Lots of cryptocurrencies are aiming to revolutionize the finance market as we know it through blockchain technology. They aim to do this through decentralization of finance where they say in the market belongs to the users. A democratic sort of financial control over the users.
Tezos (XTZ) is one of those projects that is striving for a decentralized future. It is a distributed consensus platform with meta-consensus capability. The proposed system of Tezos offers such a consensus about the protocol about how nodes are to adapt and upgrade. This capability of Tezos can be referred to as the self-amendment capability of Tezos implying that Tezos doesn’t have to “fork” the network into two different kinds of blockchains. A certain kind of flexibility is offered by self-amendment. Coupling the self-amendment with electoral voting and you get an on-chain governance mechanism to reach an agreement on proposed protocol amendments.
Tezos also provides a platform where smart contracts can be made. It constructs decentralized applications that cannot be censored by any third parties. Moreover, Tezos uses formal verification, a technique that is used to improve the security of the coin by mathematically proving properties about programs such as smart contracts, which can if employed correctly, can result in the avoidance of costly bugs and the debates that follow the said bugs.
The Tezos (XTZ) protocol works on the Proof-of-Stake mechanism. But unlike other Proof-of-Stake algorithms, the stakeholder can undertake the consensus process in Tezos and then be awarded by the protocol itself for contributing to the security and stability of the network. It is also less costly.
Tezos (XTZ)has also been trying to build up its Non-Fungible Tokens (NFTs) marketplace. Tezos were in the marketplace through their platform HicEtNunc, also known as HEN. The platform shut down due to the fragile market of NFTs and more people shifting towards gaming NFTs due to the rebranding of Facebook as “Meta”. HEN was the fourth most active NFT platform before it shut down. Now, a community of brave souls, believing in the potential HEN, a team at DNS, and also Pinata are working together to revive HEN.
Price Movement – Tezos (XTZ)
At the time of writing, the current value XTZ, the native token of Tezos, is $5.43. Built on the Binance smart chain, the coin is ranked at 42. The trading volume of the coin has seen quite the jump in the last twenty-four hours; $831,809,241 which is an increase of 225.41%. Tezos has also been audited by Quantstamp which highlighted 15 issues out of which 10 have been resolved by the protocol but a medium-risk issue still prevails.
