If you are interested in learning more about the Tezos, you have come to the right place. In this article, we will provide you with relevant information about the history of Tezos, how it works, and the possible uses it can have.
Tezos is a Cryptocurrency that was launched on the market in 2018, although its development began several years earlier, in 2014. The idea behind Tezos was to create a blockchain that could update itself autonomously, without the need for forks or abrupt changes in the network. This ability is achieved thanks to the Tezos consensus algorithm, known as “Proof of Stake”, which allows users who own Tezos coins to validate transactions and receive rewards for their participation in the network.
The idea for the creation of Tezos came from Arthur Breitman and his wife Kathleen Breitman, both specialists in finance and technology. The pair was looking for a solution to the problems posed by forks on other blockchains, which often divided the community and created a great deal of uncertainty in the market.
Instead, the Breitmans devised a self governance system that allowed network users to vote on possible updates and improvements. In this way, the Tezos blockchain could evolve more effectively, without requiring forks and without generating disagreements in the community.
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Improved governance system: As for how Tezos works, its “Proof of Stake” consensus algorithm works as follows: users who own Tezos coins can “stake” their coins to validate transactions and add new blocks to the blockchain. In return, they receive a reward in Tezos coins for their participation in the validation process. This mechanism fosters community participation and network stability.
Enhanced blockchain functionalities: Tezos developers have also implemented a proprietary programming language called “Michelson”, designed to facilitate the development of smart contracts on the blockchain. This allows developers to create decentralized applications and other projects based on Tezos technology.
Creation of Tokens and decentralized applications: Regarding the possible uses of Tezos, its technology lends itself to a wide variety of applications, such as the creation of decentralized voting systems, the issuance of digital tokens and the creation of prediction markets. Furthermore, Tezos has great flexibility to adapt to the changing needs of the community, making it an attractive option for companies and institutions looking to develop custom blockchain applications.
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