A Self-Amending Platform for Smart Contracts and Dapps

Tezos is an open-source platform for assets and applications that can change and improve itself without having to split the network. It lets stakeholders decide on protocol upgrades and apply innovations smoothly. Tezos offers a platform to make smart contracts and build decentralized applications that can’t be stopped or controlled. It also allows for formal verification, which helps to boost security by mathematically proving properties about programs. 

Moreover, Tezos uses a proof-of-stake consensus mechanism that rewards participants for helping the network’s security and stability. Participants must put a security deposit to join the consensus process, and dishonest behavior is punished. Users who do not want to join the consensus process can give their rights to other users.

What is Delegating?

If someone has less than 8,000 XTZ or does not want to set up computing infrastructure to bake blocks, they can delegate their coins to a baker (aka “delegate”). Delegating allows coin holders (i.e. “delegators”) to “loan” their coins to a baker (i.e. a “delegate”), giving the baker a higher chance of being chosen to bake and endorse blocks. In practice, bakers usually split the extra revenue made from the delegated tokens with the coin holder. Importantly, this process does not actually change ownership of coins and hence the baker cannot use or control the XTZ delegated to it, making sure that bakers cannot take the delegators’ funds.

What is Baking 

“Baking” is the process of creating and adding blocks to the Tezos blockchain. Bakers are an important part of the Proof-of-Stake consensus mechanism by making sure that all transactions in a block are valid, that the order of transactions is agreed upon, and that no double-spending has occurred.

To bake blocks, a baker needs to join Proof-of-Stake, which requires at least 8,000 XTZ (1 roll). The more rolls of tez that a baker has, the higher your chances are at baking blocks and getting baking rewards.

Who Are The Founders

Tezos was created by Arthur Breitman and Kathleen Breitman, who are the main creators of the platform. They worked with a team of developers and researchers to build the platform. Arthur and Kathleen have backgrounds in mathematical finance and computer science respectively. Arthur was a quantitative analyst at Goldman Sachs and had experience working on Wall Street. Kathleen was a business analyst at Bridgewater Associates, a hedge fund company. The team spent two years to develop the Tezos protocol and platform. Tezos was officially launched in 2018 and has since become a big player in the cryptocurrency space.

Conclusion

Tezos is a platform that aims to provide a secure, reliable, and scalable way to create and deploy smart contracts and decentralized applications. Tezos can upgrade itself without having to fork the network, avoiding the risk of splitting the community and the resources. Tezos lets stakeholders vote on protocol changes and implement them seamlessly. Tezos allows for formal verification, which is a method of mathematically proving the correctness and security of programs. 

This helps to prevent bugs and vulnerabilities in smart contracts and applications. Tezos uses a proof-of-stake consensus mechanism, which rewards participants for contributing to the network’s security and stability. Participants must stake a minimum of 8,000 XTZ (1 roll) to join the consensus process, and dishonest behavior is penalized. Users can also delegate their coins to other participants, who will share the rewards with them.Tezos uses a smart contract language called Clarity, which is designed to be secure, auditable, and easy to use. Clarity is compatible with the Ethereum Virtual Machine, making it possible to port existing Ethereum contracts to Tezos.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.