Tezos $XTZ Wiki: Coin History, Techstack, and Crypto News

Tezos is an open-source blockchain whose main purpose is to serve as a platform for executing peer-to-peer transactions and deploying smart contracts. The native cryptocurrency for this blockchain is known as tez and uses the symbol XTZ.

Tezos offers a self-amending crypto ledger. Blockchains like Ethereum, Bitcoin, Cryptonote and many others can be hosted on the Tezos network through the implementation of the correct interface to the Tezos network layer.

The network reaches consensus by using proof of stake.  The Tezos network makes use of an on-chain model for governance which enables the amendment of the protocol when the upgrade proposals get a positive vote from the Tezos community.

History

Tezos was proposed in 2014 for the first time by creators Arthur Breitman and his wife Kathleen Breitman. The Tezos Foundation was formed by Johann Gevers.

Arthur Breitman released two white papers under the name L.M Goodman in 2014 while he was working at Morgan Stanley. The papers proposed a new type of Blockchain called Tezos. He registered a company known as Dynamic Ledger Solutions in 2015 with him being the chief executive. The French firm OCamPro was contracted to build the required software. He left Morgan Stanley in 2016. Tezos received $610,000 from backers but were unable to get bank loans of $5 to $10 million as they originally sought.

The Tezos Foundation was formed by Johann Gevers in 2017 after meetings with Arthur Breitman going back to 2016. The foundation raised $232 million in Bitcoin and Ethereum which was one of the biggest initial coin offerings(ICOs) that had ever been done at the time. Gevers was also establishing his own cryptocurrency at the time known as Monetas. They made plans for the foundation to become a non-profit which would raise enough money from the ICO to acquire the group’s technology

Johann Gevers and the Breitmans publicly feuded over control of the project which led to delays that caused investors to sue over the unauthorized sale of the security. Gevers resigned in 2018 and the board of the foundation was replaced. The Tezos testnet was launched in June of 2018 after the resignation of Gevers. The Tezos mainnet was launched later that year in September 2018.

The founders paid $25 million in a settlement to the investors in 2020.

Biggest Claim to Fame

Tezos supports meta upgrades. The protocols based on the network can amend their own code. The network did this by creating a protocol at the forming of the network that provided a procedure for those who hold a stake in Tezos to approve amendments to the founding protocol including how to amend the initial Tezos protocol and voting procedure.

Tezos has a democratic design. The community has greater control of any changes that may happen or need to happen on the network. This is an advantage over other networks where control over network decisions and network changes remains with those that developed it or those with the biggest stakes on the network. This system prevents hard forks in the network which would have caused part of the system to break off from the main system on the platform.

Tezos provides developers with a chance to launch new decentralized applications and Non Fungible Tokens(NFTs). The platform is already home to several projects from a wide range. They include Tezure, an insurance marketplace that is decentralized, a decentralized application known as tzBTC whose goal is to tokenize Bitcoin, and many more.

Biggest Criticism of Tezos

Most of the Tezos cryptocurrency XTZ is concentrated among a few people. This makes the voting protocol nearly obsolete since very few people can use their voting power to amend or create a protocol. It is also not healthy for a decentralized system to have its power contained within a few of the top investors as the creation of blockchain was meant to block this kind of power imbalance.

The Tezos Team

Arthur Breitman is one of the creators of Tezos. He studied applied Mathematics, physics, and computer science in France. He also studied financial mathematics under Nassim Nicholas Taleb at New York University and worked in quantitative finance.

Kathleen Breitmanis a cofounder of Tezos. She studied at Cornell University and worked as a consultant at a hedge firm. She and Arthur Breitman released the white paper for Tezos in 2014.

In Conclusion

Tezos is a crypto investment like any other. The service provided by the network is a common service offered by several cryptocurrencies with a better and more transparent background and by the book legal beginnings.