Altcoins: Tezos (XTZ) What Is It? - A Deeper Look Into The Tezos Platform
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Summary:
- What is the Tesoz Platform and how does it work?
- Advantages of the Tesoz exchange.
- Tesoz’s past, present and future price positions.
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Tezos Platform
Tezos platform is an open-source platform that tries to fix the main barriers that are facing blockchain adoption for assets and applications. Tezos is backed by validators, builders and researchers from a global community. Tezos’ design embraces upgradability in the long-term, collaboration, participation and smart contracts safety.
Tezos was launched in June 2018, there is a maximum supply of 763,306,930 XTZ, the current circulating supply is 756,203,598 and has a market capitalization of $1.632 billion.
The Tesoz platform was designed to power the web3 revolution. According to Tesoz.com, “The future of the internet is being built on Tezos” the core of the Tesoz platform is user participation and governance. Users are able to frictionlessly and directly communicate with each other over a decentralised network, interacting with various applications and exchanging value, without the need for intermediaries. On Tezos, web3 can be truly user-governed and user-centric, the way it was meant to be.
Web3 in crypto refers to a blockchain-integrated internet whereby NFTs and cryptocurrencies are built into the platforms that are used. Basically, it is an internet owned by users.
How the Tezos platform works?
Tezos offers institutional grade security. It is designed to provide the safety and code correctness that is required for assets and other high value cases. This safety is and code correctness is provided at both the application and protocol layers, this is done by leveraging the OCaml and Michelson languages, both of which facilitate formal verification, a practice that is normally used in mission-critical industries. The future of web3 can be secure on Tesoz.
The Tesoz platform was built with mechanisms to ensure that there would be participation and active community governance - this is a key component of web3. Tesoz is governed by the people, users are able to act actively by proposing, evaluating or approving amendments to Tezos. This allows Tesoz to remain on the top of technology, and is why Tezos is in a good position to underpin the revolution of web3.
Tesoz facilitates an energy efficient algorithm through its proof-of-stake (PoS) network. The proof-of-stake network is not only energy efficient but is also cost efficient. As the web3 movement gains momentum regarding adoption, scaling responsibility requires a more energy efficient approach.
Tezos is one of the leading smart contracts proof-of-stake blockchains, the Tesoz smart contracts can use formal verification which allows them to be secure, mathematically verified and reliable.
The Tezos platform is built to be able to adapt, adjust and add features and functionality through its proven on-chain upgrade mechanism. The Tezos platform is powerfully scalable, the platform is built to remain state-of-the-art.
Tezos’ XTZ token
Tez (XTZ) is the Tezos blockchains native token, it is used to interact with dApps, pay for fees, provide a basic accounting unit on the Tezos platform and secure the network through staking.
Advantages of Tezos
- Tezos utilises Proof-of-Stake consensus mechanism, this only requires the users to provide the necessary resources to keep the network working.
- Tesoz’ blockchain allows any stakeholder to participate in the consensus mechanism and offers rewards for contributing to the stability and security of the network.
- Tezos has a modular architecture and formal upgrade mechanism which allows the platform to smoothly adopt new technological innovations as they emerge.
- Tezos offers formal and systematic procedures for stakeholders to reach some agreements on proposed protocol amendments.
Past, present and future prices of XTZ
The history of Tezos’ price has shown large volatility, the price originally spiked after being launched, in 2019 the price of XTZ fell to its all time low, since then the price has not seen much stability, but has, overall increased.
Over the past month, the markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price has been falling.
The future price prediction of Tezos is based on data and does not take into account investor sentiment and the changing market conditions. According to some analysts, overall the price of Tezos is expected to rise in the future and could reach a value north of $45 per token by 2030.
XTZ Price Chart
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Sources: finance.yahoo.com, blockchain-council.org, tezos.com, coinmarketcap.com, cnet.com, chanelly.com
