Tezos is a decentralized blockchain platform designed to facilitate smart contracts and decentralized applications (dApps). It was created by Arthur Breitman and Kathleen Breitman and launched in 2018.
Tezos distinguishes itself through a self-amending governance model, which allows the platform to upgrade and evolve over time without requiring hard forks. The governance mechanism enables token holders to vote on proposed protocol upgrades, making Tezos a self-governing blockchain platform.
The native cryptocurrency of the Tezos platform is called Tez (XTZ), and it serves as both a utility token for accessing and using the platform’s features and a staking token for securing the network. Tez holders can participate in a process called “baking” by staking their tokens to help validate transactions and secure the network. In return, they earn additional Tez as a reward for their participation.
Tezos supports the development of smart contracts and dApps through its programming language called Michelson. Michelson is a high-level, strongly typed language that is specifically designed for formal verification, enabling developers to write secure and reliable smart contracts.
One of the key features of Tezos is its focus on on-chain governance and self-amendment. Through the voting mechanism, stakeholders can propose and vote on protocol upgrades, allowing the platform to adapt and incorporate new features or improvements over time. This governance model aims to avoid contentious hard forks and promote community-driven decision-making.
Tezos has gained attention for its focus on security, formal verification, and its ability to evolve through self-amendment. It aims to provide a platform for building decentralized applications, offering flexibility, and governance features to its users and developers.