In previous blog articles, we’ve covered a broad view of cryptocurrency and profiled Bitcoin, Ethereum and several other altcoins.
👀 In this article, we’ll take a closer look at the cryptocurrency and platform – Tezos and provide information on what it is and how it works. Here is our brief guide to get you on a clearer path to understanding.
🌰 TEZOS IN A NUTSHELL
👉 Tezos is a smart contract platform with the aim of being a self-governing blockchain and true digital commonwealth. The goal of the platform is to be a place where people with shared goals and interests can transact. Like other platforms, Tezos facilitates user participation in DeFi, decentralized apps (dApps) and NFT projects.
💰 The XTZ token, also known as Tez or Tezzies, is the official coin of the Tezos platform.
📜 TEZOS HISTORY
Tezos was first conceived and proposed in 2014 by Morgan Stanley quantitative analyst Arthur Breitman (under the pseudonym “H.L. Goodman”) and his wife Kathleen. The project’s name was chosen from a list of unclaimed websites that were easy to pronounce in English.
In 2015, Breitman developed software development company Dynamic Ledger Solutions Inc. By 2016, the Tezos Foundation was established in Switzerland, followed by a large Initial Coin Offering (ICO) in 2017, raising USD$232 million. After some initial disputes with other co-founders was resolved, Tezos went live in September, 2018.
Tezos has engaged in multiple sponsorships to raise its profile, including brands such as Red Bull Racing🏎️, the New York Mets⚾, and Manchester United⚽ – which also released NFTs on Tezos’ blockchain.
Tezos has also attracted OneOf, the NFT platform backed by music producer🎵 Quincy Jones.
🌟 TEZOS PLATFORM KEY FEATURES
✨ Self-Amendment – For Tezos, the developers designed the blockchain platform to upgrade its system without splitting or “forking” like most others. This avoids the associated problems such as network disruption, community division and changes to the incentive plans for clients.
✨ On-Chain Governance – Tezos has a governance structure in which the involvement of each stakeholder is key. The platform has an election cycle and a say in amendments to the protocol, allowing clients to feel involved in the progress and development of the platform.
✨ Decentralized Innovation – All network activity and governance are decentralized, and the Tezos Foundation disclaims any role in its operations.
✨ Smart Contracts & Formal Verification – Tezos smart contracts are in Michelson programming language to address security concerns. The language enables developers to create smart contracts and dApps that are resistant to third-party interference or censoring.
✨ Proof-of-Staking (PoS) – Tezos has used a liquid Proof of Stake (LPoS) mechanism since its inception. Unlike other PoS protocols, any stakeholder can participate in the consensus process in Tezos and be rewarded by the protocol itself for contributing to the security and stability of the network. Additionally, PoS is less costly than other consensus mechanisms and lowers the barriers to entry for involvement.
⚔️ TEZOS vs ETHEREUM
Tezos’ genesis dates back as early as 2014 when the only dominant blockchain was Bitcoin. At that time, Ethereum was still in its infancy. It was developed as a competitor to both of these blockchains and has similarities to Ethereum as both are smart contract📄 platforms.
While Ethereum smart contracts are developed in Solidity, Tezos’ programming language is OCaml, which is easier to debug and maintain and more expressive.
While Tezos used the PoS mechanism since its inception. Ethereum only recently moved to PoS in “The Merge” during September, 2022. The fact that anyone can participate in Tezos’ PoS mechanism makes it less costly and lowers the barriers to entry, making it easily accessible.
As an alternative to Ethereum, Tezos has also become a popular platform for NFTs.
👛 TEZOS WALLETS
XTZ tokens can be stored on a variety of cold storage / hardware wallets and hot / software web or app wallets.
Hardware wallets – Ledger, Trezor
Web wallets – Kukai, Temple, Umami, Spire, Galleon Wallet
App wallets – Trust Wallet, ZenGo, Altme, Airgap*, Atomex”, Guarda*
* also a web wallet
📊 TEZOS TOKENOMICS
The infinite supply of Tezos currently totals 961,638,200 XTZ.The supply of XTZ presently in circulation is just over 940.4 million XYZ. The current market capitalization of Tezos is approximately USD$845.4 million.
💲 TEZOS (XTZ) PRICE
When Tezos initially launched in mid-2018, it had a volatile range of value between USD$2.43 and USD$0.34. In 2020 and into 2021, XTZ’s value climbed to initial peaks of USD$3.61, USD$4.40 and USD$5.01. The rising popularity of NFTs in 2021 saw XTZ’s value reach a peak of USD$7.58 and then an all time high price of USD$8.35 in late 2021. The bear market of 2022 has softened support for Tezos and it’s value dropped significantly, 2023 has seen XTZ’s value range between USD$0.71 and USD$1.43.
👉 EARNING TEZOS WITH BLOOM
📲.The Bloom shopper rewards app allows you to earn Tezos and other crypto (like Bitcoin, Ethereum and a range of other altcoins) with every purchase made on your Visa card 💳.
🦉 All you need to do is download the Bloom app, register an account, link your Visa card and shop anywhere using your credit or debit card.
💰 With every purchase, you will earn Bloom Coins by simply using your Visa card💳. The more you use your card, the more Bloom Coins you will earn.
🎁 Bloom Coins can be redeemed for in-app rewards and converted into Tezos.
🆓 Converting crypto on Bloom, such as Tezos, is free of charge and has no gas fees!
💎 Earn exclusive 3x Bloom Coin rewards with a Premium Membership.
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Bloom does not recommend that any cryptocurrency or NFTs should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.