Tezos (XTZ): A Self-Amending Blockchain

Tezos (XTZ) is a blockchain platform and cryptocurrency that was launched in 2018.

Tezos is designed to be a self-amending blockchain, allowing for on-chain governance and protocol upgrades without the need for hard forks.

It uses a unique governance mechanism that allows stakeholders (token holders) to propose and vote on protocol upgrades. This on-chain governance system enables the network to adapt and evolve over time without the need for contentious hard forks.

Tezos has a focus on formal verification, a method of mathematically proving the correctness of smart contracts and protocols. This enhances security and reduces the risk of bugs or vulnerabilities in the code.

XTZ tokens

Tezos uses a PoS consensus mechanism, where token holders can participate in block validation and consensus by staking their XTZ tokens. Staking helps secure the network and allows stakers to earn rewards.

Tezos has a variation of PoS called Liquid Proof-of-Stake, which allows token holders to delegate their staking power to other validators without transferring ownership of their tokens. This encourages broader participation in consensus and provides flexibility to token holders.

Tezos smart contracts

Tezos provides a platform for developing and deploying smart contracts, allowing developers to create decentralized applications (DApps) on the network.

Tezos smart contracts are written in a language called Michelson, which is designed to be safe and facilitate formal verification.