Questions » What is the Tezos network?

What is the Tezos network?

The Tezos network is a decentralized blockchain platform and cryptocurrency that was launched in 2018. Tezos is designed to be a self-governing, upgradeable blockchain that can adapt to changing circumstances and avoid hard forks, which are disruptive events that can split a blockchain community and create separate, incompatible versions of the network.

The Tezos network uses a consensus mechanism called Liquid Proof of Stake (LPoS), where users can delegate their stake to other users to vote on their behalf. This helps to promote decentralization and community participation in the network. The network also includes a governance system that allows stakeholders to propose and vote on changes to the protocol, such as new features or upgrades.

Tezos offers several unique features, including formal verification, which is a technique used to mathematically prove the correctness of smart contracts, and the ability to automatically distribute rewards to developers who contribute to the network. The platform also supports the creation of non-fungible tokens (NFTs), which are unique digital assets that can represent anything from art to collectibles and more.

Tezos’ native cryptocurrency is called XTZ, and it is used to pay transaction fees and participate in the network’s governance system. The supply of XTZ is not fixed and can expand or contract depending on the network’s needs. The cryptocurrency can be bought and sold on several major cryptocurrency exchanges.

Overall, the Tezos network offers a flexible and adaptable blockchain platform with a strong emphasis on community participation and self-governance.