Tezos is an ecosystem incorporating a platform for smart contracts and the XTZ token. It’s made to serve as the “final” cryptocurrency, as any further innovations that emerge from any competitive protocols may be integrated into Tezos with ease. Tezos’s team aims to let users stay on the cutting edge of cryptocurrency advancements, and is committed to implementing a ledger for simple self-amendments. As a result, the platform would have the ability to upgrade itself without relying on forks.
Another key element of Tezos is the use of a voting system. This enables stakeholders to vote on any changes which are proposed, such as alterations to protocol or code. XTZ holders can vote on developer proposals, and if ideas are successful, they will be implemented. The developer responsible will be given suitable compensation through XTZ coins.
Tezos was made to be a permissionless, distributed platform for the development and enforcement of smart contracts. The team built the on-chain governance system to work with its form of the dPOS (delegated proof of stake) consensus structure, as a way to stand out from the likes of Ethereum. This structure is known as Liquid Proof of Stake, and it’s hoped to bring the benefits of traditional dPOS without affecting security or (crucially) decentralization. XTZ token owners can delegate transaction-validation rights with no need to transfer ownership over them. This means that Tezos allows for a fully-optional system of delegation.
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