Tezos

Tezos is an open-source blockchain that was developed around the concept of being self-amending after holders of its cryptocurrency, XTZ, make a vote. It began development in 2014 and is a proof-of-stake blockchain that operates with a peer-to-peer network of nodes. Research and development for the blockchain is funded by Tezos Foundation, which raised approximately $232 million to fund the development of Tezos during its initial coin offering (ICO) in 2017, although funds were not dispersed until 2020.

Tezos is a decentralized blockchain network that uses open-source software. It has been designed to be a self-amending protocol so after holders of the Tezos native token, tez, hold a vote, the protocol upgrades itself based on the outcome of the vote.

It is a proof-of-stake blockchain, meaning it uses less energy than proof-of-work blockchains. Its smart contracts allow users to use formal verification so they are secure and documented.

The team behind Tezos states it has a variety of applications on Web3:

• non-fungible tokens (NFTs)
• decentralized finance (DeFi)
• banking
• decentralized autonomous organizations (DAOs)
• decentralized identifiers (DIDs)
• gaming

The native token on Tezos is called tez and can be bought under the name XTZ from most major decentralized exchanges, such as Coinbase. Holders of the token have multiple cryptowallets in which they can store the token, such as ZenGo Wallet and Umami Wallet. Holders of tez can participate in votes that determine the future of protocol, such as upgrades.