The Tezos Platform and The Tez (XTZ) Token
The Tezos Platform was developed by Arthur Breitman. He was a previous market analyst from Morgan Stanley - a Wealth Management Firm with a global reach that caters investments, stocks and viable assets.
It is a multi-functional platform that develops smart contract and maintains its network. It is mainly developing dApps, support and configurations.
The network infrastructure is a complex process. Thus, the platform ensures the simplicity of any on-chain run-through under their umbrella.
Most analysts surmise that its operability is also utilizing the power of blockchain. It mainly uses self-correcting protocols and on-chain governance managing network modifications.
Tezos is powered by its Platform Token called XTZ. It is created through the "baking" process. Bakers, just like the Miners of most crypto, put up deposits and are being rewarded for signing and publishing blocks. Witnesses will be the one who validate it. Dishonest bakers lose their XTZ deposits. XTZ also use delegated proof-of-stake (DpoS) and supports the Turing which completes the smart contracts process. Tezos is implemented in the OCami Programming Language which is mainly offering functional, imperative and object-oriented styles.
The Tezos Platform
Tezos addresses key barriers facing blockchain adoption to date: smart contract safety, long-term upgrade-ability, and open participation.
Source
When we check the website, it is easy to navigate and anybody who wants to upgrade their business process into this platform will definitely find simple solutions to suit our business needs.
From developing a website, creating a decentralized app, data storage and accessibility, the platform offers a secure, upgradable and reliable process that is built to last. This open-source platform is backed by a global community of validators, researchers and builders.
The Organization and The Platform Token is funded by a Billion Dollar Market Capitalization.
Stakeholders govern upgrades to the core protocol, including upgrades to the amendment process itself.
Self-amendment would allow Tezos to upgrade without undergoing any kind of fork or splitting of the blockchain just like what happened to most cryptocurrencies and even Bitcoin itself which resulted in creating new other cryptocurrencies such as Bitcoin Cash, Bitcoin SV, Bitcoin Gold, etc., as its byproducts.
Oftentimes, the expectation of a fork can divide the community, disrupt the network and its maintenance, can agitate the market value, alter stakeholder incentives. Because of self-amendment, coordination and execution costs for protocol upgrades are reduced and future innovations can be seamlessly implemented.
Formal Governance Process
The users now have a true digital commonwealth. It is designed to allow all stakeholders to participate in making decisions. To accomplish this, Tezos has pioneered innovations in three areas:
- Smart Contract Safety
- Open Participation
- Upgradeability
Smart Contract Safety:
It is computer program that dwells in the blockchain. They automate and decentralized processes that would normally require an intermediary.
Example: I would want to send money in cryptocurrency to a friend one year from today. I could pay a real money in a remittance service and hold this money one year from now. All my friend needs to do is to verify the fund and the date he would actually receive them. Since The Smart Contracts oftentimes involve a huge sum of money, Smart contract safety is very important. Hackers might find a bug in a contract's code and exploit it to access the funds. Or it may also be sent in an improperly coded smart contract and never get it back. Both of these issues have already occurred on the blockchain in the past and remained an obstacle in the widespread and adoption of cryptocurrency. Tezos improved this by facilitating the safety of the smart contracts by making it formally verified.
Formal verification is a technique that allows developers mathematically prove the correctness of their code and ensure it behaves as it is intended. It is increasingly useful that rely on mission-critical code such as the aerospace, nuclear plants, transportation and banking / finance industries. Smart contracts that are formally proven are less prone to errors that causes funds to be lost due to bugs or cyber-attacks. This emphasis on safety makes Tezos well-suited for payments, high-value transactions and applications.
Few Things To Know To Get Started with Tezos
On-Chain Governance, Decentralized Innovation, Smart Contracts & Formal Verification, Proof-of-Stake (PoS), & Delegation.
The Token Tez (XTZ)
Holding Tez (XTZ) enables one to interact with the Tezos Blockchain. Each wallet has undergone at least one independent external security audit.
When you currently HODL Tez, you can "bake" it.
Baking Tez can secure the network, verifies the transaction and distributes rewards.
Unlike mining, baking doesn't require hardware and a lot of electricity. Instead, all it requires is the token Tez (XTZ).
This is because baking in Tezos uses a consensus mechanism called Liquid proof of stake. It rewards participants with how much Tezos they are baking and rather than how much mining power they control.
How to earn rewards?
If we have enough Tez (XTZ)
1 roll = 8,000 XTZ
We can do it all by ourselves. We just need to have a personal computer / laptop with an internet connection and 1 roll of Tez to become a baker.
Alternatively, if we don't have 1 roll of Tez or 8,000 XTZ we can become a delegator. We can delegate our Tez to another baker and get rewarded with fees. We still control the amount of XTZ that we have and earn from our chosen baker from our delegation. After the initial period of 35 days, the baking rewards begin to be released. After this initial period, we will earn rewards every few days as long as our chosen baker is operational. We can change to a different baker at any time. This motivates the baker by being rewarded to perform well. The better job the baker does in baking, the more people will delegate their Tezos to that baker, the more rewards will be received. Baking on Tezos encourages Open Participation.
When everyone participate, we contribute valuable resources to the network. Bakers all over the world verifies transactions. Making Tezos stronger and decentralized.
We should always take care and should be in-control of our private keys. Therefore we are the only ones who are controlling our tokens.
There are three kinds of wallets which can store Tez Tokens:
Software: Galleon Wallet, tezbox and Kukai
Hardware: Ledger (Obsidian Systems) and The Trezor
Command Line: Tezos CLI (DOS-Based)
Not an endorsement or promotional post.
Activation
There are easy steps to get started:
- Check Your Contribution
- Obtaining your Activation Code - This requires KYC/AML verification.
- Activate Your Recommended Allocation. A Public Key hash will be given to reveal your Blinded Key which you need to save and store from a different device.
A balance for public key hash that was recommended an allocation will not appear on the block explorer until it has been activated. After a contributor (us) has activated its allocation, our balance can be viewed on the Store and Use page.
This information can be checked here: Get Started
My own market analysis for Tez (XTZ)
The final ranking coin for the Billion-Dollar Market Cap.
Landing on the 11th place of the coin-rankings around the globe, Tez (XTZ) has really climbed fast this year from ashes to one of the most popular cryptocurrencies.
It's quite bewildering that the organization has suddenly put $1.1-Billion Dollar for this program at the time when all cryptocurrencies are in the worst Bear Market. It even rose to an additional $300-Million after a few days. The investors and stakeholders probably thought this was a bad move and a few months after, they have gradually pulled out their stakes and exchanged their tokens into fiat. Surprisingly, there was only a slight collapse of market value in US-Dollars during the investment withdrawals. It was this year 2019 when the stakeholders gained their confidence when the cryptocurrency market started the Bull-Run again which really didn't last long and have been inconsistent reaching it's previous all-time-high.
But then again, still with a Billion-Dollar capital, this business created for business starters will definitely become stable as their tag-line is said to be "Built-in To Last".
This year, 2019. the price range for its USD exchange value rose to 300% from $0.50 to $1.60. Starting this month of November 2019 it pumped to this current value from $0.80 (80 Cents of a Dollar). With a huge number of supply (800 Million XTZ) its USD price won't really be more than $8.00.
Not a financial advice.
Though the platform is really promising, it ensures that this business will stay here for a long time.
Holding quite a handful of this coin is not that expensive, so let's all try to consider buying some of it.
Thank you everyone for dropping by and checking my post.
For all Tezos (XTZ) supporters, let me know if I need something to change from my post. This post originally was shared from Pulish0x. Check it out here as the main source of the content published here.