Tezos is a blockchain platform, able to change and adapt to the community consensus, with minimal disruption to the network. Tezos was founded by the family of Arthur and Kathleen Breitman, who have published their initial papers in 2014. Unlike the classical blockchains such as Bitcoin or Ethereum, Tezos doesn’t utilize mining process, and signing and confirming of new transaction is performed is performed by random token holders. Token holders also run votings on software updates and network rules.
In 2017, Tezos raised $232 million in a crowdfund, and became one of the biggest ICOs at that moment. The project was stormed by inconsistency around the use of raised funds between the Breitmans and Johann Gevers, the president of a Swiss foundation conducting the ICO. The trial lasted for several months, after which Johann Gevers has left his post.
Tezos is a universal self-amending distributed crypto-ledger, which allows holding data from other blockchains. Regular blockchain operations are realized as a functional module, abstracted into a framework, accessible through network operations.
Other ledgers, such as Bitcoin, Ethereum, Cryptonote, etc., can be integrated into Tezos by providing a suitable interface. Tezos supports meta-updates, hence the protocol is able to update itself after a consensus on need of such an update is reached.
The primary protocol of Tezos utilizes delegated proof of stake and supports smart contracts, written in a Turing complete language. The approach to PoS used in Tezos is new to blockchain, and the validator pool is growing in sync to the network growth.
Tezos is written in OCaml, a powerful functional programming language, offering speed, unambiguous syntax and semantics, and its ecosystem makes Tezos and its smart contracts good candidates in provability of the network decisions.
In March 2019, the audit company Least Authority published the results of 5 checks, performed for Tezos Foundation during 2018.
- ISBN 9781787129290