Tezos is an open-source blockchain network operating based on the proof-of-stake (PoS) consensus mechanism. The blockchain aims to create an ecosystem of interconnected decentralized apps (Dapps) thanks to Tezos’ smart contract capabilities.
s the industry’s leading dapp analysis website, DappRadar is excited at the possibilities Tezos brings to the space. As a disruptive blockchain with a heavy focus on smart contract capabilities, Tezos is an increasingly important blockchain in the dapp universe.
A disruptive smart contract blockchain
One of the main goals Tezos has is to be a direct competitor to Ethereum when it comes to increased opportunities for protocol development and scalability. On-chain governance is something the company boasts as a huge step towards better decentralization. It allows users to have a significant amount of control in the decision-making process.
The Tezos mainnet was officially launched on 30 June 2018, after organizing the largest initial coin offering (ICO), worth close to $232 million. Unfortunately, despite the promising start, the company faced some backlash because of unexpected delays after the launch. According to the official Tezos whitepaper, this is a “self-amending crypto-ledger” aimed at bringing increased transparency and control to its users.
According to the official whitepaper, Tezos was created with the idea to outlast its main competitor Ethereum. The blockchain creators focused on offering boosted smart contract capabilities, and an on-chain governance model.
Because of its liquid PoS consensus mechanism, the Tezos blockchain supports automatic and seamless updating. There is no need for hard forks in order to implement new developments. Below you can find out the main characteristics of the blockchain and ecosystem:
- This is a self-amending blockchain that automatically implements updates after sufficient approval from the node network
- All users who stake Tezos tokens have voting rights on important decisions regarding the ecosystem
Tezos operates thanks to three main protocols, which combined create the self-amending nature of the blockchain. Each of the protocols is responsible for the governance of a different aspect of the blockchain.