TEZOS (XTZ)- What Is Tezos – Tezos Review

★ WEBSITE ➤ https://tezos.com

ICO to Infighting
The history of Tezos is little more than 2 year old, but it’s already been quite a rollercoaster ride for investors and backers.
Tezos had its ICO, which was wildly successful, almost 2 years ago on July 14, 2017. It raised an astounding $232 million in one day, which was 10 times the founders expectations. It looked as if things were going well for Tezos indeed.

Unfortunately that wasn’t the case, as things soon spiraled rapidly out of control for founders Arthur and Kathleen Breitman. Like many cryptocurrency projects, Tezos had created a Swiss Foundation to control its assets, due to the relaxed banking regulations in Switzerland. What the pair failed to factor in is that under Swiss law the board of directors of a foundation have complete control of all the assets of the foundation.

Four Months of Silence
Following that press release and a promise from Kathleen Breitman to go rouge and simply release the token within weeks, there was little communication from the Tezos founders. This was understandably frustrating to investors, who had seen their investments more than double since the ICO, yet remain inaccessible.

Despite claims that there was a lack of technical progress as developers couldn’t be paid and left the project, Tezos finally went on to launch the betanet, nearly one year following the ICO. Tokens were released to the long-suffering investors, but their saga wasn’t quite done just yet.

What is Tezos?
Tezos is a unique blockchain, built from the ground up by its developers. It wasn’t based on any other blockchain by forking or building an extra layer on top of an existing project.

The stated goal of Tezos is a deceptively simple one: it wants to create a blockchain that is able to incorporate new innovations without risking a hard fork that could divide its community.
Tezos wants to build blockchain technology that works better than existing leaders Bitcoin and Ethereum. Already it has developed a blockchain that is far less computationally intensive, requiring less power from miners (or bakers as Tezos calls them), but still maintaining a reliable proof of stake consensus mechanism.
With the PoS consensus on Tezos, users will be rewarded for helping to maintain consensus on the blockchain. And it will also offer a formal process through which stakeholders can efficiently govern the protocol and implement future innovations. I’m not aware of any other blockchain project taking such a view to governance.

How Does Tezos Work?
Tezos works in many ways in the same manner as other blockchains, but with a key difference. That innovative difference is in how additions and changes are made to the blockchain.

A developer proposes some change or upgrade to the Tezos protocol. When doing so they can also attach an invoice to the proposal and if the change is approved by the community and added to the next upgrade they get paid in XTZ tokens. This has two benefits. It encourages developers to participate in Tezos development, and it also decentralizes the maintenance and development of the network.
Because developers are receiving tokens for their approved upgrades they get compensated immediately for their work on the Tezos network. They don’t need a corporate sponsor, and employer or any other traditional financial reward. They are free to work on what interests them.

Conclusion
Tezos is an innovative blockchain that was built from the ground up, and seeks to create true decentralized community consensus, and avoid the hard forks and political divisions seen in other blockchains. It’s ironic then that the project suffered a division almost from its start that caused a year long delay in the issuance of tokens and the creation of the betanet.

The project remains as valuable as it was as launched, but I wonder if it has lost trust from the community to such an extent that it can never fully recover.
Tezos would allow the blockchain to evolve and improve without the need for complex upgrades or hard forks, and this remains a valuable feature.
Everything considered, Tezos remains a very compelling use case for blockchain technology as it could solve the protocol governance problems that have faced so many blockchains – from Bitcoin to EOS to the DAO hard fork. If Tezos can get beyond the controversies of the past year it has significant potential and bears watching over the coming months.

TEZOS (XTZ)- What Is Tezos – Tezos Review

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Kane Dane