Tezos Price Prediction: Is It Worth Buying Tezos?

Tezos is an open-source blockchain network for assets and applications that can upgrade themselves. It aims to facilitate the users to participate in the decentralized finance economy, building and deploying the dApps and taking part in non-fungible token projects. 

The project was launched by french engineer Arthur Breitman, who previously worked at Google. Together with his wife Kathleen Breitman they developed a network. Arthur has published a Whitepaper for the project back in 2014 under the pseudonym L.M Goodman, but only in 2017 with the support of the Tezos Foundation headed by Swiss entrepreneur Johann Gevers, the Initial Coin Offering for the project was held. The ICO raised around $232 million and was the most successful one of that time. Until now it is ranked as the seventh most successful ICO ever. 

Tezos is a self-amendment network, meaning that it can upgrade itself without the need to split into two different blockchains. It gives Tezos a big advantage as it eliminates the risk of splitting the community, which often happens once the fork of the network is suggested and also disrupts the network effects over time. The network also facilitates formal verifications. 

The Tezos network is vast and fast-growing and applies a Proof-of-Stake consensus mechanism. In fact, it was one of the first networks to use this consensus.

 The validators on the network are called bakers. To become a node validator one needs to stake at least 8000 Tez, known as a roll. If the person doesn’t have this many assets, they can still participate in staking by delegating their coins to the node operator. For each “baked” block backers receive 32 XTZs. After that, the endorsers are chosen to verify the last added block. They’re rewarded by 2 ZTX per verification. 

Stakeholders govern upgrades to the core protocol, including upgrades to the amendment process. Whenever the amendments are accepted by the participants can include rewards to the users that help improve the protocol. 

The project offers developers templates for building smart contracts, including repositories for creating non-fungible tokens. The project team has also created a fun and interactive tutorial to make learning the Ligo, SmartPy programming language easier for the developers. the smart contracts built on Tezos can’t be shut down or censored by third parties. 

Recently Tezos technology was used by the European central bank experiment exploring the possibility and feasibility of launching central bank cryptocurrencies. 

XTZ or tezzie is a native currency of the Tezos network. It is an inflationary coin with a set annual inflation rate. The newly issued assets are used for the rewards and contribute to the token inflation.