Tezos made a splash on July 1, 2017 as one of the most successful and promising ICOs to have taken place. They raised $232 million, which made this one of the largest ICOs ever.
However, since then they were plagued with delays and other legal issues which kept them quiet for a while. Now the sleeping giant has awoken with some momentous moves that are shaking the world of cryptos and the blockchain.
POS vs POW
It is their Proof of Stake (POS) mechanism which allowed Tezos to weather the prolonged bear market that saw other coins dropping out of the game like flies. XTZ price more than tripled during October 2019 to February 2020 and it reached an all time high. Once again in early 2020 Tezos began to draw attention and acclaim for its unique choice of build architecture.
Now in 2021, XTZ price has climbed an astonishing 236% and it shows no signs of slowing.
Tezos is best known for having built their model from the ground up with a POS consensus. Like Ethereum, Tezos deploys smart contracts, but it is unique in allowing users to directly control the rules of engagement through their consensus mechanism. This allows for flexibility, user governance and scalability. This places Bitcoin and Ethereum’s Proof of Work mechanisms in stark contrast.
Trending Stories
Ethereum is desperately trying to roll out its ETH2.0 upgrade, which would potentially minimize the skyrocketing gas fees experienced by users and would endeavour to make it more scalable. Tezos was built with these features from the start.
Takes The Risk Out of Mining
POS works in a different way to POW in that rather than miners getting rewarded with gas fees for building and approving new blocks, they are instead rewarded for the percentage of native tokens they hold. This means that the native XTZ or Tezzie token is not minted, but rather given as a reward in return for taking part in the POS mechanism. This takes a lot of the risk away from miners potentially attacking the network to steal rewards, for the fact that it makes it less advantageous for miners to attack chains.
Tezos now has a booming marketplace for NFTs, where users with a conscience can mint NFTs that are much greener for the planet and take advantage of fees that are much more easily digested than those of Ethereum. Tezos is now very popular for decentralized finance applications too, with their promise of faster transaction times, more feasible transaction charges and the ability to scale much more easily than with Ethereum.
Scalability Guaranteed
Scalability is one key to Tezos proposition. It has managed to make six upgrades overall as compared to Ethereum struggling for many years to upgrade their protocol, with Tezos easily completing updates frequently and in a trouble free way. The last Tezos upgrade, Florence, saw major improvements made, which came just three months after the prior upgrade.
So Tezos is moving fast and Ethereum will have to work faster with its launch of ETH.20 to stake its own claim. Tezos, the sleeping giant has finally awoken and they are not going quietly into the storm.
- ETH Whales Add Polygon (MATIC) Amid Prices Surge Of 60% In Last 7 Days
- Uniswap ($UNI) Surges 45% As Trading Fees Surpass Ethereum
- Ethereum Merge Delay? Developers Concerned Over Shadow Fork
- MINA Price Jumps By 20% Over This Announcement
- Bitcoin Mining Data Suggests More Price Dumps Ahead; Details
- This Bitcoin Bear Market Is Unlike Any Other, Here’s Why
- Here’s Why Shiba Inu Ecosystem Tokens’ Prices Are Shooting Up
- Goldman Sachs Likely to Raise $2 Billion To Acquire Celsius Assets, But Here’s the Catch
- Here’s Why SEC Chair Wants Single Rulebook For All Crypto Trading
- Huge Cardano Breakout Imminent After This Resistance Level?
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3
- Solana Price Analysis: SOL Price Rallying North With Eyes On $59
- XRP Price Analysis: Trendline Reversal Could Dump XRP Back to $0.3
- AXS Price Analysis: Rising AXS Price Aims To Reclaim $17.6 Mark
- Polygon Price Analysis: Can Trendline Breakout Lead MATIC to $0.75?
- ArbiSmart Price Analysis: RBIS Retests Multi-month Support; Buy this Dip?
- Waves Price Analysis: Emerging Pattern Threatens to Break $4.16 Support
- Apecoin Price Analysis: Trendline Fakeout Could Tumble APE by 25%