TEZOS is a blockchain, similar to Ethereum and Cardano, which is used to create decentralised smart contracts and Dapps.
Here’s everything we know about the cryptocurrency.
Who invented Tezos (XTZ)?
Tezos was created by Kathleen Breitman, who was a senior strategy associate for R3 (a blockchain consortium) and her husband Arthur Breitman, a quantitative analyst who previously worked at Morgan Stanley and Goldman Sachs.
In August 2014, Arthur Breitman published two white papers outlining Tezos and criticising Bitcoin’s ability to adapt.
The Tezos ICO was held in July 2017 which raised $232 million.
What is Tezos (XTZ)?
Tezos is similar to Ethereum and Cardano.
It’s a platform used to create decentralised smart contracts and Dapps.
However, it’s different because it runs on proof-of-Stake meaning there is no crypto mining involved, which is better for the environment.
As there are no miners, the people who check and confirm the transactions are called “bakers” and run a “baking operation”.
Tezos also uses a governance model to make sure people who own XTZ have a say in decisions regarding the future of the cryptocurrency.
Tezos enables holders of XTZ to have their input into how the system works and evolves.
Tezos could become a much safer cryptocurrency if it works to protect against coding failures and enables faster responses.
How does Tezos (XTZ) work?
Tezos has on-chain governance meaning owners of XTZ can vote on proposals.
The proposals are then acted upon by its self-amendment feature which makes changes to the way the Tezos blockchain works.
This means coin holders can make a change without splitting the currency into two through what’s known as a hard fork.
This happened to Ethereum on August 5, 2021, with their “London hard fork update”.
How are coins made?
Tezos uses proof-of-stake which means coin owners can stake their coins and receive rewards for keeping the platform working.
This process creates new coins, called Tezzies, which adds an additional 5 per cent of the total supply every year.
Tezos (XTZ) price predictions
Forecasting site WalletInvestor predicts Tezos will reach between $3.13 and $5 by the end of 2021.
By the end of 2022, they predict XTZ will reach between $4.29 and $6.70, between $4.99 and $8.64 by the end of 2023, $5.30 and $10.97 by the end of 2024 and by December 31, 2025, WalletInvestor predicts Tezos will reach between $5.56 and $13.76.
Meanwhile, DigitalCoin predict XTZ will reach $8.79 by the end of 2021, $10.09 by the end of 2022, $12.42 by the end of 2023, $15.46 by the end of 2024 and $18.9 by the end of 2025.
