Swap Tracker
June Katz 5 min read

What Is Tezos and How to Buy It?

What Is Tezos and How to Buy It?

What is Tezos?

Tezos is a platform for smart contracts and decentralized applications (dApps), that focuses on network members and enabling them to fully govern the platform and improve the quality of its ecosystem. All interested members can participate in the governance of the XTZ protocol by voting on the updates and proposals of the protocol made by the developers. Tezos' stated goal is deceptively simple: to create a blockchain that is capable of incorporating improvements without risking a difficult fork that can divide your community. Like Ethereum, Tezos will enable smart contracts and has been designed to be secure and future-proof, with a decentralized, community-driven consensus mechanism. Tezos wants to build a blockchain technology that works better than that of existing leaders like Bitcoin and Ethereum. It has already developed a much less computationally intensive blockchain, which requires less energy from miners, while still maintaining reliable evidence of the PoS consensus mechanism. The development of the Tezos cryptocurrency began in 2014 with Arthur Breitman and Kathleen Breitman, who together with a group of co-developers launched a Tezos ICO in that year. With this ICO they manage to raise $ 232 million, the seed capital for the Swiss-based Tezos Foundation. They initially faced problems with the President of the Tezos Foundation, Johann Gevers, for managing the funds but later the XTZ coin was successfully launched in 2018.

How does Tezos work?

Tezos has its own programming language called Michelson and is designed to facilitate the creation of smart contracts on the Tezos blockchain. This language consists of demonstrating the accuracy of the code that moves the transactions through mathematical techniques, thus users show their ability to make smart contracts more secure. It has sometimes been used in engineering processes, aircraft design, and nuclear development. Tezos crypto uses the delegated Proof-of-Stake (DPoS) algorithm to achieve consensus on its platform and allows the virtual extraction of high energy efficiency. Anyone holding Tezos tokens can participate in the XTZ mining process, either as a voter for delegates or as a delegate, as each user can vote their choice of both proposals. This voting process has been created to make it more efficient and put more pressure on the community of delegates so that if a delegate improperly uses his power he would lose his votes. Another curious thing to mention is that there is no delegate limit.

Advantages and disadvantages of Tezos

+ A long-term advantage that Tezos cryptocurrency has is its adaptability. As long as the technology continues its development course, and the other cryptocurrencies continue to face the same problems with updates, Tezos has this advantage. Tezos may have the ability to take advantage in the long term and outperform some of today's most established crypto assets.

+ There is no need for “forks” to improve the protocol, and the modular structure allows you to make changes to each of the three protocols separately, without interfering with the code of other levels of the coin architecture. In addition, Tezos automatically updates the network, and developers do not need to release a new version each time. It is convenient for users since it is not required to update the software manually.

+ Tezos offers opportunities for independent developers who can propose solutions that improve the project, and if other participants vote for the proposed idea, the developer will be able to implement the project and receive payment in XTZ tokens.

- Since its inception, Tezos has been one of the most controversial blockchain projects of 2017. What started with a spectacular ICO, with star sponsors and a strong team, turned into a string of lawsuits and intense infighting. Long before the start of the token sale, Tezos organized a presale for a major American investor who was able to buy tokens at a discount. This event led to obvious problems for both investors and owners, who saw the dream of operating the currency in which they had invested their time and money jeopardized.

- The main challenge for Tezos price, like that of most cryptocurrencies at its level in the ranking by capitalization, is competition, even though Tezos introduces a new system to encourage innovation. The truth is that the market for the creation of smart contracts is dominated by a series of great players, such as Ethereum and EOS.

Where to buy Tezos?

Tezos can be mined and the token is also available on several cryptocurrency exchanges such as gate.io, HitBTC, Gatecoin. You can buy XTZ in exchange for the most popular cryptocurrencies – BTC, ETH, USDT, or in exchange Tezos for a US dollar. You can also get Tezos on the SwapSpace cryptocurrency exchange aggregator, which is a quick and easy way to obtain the required amount of XTZ.

How to exchange XTZ on SwapSpace?

  1. On SwapSpace homepage, select XTZ in “You send” section and the cryptocurrency you would like to receive in “You get” section. Enter the amount of XTZ you want to exchange.
  2. Choose the instant exchange service that suits you most.
  3. Specify the recipient address and check if all the data is correct.
  4. Send your XTZ coins to the address you will see on the screen.
  5. Wait until the exchange is complete.

Where to store XTZ?

Tezos has generated alliances to ensure that it can be stored on multiple platforms. Thus, we see software Tezos wallets like TezBox and Kukai, and physical wallets like Ledger and Trezor, offering support for XTZ. The community has developed its own Tezos wallet called TezBox, and they are developing their lightweight version called tezos.blue. You can learn more on its official website.

Related Posts

Cryptocurrency Wallet Types: Pros And Cons

Cryptocurrency Wallet Types: Pros And Cons

June Katz 7 min read
In order to store crypto and increase the security level of your funds, you can use a cryptocurrency wallet. They have a higher level of protection in comparison with the crypto exchanges. In this article, you will get to know about the advantages and disadvantages of crypto wallets and get acquainted with their varieties and the most popular ex
Read more ❯
The Biggest Cryptocurrency Thefts in the Last 10 Years

The Biggest Cryptocurrency Thefts in the Last 10 Years

June Katz 11 min read
In this article, we will try to remember all the major cryptocurrency thefts over the past 10 years. 1. Bitstamp hack , $5.3 mln ( BTC ), January 4th, 2015 On January 4, 2015, the operational hot wallet of Bitstamp announced that it was hacked by an anonymous hacker and 19,000 Bitcoins (worth of $5 million) were lost. The initiatio
Read more ❯
Public And Private Keys

Public And Private Keys

June Katz 2 min read
As well as fiat, cryptocurrencies need to be stored securely. That’s what we need these keys for. In this article, we will tell you what private and public keys are and how they are used. What are private keys? A private key is a number that is encoded in different formats depending on which wallet you are using. In each format, the private
Read more ❯
Blockchain Consensus Algorithms and Their Varieties

Blockchain Consensus Algorithms and Their Varieties

June Katz 5 min read
This article is written for beginners who are just starting to learn the crypto world. We want to help you a little. As you might have guessed, this article will be about blockchain consensus algorithms . On the blockchain market, there are a lot of consensus algorithms allowing us to choose what is the most relevant node for signing
Read more ❯

Where all instant exchangers met for your smoothest experience

Maximize profits, minimize search

Recent Posts

What's Up with Multichain?
What's Up with Multichain?

What's Up with Multichain?

John Martin 5 min read
Users of the Multichain ( MULTI ) cross-chain protocol have been reporting issues with transactions getting stuck in the blockchain as a result of an error that occurred during a recent network update. Several Multichain users have complained that their funds have been stuck in the protocol for 72 hours. Part of the problem appears to be rela
Read more ❯
Are We Overdue for a Crypto Bull Run? An Overview of the Market Situation
Are We Overdue for a Crypto Bull Run? An Overview of the Market Situation

Are We Overdue for a Crypto Bull Run? An Overview of the Market Situation

John Martin 8 min read
2022 has become a difficult year for the cryptocurrency market and will be remembered by negative events and trends. These include the onset of "crypto," the collapse of FTX , and the "stifling embrace" of regulators. We gathered experts' opinions on how to assess the results of the year and the prospects for the next - should we expect a market
Read more ❯
Exploring Bitcoin Ordinals and the BRC-20 Token Standard
Exploring Bitcoin Ordinals and the BRC-20 Token Standard

Exploring Bitcoin Ordinals and the BRC-20 Token Standard

June Katz 5 min read
Bitcoin Ordinals: An Introduction So far the majority in the crypto world has been talking about Bitcoin as a store of value. This idea initiated a heated debate, which has not eased off until this day. Nonetheless, what can be seen in practice is that Bitcoin is rarely used actively as a means of payment. Even though there are interesting cases,
Read more ❯
In Search of The Best Stablecoin
In Search of The Best Stablecoin

In Search of The Best Stablecoin

June Katz 6 min read
Stablecoins are cryptocurrencies that are designed to have a stable value, unlike other coins whose values can fluctuate wildly. They are pegged to fiat currencies such as USD. This means that the price of a stablecoin will not change significantly in response to market movements. Stablecoins can be used as a store of value, a medium of exchang
Read more ❯

BTC  to ETH : Best Rates

btc-icon
btc
0.1