Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Tezos (XTZ) Review: What Makes Tezos Stand Out?
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Since you have stumbled upon this article, you must have heard about Tezos or the good stuff this project is doing in the crypto space. Getting right into it, Tezos is one of the few projects developed from scratch, unlike most cryptocurrencies that have taken after Bitcoin’s infrastructure.
As far as the long list of merits of the Tezos blockchain goes, it depends on a less power-hungry algorithm than Bitcoin or Ethereum. The algorithm is less computationally rigorous and less power-consuming, but it still uses a dependable proof-of-stake (PoS) consensus algorithm.
The ultimate aim of Tezos is to build a blockchain technology that functions more effectively than Bitcoin.
The Workings in the Tezos Ecosystem
Tezos aims to be the blockchain with the best on-chain reward system in the crypto space. The network will reward users for maintaining consensus and offer a proper process through which stakeholders can govern the project protocol and implement upcoming innovations.
With Tezos, new additions, updates, and innovations are added to the blockchain at its robust community’s request. In a nutshell, Tezos has a different view on governance than other blockchains, as it encourages participants in the core development of the blockchain. Its users can propose protocol updates and attach invoices to receive rewards if the upgrades go through. This approach incentivizes developers in the Tezos network to be creative and build a better ecosystem. It is also a brilliant way of maintaining the decentralization of the network.
If a proposed upgrade gets approved, the developer(s) responsible for it receives tokens. The use of formal proofs streamlines this method. These formal proofs allow the network to mathematically verify that critical properties are upheld over time and ensure that innovations are included without over-forcing the process.
Another unique aspect of how the Tezos project is developed is that it lets any stakeholder create on-chain bounties. This speeds up network development while allowing potential glitches to be detected and fixed efficiently and timely.
How is Tezos Different from Its Competitors?
The key difference between Tezos and its blockchain-based opponents is that it allows its ledger rules to be self-governing and decentralized.
To comprehend this, you should know that every blockchain depends on three parameters; ‘state,’ ‘apply,’ and ‘score.’ Tezos blockchain sets itself apart by making the ‘apply’ and ‘score’ parameters a part of the mutable state, allowing the ledger rules to be self-governing.
Another key feature that differentiates Tezos from other blockchains is its updates/upgrades are automated, almost as smooth as upgrading any modern software.
Because the project’s unique government rules allow participants to vote quickly and reach a consensus, Tezos enjoys a refreshing exception from other blockchains where upgrades can be complex.
The upgrade process on Tezos has been entirely decentralized, making it nearly as easy as modern software upgrades.
Baking on Tezos
In Tezos, blocks are created through a process known as ‘baking.’ This is essentially the same as staking, but it’s only open to network nodes with more than 10,000 XTZ. A delegate can earn a 16 XTZ reward for each block created – roughly $15.5 at current prices.
Tezos users with smaller holdings can still participate by nominating a delegate to bake on their behalf. A proposed protocol upgrade suggests decreasing the minimum stake to 8,000 XTZ, allowing more XTZ holders to bake independently.
Tezos is now one of the most-staked digital assets, with users baking $495M of XTZ tokens, or 75% of the circulating supply.
Tezos Made Great Progress in 2019
The Tezos name was once synonymous with drama due to a bitter boardroom dispute, prolonged ICO token lock-up, and regulatory problems meant that when the mainnet eventually launched in the summer of 2018, many investors dumped their token holdings on the open market. This drastically caused the XTZ token’s value to plummet from $4 to $ 1.60.
But things seem to be looking up. Coinbase exchange announced in March 2019 that it would launch a new staking provider, allowing institutional clients to stake XTZ without their assets leaving cold storage.
During 2019, several other major crypto exchanges enabled staking for XTZ, including Binance and Kraken, leading to a positive growth of users joining the platforms.
For this reason, the price of XTZ saw a significant boost in its performance, overtaking cryptocurrencies such as Bitcoin. Moreover, its upward trend could continue into 2020 due to the substantial role exchanges play in the crypto market.
In terms of partnerships, Tezos’ achievements are equally important. The Tezos Foundation has joined forces with banks, groups, and platforms to develop Tezos’ potential further.
Amongst the most remarkable partners are Securitize, Globacap, and BTG Pactual. In addition, many of the project’s partners use the XTZ token as part of solutions applied to everyday life.
More interestingly, the Tezos community also saw significant growth in the past year, having held three intercontinental TQuorum events with upwards of 300 participants and conducting more than 40 Tezos community meetings worldwide.
Finally, the Tezos Foundation has released a series of grants over the past year for several crypto-related projects that responded to the foundation’s calls for proposals. They have issued 14 grants to various projects that are working towards furthering the Tezos project’s interests.
The recipients of the grants will be focused on developing applications created on Tezos smart contracts, various tools for developers who use Tezos, Tezos-oriented training projects, block explorers, and marketing projects that will place Tezos on the map in the crypto community.
Judging from all past developments and partnerships of the project, Tezos is apparently on its way to becoming one of the most prominent blockchain players.
Verdict: Is It a Project Worth Investing in?
Tezos held its ICO in July 2017, raising an astounding $232 million (a record at the time), highlighting the promise shown by Tezos.
When it was launched, Tezos allowed the blockchain to evolve and improve without complex upgrades or hard forks, which remains a valuable feature.
On balance, the Tezos project remains a compelling use case for blockchain tech, as it could resolve the protocol governance concerns that have plagued many blockchains, including BTC and EOS‘.
Furthermore, more exchanges are implementing staking procedures into their service than ever before, and more proof-of-stake coins keep popping up, with Tezos at the forefront.
Tezos is one of the top staking platforms in the crypto market and likely the most profitable PoS coin available for investors.
Btc
Bitcoin
$62.547
price
price
0.84959%
price change
It offers the highest returns of any proof-of-stake coin of around 7.3% per year, almost double most other similar coins and over 2% more than its nearest competitor.
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Wayne Jones
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