Tezos (XTZ) is a blockchain platform based on smart contracts, similar to Ethereum. However, this blockchain comes with different features. This blockchain uses the XTZ cryptocurrency for transactions in it.
What is the Purpose of Tezos?
Tezos aims to provide a more sophisticated infrastructure that can evolve and improve over time without the danger of a hard fork, a challenge that Bitcoin and Ethereum have faced since their creation.
People who own XTZ can vote on proposed protocol updates submitted by Tezos developers.
How Does Tezos Work?
Tezos uses a consensus mechanism called Liquid Proof-of-Stake (LPoS). This allows every XTZ holder to participate in transaction validation and earn rewards.
Apart from that, Tezos also has a feature called self-amendment. This allows the protocol to propose, select, and deploy updates automatically without the need for a hard fork. This makes Tezos more flexible, adaptive, and democratic than other blockchains.
What are the advantages of Tezos?
Tezos has several advantages that make it attractive to users and developers. Some of them are:
Security
Tezos uses a programming language called Michelson, which is designed to write smart contracts that are secure, accurate, and formally verifiable. This reduces the risk of bugs, attacks, and legal disputes that can harm users and projects.
Enhancement
Tezos can upgrade itself continuously without disrupting network operations. This means that Tezos can adopt the latest innovations in blockchain technology and remain competitive in the long term.
Participation
Tezos empowers its community to contribute to decision making and protocol development. Each XTZ holder can propose, support, or reject updates, and earn rewards for participation. This creates aligned incentives between stakeholders and increases engagement and representation.
What is the History of Tezos?
Tezos was first proposed in a white paper released in September 2014 by Arthur Breitman, writing under the pen name L. M. Goodman. He criticized Bitcoin for not having a governance process that invites contributions from the community using the network.
He and his wife Kathleen founded a startup called Dynamic Ledger Solutions tasked with writing the code that would become the basis of the Tezos protocol. The company was later purchased by the Tezos Foundation to ensure that it owns all intellectual property rights related to the network.
In July 2017, Tezos held its largest token sale at the time, raising over $230 million in Bitcoin and Ethereum. However, the project experienced a series of delays and controversies due to internal disputes between Breitmans and the then president of the Tezos Foundation, Johann Gevers. After overcoming legal and organizational issues, Tezos finally launched its mainnet in September 2018.
What are the Prospects for Tezos?
Tezos has shown significant growth since its launch, both in terms of price, volume and adoption. As of February 2024, the price of XTZ is IDR 16,248.49 per 1 XTZ, with a market capitalization of $940,637,444 and ranking 67th among all cryptocurrencies. XTZ trading volume in the last 24 hours was $17,228,194, with the main trading pairs being XTZ/USD, XTZ/EUR, and XTZ/BTC.
Tezos has also attracted many projects and partners who want to take advantage of its unique features. Some examples are:
Gaming
Tezos has hosted several gaming projects that use smart contracts and non-fungible tokens (NFTs) to create immersive and interactive gaming experiences.
One example is Emergents, a collectible card game created by former Magic: The Gathering executives.
Art
Tezos has also become the platform of choice for many artists and collectors looking to create and trade unique and rare digital works of art. One example is Hic et Nunc, an NFT art marketplace focused on sustainability and inclusivity.
DeFi
Tezos has also become home to several DeFi projects that offer decentralized and transparent financial services. One example is Kolibri, a protocol that allows users to borrow and save money using a stablecoin called kUSD.
How to Earn and Store XTZ?
XTZ is the native token of the Tezos network. XTZ is used to interact with dApps, pay fees, secure the network through staking, and provide a basic unit of accounting on the Tezos platform.
There are several ways to get and store XTZ, namely:
Buying
You can buy XTZ using fiat currency or other cryptos on various exchanges and platforms that support them. Some examples are Coinbase, Binance, and Indodax.
Mine
You can't mine XTZ like Bitcoin or Ethereum, because Tezos uses an LPoS consensus mechanism that doesn't require special hardware. However, you can participate in transaction validation and earn rewards using the XTZ you own.
Staking
Staking is a process where you lock an amount of XTZ in your wallet and delegate it to a validator called a baker. By doing this, you can help secure the network and get rewarded in the form of new XTZ. The annual rate of return (APY) for staking XTZ is currently around 6%.
Wallet
You can also store your XTZ in a variety of Tezos compatible wallets, whether web, software or hardware based. Some examples are Ledger, Trezor, Galleon, and Kukai.
How To Buy Crypto From Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia and is officially registered with Bappbeti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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