About Tezos
Tezos is an open-source, self-governing blockchain that allows organizations and individuals across a distributed global network to transact in digital assets using its native digital currency (XTZ). Securely built to evolve organically, Tezos provides an ideal long-term solution for digital transactions while addressing the challenges of governance, security and scalability that have historically faced blockchain technology.
Key Features of Tezos
Self-amendment allows Tezos to upgrade itself without having to split the network into two different blockchains. The expectation of a fork can divide the community, alter stakeholder incentives, and disrupt the network effects that are formed over time. However, with self-amendment, protocol upgrades can be automatically executed and seamlessly implemented.
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On-Chain Governance
In Tezos, all stakeholders can participate in governing the protocol. On-chain governance presents a mechanism that empowers all stakeholders to more efficiently and formally coordinate to reach social consensus on protocol upgrades. A decision-making process that takes all stakeholders’ preferences into account to better strengthen the network effect.
Proof-of-Stake (PoS) is the mechanism by which the various participants in Tezos reach consensus on the state of the blockchain. Stakeholders can participate in the consensus process in Tezos and be rewarded by the protocol itself for contributing to the security of the network. To participate, one only requires to hold a certain amount of XTZ, thus lowering the barriers to entry.
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Smart-contracts & Formal Verification
Tezos offers a platform to create smart contracts that cannot be shut down or censored by third parties. Tezos facilitates formal verification, which is a technique used to mathematically verify potential bugs in smart contracts to prove the code works without errors. Any information that is put into the blockchain is immutable. Therefore, it needs to be formally verified to ensure that it is error-free.
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Baking & Delegation
‘Baking’ is known as validating on the Tezos blockchain. Users who do not wish to participate directly in the consensus protocol have the option to delegate their rights to other users to participate on their behalf.
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