What is Tezos?
Tezos Blockchain Summary
Launch Year
2018
Type
Public Blockchain
Consensus
Liquid Proof-of-Stake (LPoS)
Tezos sets itself apart with its focus on on-chain governance and self-amendment. It facilitates an upgrade process through baked-in governance mechanisms, allowing the blockchain to evolve and adapt without requiring hard forks. Tezos prioritizes safety and code correctness by enabling the use of formal verification in smart contract development. This emphasis on upgradability and formal verification fosters a foundation of continuous improvement and innovation potential.
Tezos staking mechanism and details
Tezos uses a Liquid Proof-of-Stake (LPoS) consensus mechanism where XTZ holders contribute to network security and earn rewards. Participation in Tezos staking, known as “baking,” can be done in two ways
Details about baking on Tezos
Baker
Requires a significant XTZ stake (currently around 6,000 XTZ) and technical expertise to run a baking node.
Delegator
Delegating your XTZ to a chosen baker is a simpler option requiring a lower minimum.
Blockchain's native cryptocurrency: XTZ
Used for paying transaction fees, participating in baking (staking), and shaping the future of Tezos through governance votes. XTZ is staked to participate in the network’s consensus process. “Bakers” (validators) earn rewards for validating blocks and securing the network.
Supply
Around 763 million XTZ existed at genesis. Tezos has an inflationary design where new XTZ are minted as rewards (“baking rewards”) for securing the network. The inflation rate is currently around 5% annually.
Mining
Tezos does not use Proof-of-Work mining. It uses a Liquid Proof-of-Stake consensus mechanism for block production.
Burn
While not currently implemented, there have been proposals within the Tezos community to introduce a fee-burning mechanism to manage inflation.
Distribution
The majority of new XTZ is distributed as baking rewards to incentivize participation in the consensus process. A portion of the XTZ supply was initially distributed to the Tezos Foundation and early backers.
Governance
Staking XTZ grants holders the right to vote on protocol upgrades and governance proposals, shaping the evolution of Tezos.
Tezos Smart Contracts
Tezos supports smart contract development using a specialized language called Michelson, designed for safety and formal verification. This approach prioritizes minimizing the risk of exploits and promotes the creation of reliable on-chain logic. Its formal verification features are appealing for high-value use cases where security is paramount.
Details about Tezos smart contracts
Michelson Language
Develop smart contracts in a specialized language focused on formal verification for heightened security.
On-Chain Governance
Benefit from Tezos’ self-amending governance, allowing the network to evolve without hard forks.
Tezos Wallet Options
Temple Wallet
Popular web browser extension for managing XTZ and interacting with Tezos dApps.
Kukai Wallet
Another well-respected web-based Tezos wallet.
Galleon Wallet
A focus on user experience, offering both desktop and mobile versions.
Ledger and Trezor
Hardware wallets for the most security-conscious XTZ holders.
How to Buy Tezos (XTZ): Exploring Top Exchanges
Ready to invest in Tezos (XTZ)? Both centralized and decentralized exchanges offer paths to purchasing XTZ. Here’s an overview of some of the top options to find where to buy Tezos for your investment strategy.
Best CEXs to Buy XTZ
Binance
Global exchange featuring high liquidity and XTZ trading pairs.
Coinbase
Popular and user-friendly exchange with XTZ trading.
Kraken
Well-regarded exchange offering a good selection of cryptocurrencies, potentially including XTZ.
KuCoin
Global exchange featuring several trading pairs for XTZ.
HTX (Huobi Global)
Leading exchange with diverse crypto offerings, including XTZ.
Best DEXs to Buy XTZ
Plenty DeFi
A leading decentralized exchange on the Tezos network, offering swaps and liquidity pools.
Quipuswap
An established DEX in the Tezos ecosystem, a potential source for XTZ.
Liquidity Baking
A novel DEX on Tezos focusing on increasing yields with a unique mechanism.
Important Note: Always research and consider factors such as fees, security, supported fiat currencies, and regional availability before choosing an exchange. It’s recommended to compare multiple options to find the best way to buy XTZ that suits your specific needs.
How to track Tezos assets?
Monitor and capitalize all your Tezos assets from multiple sources with auto-synced data about coin prices, NFT floor prices, advanced analytics and custom asset based opportunities.
7 easy steps to track and capitalize all your Tezos assets
Open your crypto wallet app or web extension
Select your Tezos public wallet address and copy it
Open the Hodlezz mobile app and create a portfolio
Select the settings icon in your portfolio
Select [Add connector] from the menu
Select [Tezos] for any Tezos compatible address
Choose a name for your connector and insert your public wallet address
Start tracking all your crypto assets now
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