What is Tezos?

What is Tezos?

Tezos is a technology to deploy a blockchain capable of modifying its own set of rules with minimal disruption to the network through an on-chain governance model.

Image via ftalphaville

Unlike blockchains like Bitcoin or Ethereum, in its most popular version, the Tezos blockchain does not rely on mining (Proof of Work) but instead uses a Proof-of-Stake consensus model.

Tezos is a Blockchain platform similar to Ethereum, created with the main purpose of extending the function of the bitcoin blockchain by smart contracts. The difference between Tezos and Ethereum is that Tezos focuses on building a blockchain platform capable of self-adjusting, updating or improving the system, even at the protocol level quickly through community consensus with the least amount of network disruption possible, and no need to perform hard forks like other blockchain platforms.

Co-founders, Arthur Breitman, and Kathleen Breitman, have been developing Tezos since 2014 with a group of core developers. The company is based in Switzerland. As we said, they raised $ 232 million in an untapped ICO in just 2 weeks, accepting contributions from both bitcoin and ether. Shortly after their historical ICO, Tezos ran first on a lot of management issues. To understand these management issues, you must know that the founder of Tezos is called DLS (Dynamic Ledger Solutions), and the company that holds all the proceeds in the ICO is named the Tezos Foundation.

Arthur and Kathleen Breitman participated in a public struggle with the President of the Tezos Foundation, Johann Gevers. Apparently, Gevers, who controls the funds, refused to disburse money to the Breitmans. This dispute has led to chaos within the community, and the exchange rate is estimated to have plummeted. The Breitmans have made a harsh statement about Gevers, which includes words like self-dealing, self-promotion, and conflicts of interest.

Finally, after so many dramas and media attention, Gevers left the company after receiving more than $ 400,000 in pension benefits. Now things are finally going smoothly. So on that note, let get those bare details.

How does Tezos work?

The Tezos blockchain platform uses a protocol called Seed Protocol to work, a form of Proof-of-Stake algorithm, so participating in the Tezos network will require a Coin to validate the blocks. The way Tezos works is no different from other Blockchain platforms. Here’s how Tezos works:

Initially, Seed Protocol will select the baker involved in the block confirmation process, then each baker will form a bond and reward with the network. To create a bond, be entitled to participate in confirming the block and receiving a reward, the baker must deposit a certain amount of his coins into the network.

Each confirmation cycle will be able to last up to 2048 blocks, after which the network will end the contract and return the coins to the baker, and continue to choose the next group based on the number of piles that baker offers and so on extend the blockchain. With this principle to ensure that every baker will be honest, because of competing deposit to have the right to confirm the block that time operates in only 1 cycle. After confirming the block, the baker will probably get a certain reward for that.

Features of Tezos

Tezos has many of the same features as other blockchains. It is an encrypted, highly secure, decentralized system, and cannot be hacked. Some of the features that make Tezos more unique than other blockchains include:

Decentralization, automatic upgrade: All current software in the world can be upgraded easily and automatically, but for blockchain, the upgrade is very difficult and laborious. But for Tezos, they allow decentralization of the upgrade process and allow for automatic upgrades. This is the remarkable strength of this platform.
Upgrade without a hard fork: Tezos’s upgrade process can be done without requiring the right to give a separate development team permission to avoid subjective decisions.

Scalability of Tezos

Scalability is one of the biggest problems in the Blockchain field. Understanding that, Tezos has taken an approach to ensure the long-term scalability of the platform. It is using the concept of Zero-knowledge proof, a mechanism popularized by the Zcash project.

The concept of Zero-knowledge proof is used to execute a smart contract and isolate the actual implementation of a smart contract and verify it with consensus buttons. This significantly reduces the workload of consensus nodes that only verify the evidence of a smart contract but do not need to implement the whole smart contract.

Besides reducing the workload, this method can also significantly reduce network transaction costs and allow complex smart contracts to run more efficiently.

Tezos project development team

The Tezos Project was founded by the Kathleen and Arthur Breitman couple, overseen by the Tezos Foundation – an investment fund established after the ICO, based in Switzerland. The Tezos Foundation is responsible for managing ICOs and deploying them to develop projects. The Tezos project development team brings together experienced experts in the field of technology. Overview of the two founders of Tezos:

Arthur Breitman: Arthur is currently CTO at Dynamic Ledger Solutions and leads a team of Tezos-built computer scientists and programmers. He has a background in mathematics, computer science and economics. At the age of 18, he won a bronze medal for France at the International Olympiad in Informatics. He went on to earn a degree in applied mathematics and computer science at the École Polytechnique, one of France’s leading universities.

Kathleen: She works as Associate Manager at Bridgewater and an associate strategy at Accenture and R3, an enterprise blockchain software company. Kathleen is currently the CEO of Dynamic Ledger Solutions and leads the company’s operations.

The project development team is mainly located in Paris, France. Most of them have PhDs in Computer Science and are experts in programming languages. There is also a team of Tezos project consultants, including Zooko Wilcox – computer scientist and ZCash project leader, Emin Gün Sirer – Cornell University Associate Professor, Andrew Miller – computer engineer and Assistant Professor at the University of Illinois at Urbana.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like