Tezos (XTZ) is a decentralized blockchain network known for its innovative approach to governance and smart contract functionality. Unlike many other blockchain platforms, Tezos is designed to be self-amending, allowing it to evolve and upgrade without hard forks or disruptions. This unique feature is achieved through a formalized governance mechanism that enables token holders to vote on proposed protocol upgrades, making it a truly community-driven platform.
Tezos also supports smart contracts, which are self-executing agreements with code and rules directly written into the blockchain. These smart contracts facilitate various applications, including decentralized finance (DeFi), non-fungible tokens (NFTs), and more.
One of Tezos’ distinct characteristics is its use of a liquid proof-of-stake consensus mechanism, where token holders can delegate their XTZ to validators and participate in the network’s staking process. This contributes to the security and stability of the blockchain.
The native cryptocurrency of the Tezos network is XTZ, which is used for various purposes, including participating in governance decisions, paying transaction fees, and staking for potential rewards. Tezos has gained recognition for its commitment to on-chain governance and self-improvement, making it an intriguing and dynamic player in the world of blockchain and cryptocurrencies. As a result, Tezos continues to attract developers and projects seeking a flexible and adaptable blockchain infrastructure.