About Tezos (XTZ)weiss-badge

Overview

Tezos (XTZ) is a protocol token that offers a platform to facilitate smart contracts and develop decentralised applications (dApps). According to their site, 'Tezos is a new decentralised blockchain that governs itself by establishing a true digital commonwealth.' Governance is a strong point of emphasis for Tezos. The network is designed to allow token holders to make decisions together, which is said to improve with time. One of the main differences between Ethereum and Tezos is that the latter implements a process for upgrading the protocol over-time with on-chain governance. This system was designed to abolish the need for hard forks, which occur when a blockchain is split into two separate versions, one of which is upgraded or updated, and the other that goes unaltered. Hard forks create communities that are often divided, where one group is pro-change, and the others prefer the original chain to go on unchanged. In the eyes of Tezos, hard forks should be a last resort. So how does this self-governance work? Developers can independently submit proposals for desired upgrades and have the option to include a request for compensation of their work. Token holders can vote on whether they agree or disagree with a proposal. If a proposal is approved the changes are made to the protocol. By adding the idea of compensation, Tezos incentivises the need for real improvements in the network, meaning developers don't need to rely on donations, sponsorships or even working free of charge. This system encourages independent developers to contribute to the protocol over-time.

Technology

Tezos uses a delegated Proof of Stake (PoS) consensus algorithm, rather than the more traditional Proof of Work (PoW) consensus used by Bitcoin. PoS differs from PoW because validations are managed using virtual mining, rather than physical mining. To participate users need to own the token, rather than relying on mining hardware and electricity to validate transactions. 'Delegated' PoS means holders can delegate someone else to validate transactions on their behalf if they do not wish to participate in validating directly. The Tezos smart contract programming language, called Michelson, is a language that facilitates formal verification. Formal verification allows developers to prove the correctness of their written code mathematically. Formal verification confirms particular properties of the smart contract will be maintained, though this does not mean the code is 100% correct. Generally, formal verification is used in industries where there is little-no room for error.

Future Focus

Tezos hopes to shape a new era of governance within blockchain technology where there 'is a blockchain that can evolve by upgrading itself.' Stakeholders vote to resolve issues and avoid the need for hard forks and community divide. Tezos aims to use self-amendment, decentralised innovation, formal verification and PoS consensus to gain an advantage over its competitors and become a popular option for executing smart contracts and developing dApps. For more information regarding Tezos visit the official site or read over their Whitepaper.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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