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What is Tezos?

  • June 22, 2020

There have been few companies related to cryptocurrencies that have beginnings as promising as Tezos. In development since 2014, Tezos has enjoyed unparalleled success since it’s launch. Indeed, between October 2019 and February 2020, the price of the digital token more than tripled. This has made it one of the more exciting and intriguing cryptocurrencies around. But what is Tezos? It’s a blockchain network that’s linked to a digital token, which is commonly referred to as a tez or a tezzie. 

What separates Tezos from the crowd is the approach that they take, both in terms of philosophy and the actual usage and distribution of the tokens. The coin isn’t based on the mining of tez or tezzies. Instead, people that have tokens get rewards if they are involved in the proof-of-stake consensus mechanism

So it’s an exciting concept, one that is reflected in the company’s all-around approach. Tezos aims to have a truly decentralized system along with the background of the company, makes it appealing to people who are interested in the potential of cryptocurrencies. The level of interest they could garnish was made evident when, in just two weeks, they were able to raise some $232 million in an uncapped ICO. Since then, there has been infighting among company workers and legal battles, but given the rise of the coin in February 2020, it seems as if the main troubles have been overcome, suggesting that they’re ready to reach the potential shown in their huge ICO success.

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