Searching for advanced cryptocurrency platform solution? Take a look at Tezos
What is Tezos?
Proposed in 2014 by Arthur and Kathleen Brightman, Tezos was launched in 2018 following a successful ICO (initial coin offering). In 13 days ICO raised $ 232 million. Now, 4 years after its initial release, Tezos is one of the leading cryptocurrency giants in terms of market sentiment and market capitalization.
The Tezos protocol is written in the functional programming language OCaml. And to create smart contracts, the strongly typed Michelson programming language is used, which is optimized for writing Turing-complete smart contracts.
Like other cryptocurrencies, Tezos relies on decentralized network governance, which also makes XTZ a great alternative to traditional banking and financial systems.
Pros of work with Tezos
– Project Tezos brings together the best of both traditional and delegated proof of stake. Bakers who participate in the Tezos Pro-of-Stake consensus system can not only generate rewards but also contribute to the network. We should note here that traditional proof of stake is where nodes lock their own tokens to validate blocks, while delegated PoS allows less wealthy users to vote as well. Tezos allows bakers to accept delegated tokens, allowing users with small assets to participate.
– It is a safe and reliable system, thanks to the used Michelson smart contract programming language, which provides formal verification of smart contracts. The most important feature is that Michelson can mathematically prove the correctness of the code that controls transactions. This formal check is often used in critical environments and can prevent errors from occurring on the system. In terms of code correctness, Tezos is ideal for critical use cases and provides protection against intruders and crypto fraud.
– Tezos is highly regarded by investors for its innovative technologies and ideology. For example, when Tezos was born, it received large investments from such companies as PolyChain Capital. The project also entered into partnerships with large financial institutions, for instance, with the Brazilian Banco BTG Pactual. Venture capitalist Tim Draper is also one of the big XTZ investors who believe in it.
– A growing community. The team offers developers generous grants to explore the platform. They work with Kingsland University to provide training for those interested in XTZ as well as active on social media. In 2020, the Tezos Foundation allocated $56.4 million for grants. The project plans to spend $1 billion for the development of the ecosystem over 10 years.
Cons of Tezos platform
-Tezos has reached an all-time high, but the platform has a long way to go in terms of mass adoption. The platform is not yet widely supported in commercial transactions. Tezos has not yet reached its capacity and will still have to deal with certain problems associated with system growth.
So, finally, we can say, that despite some disadvantages, the positive part of the Tezos platform is much stronger. And the development of this financial platform is continuing day by day. The Tezos products are an attractive investment opportunity in the cryptocurrency market. If you need to create a decentralized platform with similar features, contact professional blockchain developers.