Review on Tezos by William Boaz

Name: Tezos
Item: Tezos
Rating: 3

June 17, 2019

Tezos Review

Tezos helps proving the security status of all programs in the network through a bunch of formal mathematical verifications. 
The wanted result is reducing the bug amounts in the contract code. The relationship between the programming language OCaml and the formal contracts in Tezos led to several malicious acts like the Parity wallet hacks and the DAO job. 
﻿
Tezos is a new, smart contract decentralized platform that has some similarities with the one Ethereum relies on. What is more, it aims to establish one united digital society. The team behind this coin is aiming for administrating on-chain protocol updates. 
﻿
Tezos’ system targets smooth blockchain evolution without the need of hard forks appearance. By the way, hard fork means splitting the blockchain into two separate ones. 
﻿
Ever since the introduction of BTC and ETH to the digital world, all the upgrades were possible though that process. Tezos is here to make a difference. Its maximum supply of 763,306,930 XTZ coins is already reached and this cryptocurrency can be traded or staked. 
﻿
Tezos cryptocurrency is not mineable, so the coin holders can delegate PoS (proof of stake) indirectly. Tezos’ Proof of Stake implementation combines different concepts like Chain of Activity, Slasher and Proof of Burn to optimize the whole process of “baking”. In other words, instead of solving complicated puzzles, blocks are created by randomly picked tokens (Tezzies). Don’t get this wrong, you are not obliged to participate, just delegate your tokens to somebody else taking part in the baking
﻿

Pros

Blockchain technology - no hard forks, people focus on developing a single product
On-chain upgrades that prevent attacks, stakeholders coordinate consensus shifts

Cons