no official wallet, however, according to some social media posts Tezzies can be stored on a wallet via the command line. Such a solution will only suit programmers of course.
TezBox provides a user-friendly web wallet which can be accessed from your browser. This is a community-driven wallet but we do have to stress that web wallets are a serious security threat and storing and retrieving your coins this way is completely at the user’s risk.
When it comes to languages, they belong to two families:
Tezos Advanced Futures:
One of the key features of Tezos is the fact that its updates/upgrades are automated, almost as smooth as an upgrade to any modern software. Its unique set of government rules allow stakeholders to vote easily and reach a consensus on the said upgrades. This not only avoids a phenomenon called political deadlock but it’s also good at avoiding hard forks. In short, with Tezos, you will not see any over empowered single core development team or group to sway over the consensus reaching mechanism.
Where to build the Tezos blockchain network?
Coinjoker- A Leading Blockchain and Cryptocurrency exchange development company experienced in producing cryptocurrency and blockchain based solutions. Now, we are upgrading ourselves to develop tezos- the future of blockchain governance. You can an improve your business with more security and faster with the smartcontract based tezos blockchain network. You can build your own decentralized blockchain network and move your business to the next successful level.