What is Tezos?
Tezos is an open-source blockchain that evolves by upgrading itself. Token holders vote on amendments to the protocol, including amendments to the governance mechanism to reach social consensus on proposals. Tezos was designed to facilitate formal verification to improve the security of smart contracts and decentralised applications.

Formal Verification

Tools that allow writing programs that do not have bugs. It essential helps developers to prove the correctness of their smart contracts code mathematically. Applicable to contract automation as well as critical code in various industries such as aerospace, transportation infrastructure, finance, etc.

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Smart Contracts

Tezos offers a platform to create smart contracts that cannot be shut down or censored by third parties.

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On-Chain Governance

In Tezos, all stakeholders can participate in governing the protocol. This provides a formal and systematic procedure for stakeholders to reach consensus on proposed protocol amendments.

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Self-Amendment

Self-amendment allows for coordination and execution costs for protocol upgrades to be reduced and the seamless implementations of future innovations.

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Liquid Proof-of-Stake

In Tezos, the consensus mechanism adopted is called Liquid Proof-of-Stake (LPoS). With it, validation is carried through virtual mining and uses much less resources. To participate in the consensus in the blockchain, one only requires to hold a certain number of Tezos tokens, rather than having to purchase mining hardware.

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Baking (Validate)

In Tezos, block creation is done by bakers. Tezos gain the right to create a block when a Tezos token they own (or is delegated to them) is randomly chosen to create a block, instead of having to find a solution to a proof-of-work problem.

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