What is Tezos (XTZ)?

Like Bitcoin and Ethereum, Tezos (native token - XTZ) is a decentralized ledger that makes use of blockchain technology. Like Ethereum, Tezos is designed to make use of smart contracts. Tezos goes beyond previous offerings. It takes the smart contract concept one step further by letting participants directly control the rules of the network. Known as a "self-amending" blockchain, Tezos allows XTZ holders to vote on possible changes to its rules, and once decided, the software would automatically update to ensure the changes were made. 

To make its system work, Tezos users were allowed to vote through a process called “baking,” in which they agreed to lock XTZ they owned in special contracts. Users could either become bakers or delegate XTZ to other bakers to win newly minted XTZ from the protocol.

Real World Example:

Tezos is a decentralized blockchain for assets and applications that can evolve by upgrading itself. Stakeholders govern upgrades to the core protocol, including upgrades to the amendment process itself.


Fun Fact

The term “Tezos” is ancient Greek for “smart contract,” according to the developers.


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