Tezos (XTZ) is a decentralized, blockchain-based platform designed to enable the creation and deployment of smart contracts and decentralized applications (DApps). Tezos was created by Arthur Breitman and his wife Kathleen Breitman, and was launched in 2018 following a highly successful initial coin offering (ICO) in 2017.
Tezos operates on a proof-of-stake (PoS) consensus mechanism, which means that validators are chosen to create new blocks and validate transactions based on the amount of XTZ they hold and "stake" in the network. This helps to ensure the security and integrity of the network, while also reducing energy consumption compared to proof-of-work (PoW) consensus mechanisms used by other cryptocurrencies.
One of the key features of Tezos is its ability to upgrade and improve itself without requiring hard forks or major changes to the underlying code. This is achieved through a unique governance mechanism, where stakeholders can vote on proposals to amend the protocol and distribute funds to support development and community initiatives. This enables Tezos to remain flexible and responsive to changing needs and circumstances.
Tezos also supports formal verification, a technique used to mathematically prove the correctness of smart contracts and reduce the risk of bugs or security vulnerabilities. This helps to make Tezos a more reliable and secure platform for building DApps and deploying smart contracts.
Tezos is also unique because of how it has started to be used by high-profile businesses. In September 2020, it was announced that the French banking giant Societe Generale planned to use this blockchain for experimenting with a central bank digital currency.
Overall, Tezos is a versatile and innovative blockchain platform that offers unique features and benefits for developers and users alike. Its ability to self-upgrade and support formal verification, combined with its PoS consensus mechanism and governance structure, make it a compelling option for those looking to build decentralized applications and deploy smart contracts.