Tezos: what you should know about XTZ
- Tezos (XTZ)
- Live Price $0.84
-
24h %
-2.98%
- Market Cap $868,795,772.00
- Volume $38,189,072.00
- Available Supply 1,028,970,297 XTZ
- Rank 101
Today we will present TEZOS and we will offer you a detailed analysis about the project and about its native token, XTZ. We will analyse the price potential of XTZ and we will explain why we think that TEZOS has the potential of becoming on of the best cryptocurrency projects of 2022.
We will begin this description by saying, as we already mentioned a few times in the past, that there arent many cryptocurrency projects which resisted for a long time in the market, one of the reasons being that they failed in evolving.
TEZOS is one of the projects that were invented precisely for this evolution, not only to survive, but also to move forward.
Tezos has had one of the most successful ICOs, generating over $ 232 million in just two weeks. Some of the major investors include Dalma Capital, Limitless Crypto Investments, Boost VC, Cypher Capital and Enabling Future. There are also a few individual investors, including Andreas Schwartz, James Sowers, Zachary Cefaratti and Kenneth Bok. When it comes to financial and strategic investments, Tezos has gained a lot of support due to its extremely democratic self-government blockchain. Many crypto enthusiasts believe that what Tezos is doing is much closer to Satoshi Nakamoto's philosophy.
Story
TEZOS was conceived in 2014 by Arthur Breitman and Kathleen Breitman. Arthur has a masters degree in financial mathematics and after graduating, he worked for Goldman Sachs and Morgan Stanley, and later on, for Google. His wife, Kathleen, also worked for numerous companies on Wall Street. The couple were introduced in Crypto since the very start of Bitcoin, and Arthur was inspired in writing the TEZOS whitepaper exactly as an opposition to what the Bitcoin community was feeling at the time. In 2013, the general idea of the bitcoin community was that Bitcoin was perfect just as it is, and the rest of the other Altcoins were considered a scam.
Therefore TEZOS was configured in 2013 with a priority put on protocol evolution and a strong emphasis was put on the on-chain governance, in order to guide the future progress of the project.
In 2015, Kathleen and Arthur started a company which would serve the design of TEZOS code design, but they didn’t manage to gather the necessary funds, finally managing to obtain funds in Switzerland, where they ultimately ended up setting up the company.
In 2017, TEZOS Foundation conducted a pre-sale for the XTZ token, raising a total of 232 millions of dollars, but this pre-sale caused a real scandal, after the company refused to give the TEZOS founders the TEZOS code and a part of the funds.
Since the ICO, the release date has been permanently postponed due to backstage games and other conflicts. Meanwhile, Tezos was officially launched in September 2018 and it's time to see what this interesting project hides.
Currently, Tezos is one of the most interesting and promising cryptocurrency projects due to its chain governance function and self-modifying features that many consider to be in line with Satoshi Nakamoto's blockchain philosophy. It is one of the reasons why the project attracted so much attention.
News
Due to this reason, TEZOS network was launched with a severe delay from the planned launch date, and only in September 2018, after a period of time full of lawsuits originating from the pre-sale. Only in 2020 TEZOS managed to put a stop to these misunderstandings and only 1 year later, in 2021 the original founders re-joined the TEZOS Foundation, giving shape to new projects which are building NFT marketplaces and Blockchain Gaming.
TEZOS is able to process this moment around 100 transactions per second. TEZOS has validators and bakers, for which a minimum of 8000 XTZ (around $40,000) is necessary to be locked for a minimum of 14 days. For delegators, there is no need for locking any XTZ and no locking period either, which is why at this moment, there are probably 101,000 delegators on the TEZOS network.
TEZOS is written in a more special programming language, called Mickelson, and it has at this moment in time around 135 applications within the ecosystem, 10 protocols evaluated at roughly 110 million dollars, and their NFT Marketplace is receiving an average of 25,000 new users per month.
There are now approximately 250,000 users in total within the network, which is a good thing for the governance system, where bakers and validators are the ones which propose and vote changes related to the project. The last voted change was in December 2021Î, when transaction fees were adjusted and contract interoperability was improved, shortening the time of block fees transactions, from 60 to 30 seconds.
TEZOS price action was not very impressive. From the ICO, XTZ’s price increased 10 times, which is not extraordinary compared to other projects, but it is not bad either, taking into account the lack of funding and the problems encountered along the way, and especially because until recently, XTZ was able to be bought only with BTC and ETH.
The Bi-Annual TEZOS Report shows that there are no plans put into place for liquidating the XTZ tokens the team has. Actually, many exchanges are stakers or validators within the TEZOS ecosystem, which involves a relaxation in regards to a potential mass sell-off. On the other hand, this institutional involvement in the project is the very reason why the price did not go as high as the community expected it to go.
A very large partnership is with Ubisoft, who made at the end of 2021 an announcement that they became validators, later announcing that they will launch their NFT’s on TEZOS , and XTZ price went to an All Time High when the F1 RedBull Team announced that they will also launch their own NFT’s on TEZOS. Recently, TEZOS made a partnership with Manchester United, in order to create a stronger community of E-sports.
All these partnerships, added to the upgrades made within the network lately, started to create a serious demand for TEZOS and this is visible in the price trend . We can speculate that after this correction, we could see XTZ getting near and even over the last All Time High of 10$.
What are the benefits of Tezos?
Being a decentralized blockchain, Tezos does not offer all the conventional advantages, but also brings a series of unique features.
Self-modified blockchain
This allows the Tezos network to self-update the protocol without subjecting it to a hard fork or splitting the network into multiple blockchains. This is crucial for blockchains, as hard forks can divide the community, fragment resources, change stakeholder rewards and dilute all the benefits it has accumulated over time. Self-amendment allows for smooth coordination and implementation of future changes and updates.
Chain government
Each interested party in the Tezos blockchain has the right to participate in the governance of the network. There is an electoral cycle that provides a systematic and organized way for stakeholders to reach a consensus on proposed blockchain changes. The use of a self-changing process with chain governance also allows Tezos to improve its electoral process for better governance in the future.
Decentralized
Developers proposed changes may also make payments to individuals or groups working to improve the protocol. An interested party may accept these proposals to provide the necessary funding. This robust funding process not only decentralizes network maintenance, but motivates participation. In the long run, it can help Tezos establish a dynamic, open and passionate community of developers who are motivated enough to make valuable contributions to the network.
Formal verification and smart contracts
The Tezos blockchain can be used to build decentralized applications and smart contracts that cannot be censored or removed by third parties. Moreover, Tezos allows a formal verification process, which improves the security of these applications through mathematical procedures. The mechanism can also be used to identify and fix errors before any significant repercussions.
Proof-of-Stake
Proof-of-Stake or PoS is the protocol by which several actors in Tezos gain consensus on the state of the blockchain. Unlike other PoS protocols, each stakeholder can be part of the consensus process and has the right to receive a direct reward through the protocol itself for making a valuable contribution to network security and accountability. Moreover, the PoS protocol does not consume resources and has a low barrier to entry, allowing more people to become part of this process.
Tezos current price is $0.84 with a marketcap of $868,795,772.00. Its price is -2.98% down in last 24 hours.
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