Review on Tezos by Fanuel PORPORTY
TEZOS, The French blockchain
Tezos is a French blockchain competing with Ethereum which also allows the creation of smart contracts, decentralized applications.
Unlike Ethereum which is coded with the Solidity language, Tezos is coded in OCaml. This project raised more than $ 230 million through its ICO during the summer of 2017. Since then, despite many legal problems (collective actions by ICO participants, power struggle ...) the project takes its course. It should be noted that the tokens will have taken about a year before being released, which is an eternity in the world of cryptocurrencies.
The Tezos Foundation is the organization behind the project. It is the first to have been audited by one of the 4 largest audit firms in the world: PwC.
The consensus used by Tezos to operate its blockchain is that of Proof-of-Stake (PoS). However, the latter is somewhat modified, it is called DPoS for Delegated Proof-of-Stake.
This consensus could be brought to evolve during the development of the project if the community decides.
Coding in OCaml offers a guarantee of speed comparable to C ++ as well as a guarantee of efficiency. In addition, the protocol is associated with software called Coq which allows proof verification to be carried out.
Pros
- Speed of code execution.
- Obligation to use proof of evidence. This will avoid many possible bugs which could prove to be costly.
- The big holders have more weight in the decisions for the future development of this crypto-asset. Since these are the people with the biggest financial interests, they will make decisions that will maximize their profits.
- Because of the importance of the votes of the big holders, the risk of fork is almost low
Cons
- Few known partnerships, none with renowned companies
- The team did not give enough sign of life after its $ 230 million ICO. Some then considered it a scam and confidence in the project was shaken.
- Difficulty obtaining information about team members.
