New cryptocurrency technologies emerge on to the scenes every day. Some of which get highly acclaimed recognition, while others fail to deliver drastically. However, only a handful of coins have been able to gather as much hype as Tezos. Tezos is often referred to as the next generation of cryptocurrency. According to its official website, it is ‘a decentralized blockchain that governs itself by establishing a true digital commonwealth and facilitates formal verification’ (Frankenfield, 2020).
Tezos looks at the basics of cryptocurrency technology in a very different way. Their approach towards the blockchain implementation is regarded as a revolution in the cryptocurrency development. The team has redefined the building blocks of the transaction process so that each could be upgraded and replaced in a modular way. The company’s goal is to make Tezos, “the last cryptocurrency” by bringing in all the innovative features of different cryptocurrencies and integrating them into a single cryptocurrency that could be readily accepted and incorporated in daily applications. This modular approach will enable Tezos to be updated at all times and bear all the latest qualities of different blockchains.
Tezos was a visionary startup founded by Arthur Breitman and Kathleen Breitman, under the umbrella of Dynamic Ledger Solutions (DLS) in 2014. They have their headquarters located in Switzerland and a team of core developers who are working tirelessly on the project. Tezos ICO was held in year 2018 and Tez (XTZ) tokens were exchanged in for Bitcoins and Ethereum tokens. The ICO lasted for thirteen days and managed to gather an amount of $232 million by the end of it.
Another much-needed step that Tezos has taken in its approach to completely redefine the blockchain network is that unlike Bitcoin and other cryptocurrencies, it has removed the dependency on the mining process. It makes use of the proof-of-stake methodology to ensure the working of the Tezos network. Talking about the actual product, Tezos can be compared to Bitcoin and Ethereum as it a distributed ledger based on a blockchain technology. It makes use of smart contracts, and not only that, it actually takes it one step further by ‘letting the participant directly control the rules of the network’. Its modular architecture allows it to have a competitive edge over other cryptocurrencies. Flexibility and Scalability are two of the main issues which many cryptocurrencies are facing today. Tezos, however, has provided a hopeful solution to cater these limitations.
Tezos ICO rights were held by Tezos Foundation, headed by Johann Gavers, while the intellectual property rights belong to Distributed Ledger Solutions (DLS), which is under the Breitmans. The development of the Tezos network is also being looked after by the technical leadership of DLS. The projects code is placed under the MIT Open Source License and all the development work can tracked on Github.
Tezos has become the talk of the town with its announcements lately. More and more forums are now talking about Tezos and the community around this technology is growing very quickly. It surely holds a lot of potential and the modular approach that it talks about is something very revolutionary. Analysts, and the crypto-community at large, are optimistic about its breakthrough in the year to come.