Glossary > Tezos

Tezos

What is Tezos?

Tezos is a decentralised, open-source blockchain created in 2018. The native cryptocurrency of Tezos is Tez (XTZ).

Tezos can execute peer-to-peer (P2P) transfers of cryptocurrency and deploy smart contracts. The blockchain relies on a proof-of-stake consensus. More recently, users used this blockchain to create NFTs.

Arthur and Kathleen Breitman are the co-founders of Tezos, for which Arthur wrote the whitepaper under the pseudonym L. M. Goodman. He and his wife also founded Dynamic Ledger Solutions, which wrote the underlying code for Tezos.

How does Tezos work?

Tezos uses a consensus-based system. Proof-of-Stake that is more energy efficient Proof-of-Work And users can lock (Stake) XTZ coins on the network to contribute to the security of the network as a transaction verifier and earn rewards in XTZ coins.

What is different in Tezos is that stakeholders can participate in blockchain governance. It encourages users to take part in the development of the network and supports decentralisation.

Tezos
Tezos is an open-source blockchain that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts.

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