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Tezos (XTZ) is a distributed ledger that can be used to execute smart contracts and has an on-chain governance approach that allows the blockchain to be upgraded without the need for hard forks. Token holders can make choices collectively and enhance the network over time because of the on-chain governance structure.

Tezos allows users to create new coins and smart contracts. It’s an open-source platform that’s “secure, upgradable, and built to last.” Tezos’ smart contract language, according to the team, delivers the precision needed for high-value use cases. They believe that by using this strategy, Tezos will be futureproofed and “stay state-of-the-art far into the future,” allowing it to adapt to changes in blockchain technology.

The Tezos network is maintained and operated by the XTZ cryptocurrency. The XYZ token is used for storing, spending, sending, and baking (aka staking) on the Tezos blockchain network. People who own XTZ can vote on protocol updates proposed by Tezos developers. Tezos pays participants with XTZ based on the number of tokens they bake (stake), with bakers (stakers) earning a portion of the reward distributed to those who delegate their XTZ.

Tezos is a multi-purpose blockchain platform that includes smart contracts, on-chain governance, and formal verification capabilities. Its software allows developers to execute bespoke programming logic (smart contracts) and create new programs (decentralized apps).

Tezos is separated into two components: Shell and Protocol.

• Shell – Consists of the code responsible for understanding transactions and administrative processes, and amending itself based on user voting.
• Protocol – Includes the transaction and consensus protocols. These two protocols work independently and are integrated into the Shell network. This shell keeps track of the Tezos blockchain’s current state and allows the network to do internal protocol checks, allowing them to validate their own replacements.

Furthermore, Tezos also employs the liquid proof-of-stake (LPoS) consensus mechanism to keep its network in sync. LPoS is a variation of the widely known proof-of-stake (PoS) consensus mechanism.

In this system, anyone with a certain number of tokens can participate as a baker (validator). Users may also delegate their tokens to other bakers, allowing them to vote and collect XTZ incentives on the live blockchain. Bakers are compelled to act honestly because users may quickly switch between the bakers to whom they assign XTZ based on their vote preferences.

By lowering frictions and allowing anybody to get newly issued XTZ to retain the relative worth of their holdings, the team believes they can promote involvement among token holders.

Tezos was founded in 2014 to create a “self-amending blockchain.” Arthur Breitman presented the technology that underpins Tezos in a white paper in August 2014. In September 2014, he published a white paper that went into further depth about the initiative. 

The Tezos Foundation deployed a betanet in June 2018. The team released the Tezos Mainnet in September 2018 after completing a betanet testing phase.

Tezos’ concept was simple: anybody who held the XTZ coin could vote on potential rule changes. Once the community made the final decision, the blockchain would automatically update to guarantee that the changes were implemented.

Tezos raised record-breaking amounts of money in 2017 before going live with its blockchain in 2018. Its initial coin offering (ICO) began on July 1, 2017, and raised $232 million in Bitcoin (BTC) and Ethereum (ETH) in under two weeks, well surpassing the project’s $20 million goal. It was the largest ICO at the time.

To keep the network secure, Tezos utilizes a liquid proof-of-stake (LPoS) consensus mechanism. This mechanism enables XTZ token holders to bake their tokens and ensure the network’s security. By submitting a certain amount of XTZ tokens as collateral, anybody can become a validator and contribute to the network’s smooth operations. To encourage honest behavior, individuals who work in the blockchain’s best interests are rewarded, while those who act dishonestly risk losing their whole share.

However, online theft and fraud are often conducted not by attacking the blockchain network but by targeting users’ online/hot wallets to expose their private keys. Such malicious actors trick users into revealing their private keys or attack their system with malware.

Prominent cryptocurrencies like XTZ are available on many centralized (CEXs) and decentralized exchanges (DEXs). CEX users compromise complete ownership over their crypto assets, as they do not have access to the wallets’ private keys holding their funds. Most CEXs also require KYC information these days, which is not ideal for people seeking privacy over their online activity.

DEXs are ideal for investors who prefer privacy and ownership over their assets. However, there are still some loose ends on the security front when online wallets are used, as they may expose private keys and result in thefts and frauds. 

Hardware/cold wallets overcome this vulnerability by storing private keys in physical storage devices cut off from the web and, therefore, out of the reach of malicious actors. A Ledger hardware wallet saves your private keys offline and thus makes your crypto assets inaccessible for anyone except you in the event of a computer hack. 

The Ledger Live app gives the option to manage 1800+ coins and tokens from a smartphone or desktop, making the system extremely convenient. The provision to use a PayPal account or Debit/Credit Card to purchase XTZ offered by Ledger is also beneficial for new users. Follow the simple steps below to purchase XTZ on a Ledger wallet: 

1. Get a Ledger hardware wallet.
2. Download and install Ledger web or mobile application.
3. Connect the Ledger app with the Ledger hardware wallet.
4. Install the Tezos application from the app catalog.
5. Start buying XTZ using Ledger Live.