What is Tezos? Pros and Cons

Are you a blockchain enthusiast? Wondering what exactly Tezos is? This article is the one stop destination for everything you need to know about the Tezos blockchain.

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  • What is Tezos?
  • Is Tezos different from other blockchains?
  • Advantages and disadvantages
  • Inference

Tezos (XTZ) is a blockchain network linked to a digital token, called a tez or tezzie.

According to its official website, “Tezos is an open source blockchain protocol for assets and applications backed by a global community of validators, researchers, and builders.”

It is not based on tez mining; instead, token holders receive rewards for participating in the proof-of-stake (PoS) consensus mechanism. It’s supposed to be secure, upgradable, and built to last.

With its strong and flexible network, Tezos attracted great attention during its initial coin offering (ICO). Exploding into the crypto space, it went on to raise $232 million, becoming one of the biggest ICOs of all time.

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Is Tezos different from other blockchains?

Tezos is a self-modifying blockchain that can evolve itself by upgrading it over time. By self-modifying, it means that Tezos upgrades itself without the need to split the network into two different blockchains. Just like Ethereum, a blockchain-based platform, Tezos supports smart contract functionality and allows developers to build decentralized applications (Dapps) on top of it. Like other blockchain platforms, Tezos is also a decentralized platform.

But what makes it different from others.

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To form new design choices, most blockchains initially relied on development teams and the mining community to build decision-making into the user network itself. Tezos, on the other hand, this particular blockchain platform tries to build the decision-making process into the user network itself.

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Advantages and disadvantages

Blockchain adoption faces many problems, and to eliminate those problems, Tezos addresses the key barriers of smart contract security, long-term scalability, and open participation.

Let’s talk about the advantages that the Tezos blockchain offers.

Advantages

  • Tezos uses a Proof-of-Stake consensus mechanism, in which participants provide only the computational resources necessary to keep the network running. This, it is inexpensive compared to other blockchains that use PoW and other PoS processes.

  • The Tezos blockchain allows any stakeholder to participate in the consensus mechanism and rewards for contributing to the security and stability of the network.

  • Like other blockchain platforms, it allows blockchain developers to create smart contracts and develop dApps. Michelson, Tezos’ native smart contract language, facilitates formal verification, commonly used in mission-critical environments like aerospace, nuclear, etc.

  • When it comes to code safety and soundness, Tezos claims to offer both for high-value use cases.

  • Tezos aims to provide the security and correct code needed for assets and other high-value use cases.

  • Tezos has a modular architecture and a full-fledged upgrade mechanism. Or we could say that it is self-modification that allows the network to propose and adopt new technological innovations smoothly as they emerge.
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  • It provides formal and systematic procedures for stakeholders to reach agreement on proposed protocol modifications.

Defect

  • The main pitfall associated with Tezos is the delay in token release, causing some users to miss their rewards without being notified.

  • Although investors and authorized people can spend on XTZ tokens, they are sticking to other popular coins like Bitcoin, Ethereum, etc. Lack of commercial support with Tezos.

  • Currently, blockchain developers consider Tezos to be an immature network because it is difficult to predict its speed and transaction fees as the platform becomes more popular.

  • Due to the delay in the token release and other reasons, Tezos has faced behind-the-scenes dramas and other conflicts that acted as a barrier to its dissemination.

Inference

As we have seen how Tezos has faced a rough start, it is now becoming a promising platform as it offers strong technical improvements in terms of consensus mechanism, secure smart contract security and self-improvement process. Tezos has a supportive community, the “Tezos Foundation”, which is incentivized to help improve its protocol and the entire ecosystem. As we have seen the various advantages of Tezos, it can be said that it offers a great opportunity to become the dominant chain in the crypto space. But only time will reveal whether it can recover from delays and failures.

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Posts “What is Tezos? Pros and Cons” posted by on 2022-06-23 04:58:15. Thank you for reading the article at BunnyTalk.org

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