Features of the Tezos cryptocurrency( XTZ), full review



What is Tezos (XTZ)?

Tezos is a new decentralized blockchain that facilitates formal verification, a method that mathematically proves the correctness of the code governing transactions.

The Tezos blockchain will support reliable, decentralized applications and smart contracts, avoiding some of the political and technological challenges that Bitcoin and Ethereum have previously faced.

The goal of Tezos is to build a better chain and solve the problems that the team sees on other platforms.

Tezos is written in Ocaml, and the key advantage of this approach is the ability to verify parts of the protocol. Among the disadvantages – the programming language is used quite rarely, which creates difficulties in development, the Ethereum virtual machine is not used. This approach is found in most Bitcoin clones, but the creators of Tezos have developed their own virtual machine, it works on Michelson.




The main differences between the Tezos crypto coin (XTZ) and other crypto platforms.




Implemented the possibility of layer-by-layer protocol updates. The protocol itself is divided into 3 layers (network, transaction layer and consensus layer), the consensus algorithm is based on PoS (Proof of Stake), this fundamentally distinguishes Tezos from the same Bitcoin and many other cryptocurrencies. PoS allows you to increase the speed of transaction confirmation, because not all miners will participate in their verification, but only a part of selected validators.

Tezos aims to ensure that token holders make decisions together, manage the platform, and improve it over time.

The platform is positioned as an alternative to the Ethereum network protocol of secure smart contracts, which will be able to avoid the technological and political problems that Bitcoin and Ethereum had.

The fact is that Tezos can update the entire protocol of decentralized chains without a hard fork, the code will be updated automatically. This method of changing the protocol will be used for the first time.

A significant difference between Tezos and the Bitcoin blockchain is the consensus algorithm. In the case of Tezos, it will be based on DPoS (delegated share confirmation), in which not all block producers are responsible for verifying transactions, as in the Bitcoin blockchain, but only a select few. However, token holders still have the right to participate in verification. This will give a higher transaction speed. Such a consensus system is also proposed by the EOS blockchain.

But the main thing that the Tezos development team is focused on is the security of transactions, which Ethereum cannot yet provide. Tezos is already being called the best blockchain because of all these improvements.




History of Tezos creation




The spouses of Arthur and Kathleen Breitman began preparing for the launch of the crypto network back in 2011. But a full-fledged development team was formed only 3 years later. After that, work on the project began to boil, we created a technical basis, prepared legal documentation and a WhitePaper. Finally, in May 2017, the Tezos ico was supposed to be held, but just three days before the start of the token sale, it was postponed.

The ICO company was held in July 2017, and managed to raise $ 230 million. But the final product was not released on the stock exchanges until the end of the year, which caused panic among investors and a series of lawsuits.

The beta version of the Tezos cryptocurrency platform, which appeared on July 1, 2018, did not save the situation. The coin began to be sold en masse to return the investment, which caused the collapse of the exchange rate.




Tezos Mining




The XTZ cryptocurrency is earned not by miners, but by bakers. The DPoS consensus algorithm allows each coin owner to participate in the backing process, which is what the Tezos network calls the process of processing transactions and generating new blocks.

To do this, you need to install a full node on your PC and submit an application on the official website of the project. Bakers are rewarded with XTZ coins, in case of an attempt to cheat the system, they are subject to sanctions up to the withdrawal of the deposit. The DPoS consensus algorithm is successfully applied in the EOS blockchain ecosystem.




Where to buy and sell Tezos




The Tezos exchange supports many crypto exchanges, here are the main well-known platforms:

Coinbase;

Binance;

Kraken;

Bitfinex;

To work on the exchange with any cryptocurrency, you need to pass verification, for this you will be asked to send a selfie and a scan of your passport, within a few hours you will receive a response about passing verification and you will be able to trade on the exchange.




Wallet for Tezos




wallet for tezos



There are many different Tezos wallets that differ significantly from each other.

Software Wallets:

AirGap (iOS, Android, Web);

Atomex (iOS, Android, Windows, macOS, Web);

Galleon (macOS, Windows, Linux);

Guarda (macOS, Windows, iOS, Android);

ZenGo(iOS, Android)

Hardware Wallets:

Obsidian Systems;

Trezor;

Tezos CLI

Online Wallet Tezos:

There is another good option for storing Tezos online, this is a multi-currency walletCoinbase. What is convenient for such a wallet? First of all, if you are going to store not one cryptocurrency, but many different cryptocurrencies, having a multi-currency wallet, you will not have to start a separate wallet for each crypto coin, it is very convenient to store all the coins in one place. This is a good, convenient and reliable wallet, it allows you to enter any minimum amount without commission. For the withdrawal of funds, there is a small commission that miners receive, there is a safe on this wallet.

If you plan to start a Tezos wallet to collect XTZ from taps, then Coinbase is a very good solution.




Conclusion:




Legal proceedings after a bad start ruined the reputation of XTZ. The long development and delayed start had a negative impact on the imm of the coin.

The XTZ cryptocurrency has the potential to grow, as all tokens grow in the wake of bitcoin.

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