Review on Tezos by Temitope Babatunde
Is Tezos Good Alternative To Ethereum Smart Contract?
Tezos is self amending decentralized dApp platform. Tezos was launched in 2014 but has it's mainnet in 2018. The founder and co founder is Arthur Breitman and Kathleen Breitman respectively. The Tezos foundation president is Johan Gevers. Tezos conducted ICO in 2017 to lauunch it's native token, which is also called Tezos with XTZ as the symbol.
Though this project is similar to ethereum network in nature because the developers can write dapp on it's smart chain as ethereum but what distinguish it is that it doesnt need to fork before amend any protocols, what the system just need is the majority vote from those who supported a certain change. Those who can vote are those who have locked certain number of XTZ tokens.
Tezos partnered with notable stakeholders in the sector like IMDEA, which is a Spanish based software institute, it also has OCaml labs as partner, as well as Tarides which is a French development company. The network is using delegated proof of Stake(DPOS), to create new block there must be a baker which will perform the process called 'baking', it is very simple to become a baker, what need to be done is that such person will deposit tokens up to 8000 in an account as bond after he must have made request to do so. The baker must be abide by the stated rules guiding the baking process and ready to set up the necessary hardwares and such will receive a reward in form of XTZ token up to between 5 and 10 percent per year.
Though, Tezos is doing fine among it's competitors but the team must work harder to deliver and distinguish the project as a good alternative to a good platform like ethereum.
Pros
- Has very strong community behind it.
- It has a functional network that is open to all users to perfom transactions.
- Very flexible , whenever there is a change that need to be made to it's system, what it just need is majority vote from the community.
- The project has endured very severe situations and trial, but it is still surviving.
- It protocol was designed in such a way that it can easily upgrade itself once the majority of the community memebers voted for that.
- Dapps can be written on it's smart contract.
Cons
- It doesn't not offer anything new or different apart from it's competitors.
- Since community vote for any changes, they need to be educated so that majority will not vote for wrong changes.
