A group of software engineers led by Arthur and Kathleen Breitman introduced Tezos in 2014. In 2017, they raised a total of $232 million in Bitcoin and Ethereum through a campaign. The money is managed by the Tezos Foundation in Switzerland. Tezos Foundation plans to withdraw in the future as the management powers of Tezos token holders increase.
Tezos aims to develop a self-managed decentralized blockchain and build a true digital civilization. With Tezos (XTZ) tokens, this digital community with similar interests will grow the platform by making decisions together.
Tezos is a platform for smart contracts, similar to Ethereum. Unlike the Ethereum smart contract framework, changes to the platform are allowed. This ensures that the necessary adaptation to future requirements can be achieved through the decisions of the digital community, rather than through hard forking.
What Are The Developments In The Tezos World?
Important developments in the Tezos platform are implemented by the developers of the platform. When the platform needs improvement, the software developers communicate this need to the Tezos digital community. The Tezos community that wants to support this proposal pays the developer with Tezos Tokens (XTZ). In this way, the proposed development is submitted to the community for approval and the development with the most support is implemented. Developers are rewarded for their efforts and motivated with a Tezos bonus.
What Are The Benefits Of Tezos (XTZ)?
Tezos (XTZ) is a platform for smart contracts. The main feature that differentiates this platform from other blockchain systems is that project development is done with the consent of the digital community created, and development is only allowed when it is deemed necessary.
In blockchain-based systems like Bitcoin and Ethereum, system development is impossible, leading to hard forks.
On the Tezos (XTZ) platform, developers decide which upgrades are necessary and submit them to the Tezos digital community for a vote. The Tezos community rewards the work it deems necessary with Tezos (XTZ) tokens, and the software developer who collects the most donations implements the idea. In this way, the software is developed in the direction preferred by the community and the software developers are rewarded for their efforts.
How Is Tezos (XTZ) Mined?
Unlike Ethereum and Bitcoin systems, the Tezos (XTZ) platform has always allowed mining with the PoS mechanism instead of PoW (mining with device energy consumption). PoW, which is used in systems like Bitcoin and Ethereum, causes significant energy consumption. Permissive Tezos (XTZ) PoS mining requires a sufficient amount of Tezos (XTZ) in your wallet. No hardware or energy is required for Tezos (XTZ) mining. Mining takes place virtually.
