- Tezos is a coin created by a former Morgan Stanley analyst, Arthur Breitman. - It is a #smart-contract platform which is does not involve in mining Tezos coins. - It is a coin that promotes themselves on major ideas of selfamendment and onchain governance. - It is an Ethereumlike blockchain that hosts smart contracts. - It allows the community to vote and improve its flaws. - Any token holder may delegate their voting rights to others in the network. - The coin uses a generic network shell which allow different transaction and consensus protocols that a blockchain needs to be compatible.The source code is implemented on OCaml which is a fast, flexible and functional programming language which should suit an ambitious project and its technical requirements. - Tezos’ proofofstake consensus algorithm is different from the delegated proofofstake dPOS where they go by the name liquid proofofstake. - This liquid proofofstake that Tezos uses focus in filling the gap between both security and decentralization but still being able to take advantage of the benefits that delegated proofofstake offers. - The staking process in Tezos is called “baking”. - In this blockchain, bakers who make deposits will be rewarded for signing up and publishing blocks. - However, if a baker commits any bad behavior the deposits will be forfeited.Baking & EndorsingBaking is what Tezos refers to as the action of signing and publishing a new block in the chain. - Bakers need at least 8,000 XTZ to qualify as a delegate, and having additional delegated stake increases their chances of being selected as a Baker or Endorser.At the beginning of each cycle 4096 blocks, the Bakers for each block are randomly selected and published. - Bakers earn a block reward of 40 XTZ for baking a block.In addition to the Baker, 32 Endorsers are randomly selected to verify the last block that was baked. - Endorsers receive 1.25 XTZ for each block they endorse.Block Rewards & InflationBlock rewards are funded by protocol defined inflation. - Rewards are calibrated so that the number of XTZ tokens grows at roughly 5.5% per year. - If 100% of Tezos tokens are delegated, the annualized yield will be 5.5%. - As of May 2021, approximately 78.8% of Tezos tokens have been delegated, including the 10% owned by the Tezos Foundation, so the annualized yield is roughly 5.8%.To ensure Bakers and Endorsers act honestly, they are required to post a security deposit for each block they Bake or Endorse. - They forfeit this deposit in the event of malicious activity, such as double baking or double endorsing a block.In 2018, Tezos successfully launched their main network after delaying the launch due to corporate governance disputes. - The Tezos foundation planned to transition the network to a mainnet, or a more complete version. - The foundation has also raised $232 million in July 2017 to build the network and issue a new type of cryptocurrency to its backers in one of the largest ever initial coin offerings. - The founders have also made it clear in their blog that the network is using a new blockchain technology hence unexpected issues may still occur affecting the network.Check out CoinBureau for the complete review of Tezos..
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