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The magic of Tezos

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Avatar for martinezdamp
Written by   58
1 year ago

I do this writing more to know what is behind the behavior of Tezos (XTZ) and its incredible performance in recent weeks. I must confess that even when I had heard about this token, the truth is that I did not pay much attention to it and with the growth it has had, it has reached the top 10 positions of the Coinmarketcap.

Initially XTZ is presented as a token with characteristics similar to those of many other native tokens of various ecosystems and from which it does not make much difference. We see that it is basically a decentralized chain that allows the programming of smart contracts and decentralized applications, with a Proof of Stake (PoS) consensus protocol. With what has been described, it does not reflect many differences with some nearby ecosystems such as Etherium or EOS.

The proof of participation is validated by other users and each node is chosen randomly; with this description it does not have much relevance either. However, there are two interesting characteristics that should be mentioned and that is that this ecosystem is associated with chain governance and self-modification, two terms that are worth adding when defining and choosing the native token of this blockchain.

One of the peculiarities of the technology is the updates, the cryptographic world does not escape from them, that is why there are many divisions, the best known are the forks of BTC and ETH, where the vision and the effort are divided and the essence of a good project. Tezos has basically created a way where the network does not change the source code but through its own amendments. This gives security to the project, guaranteeing the confidence of both investors and developers, who are comforted by having a single objective, more defined and with guarantees that the work will not be deviated or modified.

With this, it also increases scalability, a scheme that is strengthened with the participation of more users and the opportunity to delegate the vote, obtaining a healthy growth within this ecosystem.

The governance proposes and explores a self-modifying blockchain that incorporates a formal blockchain mechanism. Basically the community votes if it is feasible to apply an amendment or not. This clearly begins to set a standard on this type of blockchain platforms and increases the interest of sectors that seek to evolve and integrate into the digital world, banking for example.

There is no doubt that the interest that arises from this token is well worth delving into, for those who are hunters of new investment opportunities, this is one of them. I clarify that I am not giving financial advice, but if I let as developers and enthusiasts of this new world, begin to see and understand in depth this type of new scheme that is presented. For my part, I will be close to XTZ and I will look for a consolidation opportunity to be able to enter and buy some of them.

This article was originally published on my Publis0x profile and you can find it under the following link.

https://www.publish0x.com/cryptographic-alchemy/the-magic-of-tezos-xnlwkdl

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Avatar for martinezdamp
Written by   58
1 year ago
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