LoginSign Up
Tezos

Tezos

Tezos is a self-amending cryptographic ledger. The Tezos protocol allows for stakeholders to appove amendments to the state as well as the protocol itself.

Introduction

Tezos is a decentralized blockchain whose protocol allows for stakeholders to approve any amendments to the protocol led by Kathleen and Arthur Breitman. It is a platform for smart contracts which facilitates formal verification of the mathematical properties of the code governing transactions with the intention of being a true digital commonwealth. The currency the native to the Tezos blockchain is called tezzie (XTZ). Governance of Tezos is designed to be a commonwealth such that token holders vote and determine future upgrades to the protocol. This is called on-chain governance, which prioritizes voting for soft-fork upgrades to the network rather than the network splits that occur via hard forks in other blockchain networks like Bitcoin and Ethereum.

History

The Tezos position paper (August 3, 2014) and white paper (September 2, 2014) were written by L.M. Goodman.

Fundraising

The Tezos token sale or ICO raised 361,122 ether and 65,703 bitcoins which at the time of sale was worth approximately $232 million dollars, making it the largest initial coin offering ever at that time.

Design

Consensus

While amendments by the community may alter the consensus mechanism in the future, the seed protocol for Tezos employs a delegated proof-of-stake system. Token holders are able to designate one or more individuals to create blocks on their behalf. These block creators, often called validators or witnesses, generate blocks and are financially rewarded in proportion to the amount of the network that has designated them as validator.

Smart contracts

Tezos smart contracts are written in a functional programming language called Michelson. Michelson was designed with the intention of facilitating formal verification of smart contracts such that the behavior and correctness of the contracts is mathematically proven.

Timeline

Tezos Foundation adds members to the board

Olaf Carlson-Wee, Pascal Cléré, Marylene Micheloud and Hubertus Thonhauser are added to the Tezos foundation board.

Gevers steps down from Tezos foundation

Following a dispute with Arthur and Kathleen Breitman, Johann Gevers steps down as president of the Tezos foundation to be replaced by Ryan Jesperson.

People

Name
Role
Related Golden topics

Arthur Breitman

Kathleen Breitman

Further reading

Author
Title
Link
Type

Arthur Breitman

Scaling Tezos — scaling with recursive SNARKs (succinct non-interactive zero-knowledge proofs of knowledge)

L.M Goodman

Tezos — A Self-Amending Crypto-Ledger White Paper

Linda Xie

A beginner’s guide to Tezos

Documentaries, videos and podcasts

Title
Date
Link

Arthur Breitman of Tezos: "Governance" | Blockstack Summit 2017

Aug 11, 2017

EB136 – Arthur Breitman: Tezos - A Self-Amending Crypto-Ledger

Jun 20, 2016

Kathleen Breitman - Tezos Unleashed

Jul 13, 2017

Tezos, an explainer video (hi-res)

Ju 16, 2017

Companies

Company
CEO
Location
Products/Services

References