Tezos blockchain feedback and review

Tezos was created to address the shortcomings of existing blockchain technologies. The creators of Tezos envisioned it as a means of advancing blockchain technology and fostering a DeFi revolution. Through its own architecture and processes, it intends to solve DeFi's challenges, such as transaction costs and smart contract issues.

About Tezos

Tezos is an open-source blockchain protocol that is "intended to adapt" and develop in a steady manner. It is a platform for developing smart contracts and decentralised applications. Tez (XTZ) is the ecosystem's utility token, and its native smart contract language is called Michelson. Tezos bakers, akin to bitcoin miners, safeguard and administrate the platform. They guarantee the security of the network, validate transactions, and distribute block rewards.

Conformity Mechanism

Tezos verifies transactions using the Proof-of-Stake consensus process, which requires members to stake their cryptocurrency in order to add new blocks to the blockchain. Tezos allows any stakeholder to participate in the consensus process, unlike other Proof-of-Stake (PoS) systems that limit participation to those who own the majority of the cryptocurrency.

Key Attributes

Self-Amendment

It enables Tezos to adapt and improve itself without forking, hence decreasing hard forks and community division. This feature enables the protocol to evolve over time and implement future developments effortlessly.

On-Chain Administration

All stakeholders in the Tezos blockchain network can participate in protocol governance. The election cycle offers stakeholders a formal and methodical method for reaching consensus on proposed protocol amendments.

Distributed Innovation

Revisions to the protocol that are approved by stakeholders may involve remuneration for those who improve the protocol. This funding strategy encourages robust involvement and decentralises network maintenance.