Tezos

What is Tezos?

Tezos is a fourth-generation blockchain network that uses advanced hosting protocols to provide various capabilities to its users. The platform supports decentralized application development (DApps) and smart contract coding.

Tezos is a decentralized, open-source network suitable for storing your assets. Today, the Tezos community is made up of researchers, developers, credentials, and support groups. All of these parties have a common goal of expanding the Tezos ecosystem.

A history of Tezos

The story of Tezos begins in (2014) when founders Arthur Brittman and Kathleen Brittmann began developing the next generation of blockchain. In general, the founders sought to simplify the development of Dapp and create a unique decentralized ecosystem to meet the needs of the digital economy.

Tezos was officially launched in September 2018 in Switzerland. Like many other projects in this segment, Tezos used a two-company approach. The company is the founder of Dynamic Ledger Solutions (DLS).

The Tezos Foundation is a company that owns all operating funds, including funds raised during the ICO. This company hosted the ICO record-breaking in (2018). This event was a great success. In less than two weeks, it earned $ 232 million in bitcoin and ether. The success of this event became international news. It also helped advance Tezos.

Investors received XTZ in exchange for Bitcoin and Ethereum. XTZ, also known as Tez or Tezzie, is a successful token for the Tezos ecosystem. Users can use XTZ to execute smart contracts and pay for upcoming services. There are currently 741,547,950 XTZs in circulation.

How does Tezos work?

Tezos is unique in the market for many reasons. The first case is the use of the consensus mechanism to prove the benefits of the liquid used by Tezos. It also introduces native, rigorous software known as the Network Shell. This strategy enables developers to use modules when building their applications.

Different types of Tezos accounts

In the Tezos ecosystem, users have two types of accounts with different capabilities and features called Implicit Accounts and Originated Accounts. Critically, these accounts serve a variety of purposes in the Tezos infrastructure.

The named accounts are:

Implicit accounts

Implicit accounts are the type of account that most users have. These addresses function similarly to traditional cryptographic accounts. Each Implicit account contains both public and private keys. Users can check their balance and transfer their funds to this address.

Source accounts

Source accounts are what developers use for smart contracts. They are different from implicit accounts in several ways. For example, these accounts always start with KT1 versus tz1. All source accounts include management, amount, transferable, and agency options.

Why is XTZ important?

Apart from the new features that Tezos gives to its users, it also provides users with some of the features of the previous blockchain. To do this, Tezos combines its trading protocols and consensus. This strategy simplifies its processes.