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Team of a workforce, from the beginning of the 17th century, Tezos (XTZ) has never departed on the lips of the cryptocurrency community.
The project also has controversial lawsuits hanging over it as it continues making headlines worldwide.
The team of programmers behind the coin Tezos (XTZ) had a clear vision when coding but failed to implement successfully upon completion.
ICO cryptocurrency the best performer on the market and also make it stand against other cryptocurrencies.
This is the duty of this beginner guide to the key factors surrounding this Blockchain.
Tezos is a cryptocurrency, Blockchain based platforming on smart contracts technology just like Ethereum.
Tezos is said to have been developed in the USA by the Ex-Morgan Stanley specialist, Arthur Breitma and is aimed at providing significant self-improvement and community grants.
It stands in the Ethereum category hosting
The robust, secure and future-proof smart contract system platform uses community input to improve upon its flaws and create a fast and efficient protocol.
Purpose of Tezos cryptocurrency
With its robust blockchain and decentralization application, Tezos issued its own coin XTZ (pronounced '
For now, its main purpose is to serve both as an investment and a decentralized application platform.
Tezos (XTZ) is also designed to handle transactions. In the year 2018, it reached a significant milestone ranking among the top 20 according to market capitalization.
The Tezos team
The brain behind Tezos is also known to be its developer Breitman:
Arthur Breitman a computer engineer and mathematician with a background in working the financial industry. He resigned from his formal employment and devoted time to come up with Tezos (XTZ).
It is the same as "inability to evolve" and instead of the historical rise and adoption of Bitcoin.
His proposed solution gave birth to the Tezos project that exists today.
Kathleen Breitman Bridgewater Associates and R3, with her vast experience working in the financial sector.
Coming up with the ICO which gave her insights into distributed database technology.
Internal fights
The first squabbles between the founders of Tezos – Arthur and Kathleen Breitman – and the head of the Tezos Foundation – Johann Gevers emerged a few months after ICO.
The management fictured to the extent that the head of the custodial Tezos Foundation had to leave.
By that moment, investors of Tezos have already been waiting to trade their tokens for several months.
The dispute between founders and Gevers led to the community mayhems, which led to the estimated exchange rate reducing significantly after the unveiling of Breitman's' petition.
The published letter contains uncomplimentary characteristics of Gevers, including words like "self-dealing, self-promotion and conflicts of interest".
Tezos Supply & Sustainability
According to CoinMarketCap, there is a total supply of roughly 763 million "Tezzies" in the currency pool.
5.5% on a yearly basis. Therefore, every year, the coin is expected to grow by 5.5%.
XTZ supply will decrease year over year
Also, the Tezos foundation aims at having the blockchain create new blocks every 60 seconds though it has been averaging around 64 seconds for some time now.
Difference between Tezos and Ethereum
Ethereum is one of the cryptocurrencies closest to Tezos in terms of similarities. Ethereum is currently the second cryptocurrency in terms of market capitalization and just like Tezos, it has a smart contract feature.
How is Tezos different from Ethereum? Below, we will outline the two blockchains function.
Governance
With Ethereum, changes made on the blockchain are for the most part done by the Ethereum foundation and its developers. They operate on a set of road maps and other stakeholders have limited influence to change or influence its implementation.
However, with upgrades and changes within the Tezos blockchain, the on-chain governance system is being used.
This means developers can submit suggestions for change to the Tezos network which is then being voted. If the required votes are gotten, then the change will be implemented and the developers then receive an incentive.
Consensus Mechanism
While Ethereum was founded as a Proof-of-work consensus mechanism and will soon be switched to proof-of-stake, Tezos operates under a delegated proof-of-stake mechanism.
The proof-of-work-mechanism used by Ethereum requires high-energy usage and requires miners to proof that they have extended the necessary resources into computing.
On the other hand, the delegated proof-of-the-mechanism mechanism by Tezos allows token holders to delegate others to the state of the network for them.
Where to buy and store XTZ?
Do not yet support the coin. This will most likely lead to the project gaining wider adoption.
In the meantime, if you were an investor in the ICO you can buy and sell XTZ on:
- Gate.io
- HitBTC
- Huobi
- Bitpanda
Gate.io
Gate.io is a relatively new cryptocurrency exchange launched in 2017. The coin aims at offering a free sale of the cyrptocurrencies.
If you are planning to use Gate to buy your Tezos, bear in mind that the exchange does not provide a fiat purchase option. You can only use cryptocurrencies like Bitcoins to buy Tezos on the exchange.
Huobi
Huobi is another exchange where you can buy Tezos from. The Singapore based exchange is one of the popular cryptocurrency in the world as it is the 3rd largest cryptocurrency exchange in terms of trading volume.
If you would like to buy Tezos via Huobi, it is important to note that the exchange will not take place. it will be swapped for Tezos.
Bitpanda
Bitpanda GmbH is a fintech company in Austria. The company serves as a broker that buys and sells cryptocurrencies.
Fiat deposits, bank transfers and cryptocurrency purchases for investors willing to buy and trade Tezos
Tezos Wallet
Like many other cryptocurrencies, there no official wallet. However, according to some social media posts, Tezzies can be stored on a wallet via the command line.
TezBox provides a user-friendly web wallet which can be accessed from your browser. This is a community-driven wallet, but we do not have to worry about that.
Obsidian systems recently announced a wallet application for the Ledger Nano S which comes as a welcome development for secure storage moving forward.
In Closing
With unstable start, Tezos has now launched their ICO and offers some promising innovations, especially in governance. This is the case for a network of decentralized users.
Today, many blockchains claim to be the only networks like Bitcoin and Ethereum, and they may provide some unique innovations out of the box, there verifiable sustainability, security, and practical applications have yet to be fully realized .
A system of mechanisms designed to allow the platform to autonomously evolve, Tezos can provide a new model for the governance of scalable, decentralized networks.
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