CandleFocus Glossary Editor
Tezos is a blockchain network that is associated with its native digital token, commonly known as “tez” or “tezzie”. The network was founded by Arthur and Kathleen Breitman, who created a blockchain-based ledger called the Tezos blockchain. This ledger is self-correcting, meaning that it can be upgraded without the need for hard forks.
The governance of the Tezos network is based on economic stakes. Instead of using miners to validate transactions, the network uses a proof-of-stake consensus mechanism. This mechanism allows users to stake their tez to validate transactions, without the need for expensive and energy-consuming bitcoin mining. The incentive for verifying transactions is the potential reward of a larger amount of tez.
The Tezos network underwent a successful Initial Coin Offering (ICO) in July 2018, raising over $235 million worth of tez. Following this, Tezos was mired in a power struggle between the project’s founders and a third-party auditor. This led to a plethora of lawsuits, tarnishing the reputation of the Tezos network.
In spite of this, the price of a tez rose to above $8 in October 2021, before declining to below $2 by June 2022. This represented a significant spike for the tez token and shows that the network has resilience, despite the legal issues.
Ultimately, Tezos is a blockchain network with a focus on governance, staking, and decentralization. It uses a proof-of-stake transactional validation system and is self-correcting, meaning it can be upgraded without the need for forks. Although the project has had to deal with legal issues, the price of its native token, tez, has remained resilient.
The governance of the Tezos network is based on economic stakes. Instead of using miners to validate transactions, the network uses a proof-of-stake consensus mechanism. This mechanism allows users to stake their tez to validate transactions, without the need for expensive and energy-consuming bitcoin mining. The incentive for verifying transactions is the potential reward of a larger amount of tez.
The Tezos network underwent a successful Initial Coin Offering (ICO) in July 2018, raising over $235 million worth of tez. Following this, Tezos was mired in a power struggle between the project’s founders and a third-party auditor. This led to a plethora of lawsuits, tarnishing the reputation of the Tezos network.
In spite of this, the price of a tez rose to above $8 in October 2021, before declining to below $2 by June 2022. This represented a significant spike for the tez token and shows that the network has resilience, despite the legal issues.
Ultimately, Tezos is a blockchain network with a focus on governance, staking, and decentralization. It uses a proof-of-stake transactional validation system and is self-correcting, meaning it can be upgraded without the need for forks. Although the project has had to deal with legal issues, the price of its native token, tez, has remained resilient.