What Is Tezos?
Tezos is an open-source blockchain platform designed for executing peer-to-peer transactions and deploying smart contracts. Its native cryptocurrency is called tez (XTZ).
Background
Tezos was conceived in 2014 by Arthur and Kathleen Breitman. They established the Tezos Foundation in Switzerland to support an initial coin offering (ICO) in 2017, which raised $232 million. However, disputes over control delayed the project’s launch.
How It Works
Tezos utilizes proof-of-stake for consensus and employs an on-chain governance model. It allows for protocol amendments through community voting on upgrade proposals. The platform supports Turing-complete smart contracts written in Michelson, a functional stack-based language.
Key Takeaways
- Founded in 2014 by Arthur and Kathleen Breitman.
- Raised $232 million in one of the largest ICOs in 2017.
- Utilizes proof-of-stake for consensus and on-chain governance.
- Supports Turing-complete smart contracts with Michelson.
- Has been utilized for NFTs and secured sponsorship deals with entities like Red Bull Racing, the New York Mets, and Manchester United.
