Price Data, Market Cap & News for Tezos ($XTZ) Cryptocurrency

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An Overview of Tezos

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Overview of Tezos

A Brief Introduction to Tezos

Tezos is a unique blockchain network that operates on the basis of smart contracts, similar to Ethereum. However, Tezos sets itself apart with its advanced infrastructure that allows for continuous evolution and improvement without the risk of a hard fork. This feature ensures that Tezos remains at the forefront of blockchain technology developments. The technology that powers Tezos was first proposed in a white paper in September 2014, and the Tezos mainnet was launched four years later.

The Creators and Major Contributors

Tezos was brought to life by Arthur Breitman, who penned the Tezos white paper under the pseudonym L. M. Goodman. Breitman, along with his wife Kathleen, founded a startup called Dynamic Ledger Solutions, which was responsible for writing the code for the Tezos protocol. The Tezos Foundation later acquired this company to secure all intellectual property rights related to the network.

Token Supply

As of now, there are 743,862,304 XTZ (the token of Tezos) in circulation. The initial token supply was determined through an ICO in July 2017, which raised a total of 65,681 BTC and 361,122 ETH, equivalent to $232 million at the time. This made it one of the largest initial coin offerings ever. Of the initial supply, 80% went to investors, while the remaining 20% was split equally between the Tezos Foundation and Dynamic Ledger Solutions.

Purchase Locations

Tezos can be purchased on several major cryptocurrency exchanges. Some of these platforms also support Tezos staking, allowing users to earn rewards based on the amount of XTZ they hold.

Common Uses

Tezos is commonly used for its smart contract functionality, which provides the accuracy required for high-value use cases. Additionally, Tezos has introduced a unique staking process known as "baking," which allows participants to contribute to the network's governance. High-profile businesses have also begun to adopt Tezos. For instance, French banking giant Societe Generale has announced plans to use Tezos for experimenting with a central bank digital currency.

Latest News and Developments

Tezos has seen a number of significant developments recently. The network's unique approach to staking, or "baking," has attracted attention from major cryptocurrency exchanges like Binance and Coinbase, both of which have announced support for Tezos staking. This allows users to earn rewards based on the amount of XTZ they hold, a feature not commonly seen across digital assets. Additionally, Tezos has begun to see adoption from high-profile businesses. For example, Societe Generale, a French banking giant, has announced plans to use Tezos for experimenting with a central bank digital currency.

Technological Advancements

Tezos has been making significant strides in technological development. Blockwatch Data launched TzGo, a new Golang library for Tezos, aimed at providing developers with an easy and robust way to interact with the Tezos blockchain. In another development, Tezos has been integrated with Ethereum via a cross-chain bridge, allowing Ether holders to interact with the Tezos ecosystem. This bridge, known as the Wrap Protocol, was created to make the two blockchains compatible with each other.

Partnerships and Collaborations

Tezos has been forming strategic partnerships to expand its reach and utility. Gaming giant Ubisoft has become a corporate baker on Tezos, allowing users to delegate their Tez holdings to them in exchange for voting weight. In another significant partnership, NFT marketplace Rarible has added support for the Tezos network, enabling users to buy, sell, and create energy-efficient NFTs with minimal gas fees.

Market Performance

Despite some volatility, Tezos has been showing promising market performance. It has seen a 250% price rally from its July 2021 low, although there are risks of a correction. The Tezos price today is influenced by various factors, including technological advancements, partnerships, and market trends. If you're wondering where to buy Tezos, it's available on several major exchanges and trading platforms.

Community Engagement

Tezos has been actively engaging with its community through various initiatives. They recently held a meme contest, inviting participants to create a meme associated with the project for a chance to win a cold wallet from XTZ. Tezos news today also highlights the launch of Tenderbakenet, a test network spawned with a new experimental consensus algorithm, Tenderbake, for community evaluation.