As part of its consensus mechanism, Tezos uses Emmy+, a version of the PBFT-like consensus algorithm, which aims to strike a balance between the need for a quick finality and the flexibility of participation for validators.
Tezos utilizes a unique variation of the Proof-of-Stake algorithm known as Liquid Proof-of-Stake (LPoS). It allows stakeholders to participate in the network's security and consensus, either directly or by delegating their validation rights to others without relinquishing ownership of their tokens.
|Volumen 24 Stunden|
|Änderung 24 Stunden|
|Datum des ATH|
Oct 04 2021
|Tage seit ATH|
|Datum des ATL|
Dec 11 2018
|Tage seit ATL|
One of the key features of Tezos is its use of a Proof-of-Stake (PoS) consensus algorithm, which allows token holders to participate in the network's governance and earn rewards for securing the network. Unlike Proof-of-Work (PoW) algorithms, which require miners to perform complex computations to validate transactions and earn rewards, PoS algorithms rely on staking, where validators hold a certain amount of tokens to participate in the consensus process.
Tezos also features a self-amending protocol, which enables network upgrades without the need for hard forks. This means that the platform can evolve over time, without the risk of chain splits that can occur with hard forks. The self-amending process is achieved through on-chain governance, where token holders can vote on proposals to upgrade the protocol, including changes to the consensus algorithm, transaction fees, and other network parameters.
Another notable feature of Tezos is its support for smart contracts, which allows developers to build decentralized applications (dApps) on the platform. Tezos also offers formal verification, a rigorous method of ensuring code correctness that enhances security and reliability. Formal verification involves mathematically proving that a program is correct, rather than relying on testing and auditing to detect bugs and vulnerabilities.
Tezos has had a complex history, with disputes between the Breitmans and the Tezos Foundation leading to delays and legal battles. The project's initial coin offering (ICO) in 2017 raised over $232 million, but the launch of the mainnet was delayed due to disagreements over governance and control of the project. Despite these challenges, Tezos launched its mainnet in 2018 and has since gained traction, with developers building on the platform and users participating in its governance through on-chain voting.
Tezos has also formed partnerships with notable companies such as Ubisoft and Societe Generale, showcasing the platform's potential for enterprise applications. The platform has a growing ecosystem of dApps, tools, and services, and its token, XTZ, is traded on major cryptocurrency exchanges. Tezos has also established a grant program to fund community-driven projects and support the development of the ecosystem.