Secure your XTZ assets
Secure your Tezos assets with the most trusted hardware wallet. Cold storage wallets are typically encrypted devices that store users' Tezos assets offline, providing a layer of security against the evolving threats emerging from being connected to the Internet.
How to manage Tezos with Ledger devices
Secure your Tezos (XTZ)
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How to manage your Tezos (XTZ)
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What is Tezos (XTZ)
In August 2014, a white paper titled ‘Tezos -- a self-amending crypto ledger’ was released under the pseudonym ‘L.M. Goodman.’ Detailing an innovative method of on-chain governance where a permissionless community of users controls the direction of the network, based on proof-of-stake (PoS) consensus, Tezos generated significant buzz in the broader cryptocurrency community.
Tezos (XTZ) features
L.M. Goodman was eventually identified as Arthur Breitman, a computer scientist and financial quant, who absorbed the intellectual property rights of Tezos into his Delaware-based firm, Dynamic Ledger Solutions, and planned an ICO to build Tezos.
Amid the ICO mania of 2017, Tezos raised a then-record $232 million in its ICO followed by a sequence of polarizing events and lawsuits amid control over the funds. Today, with most of its controversial past in the rearview mirror, Tezos is rapidly gaining momentum as a community-driven network among an emerging class of PoS networks.
The Emergence of Proof-of-Stake and On-Chain Governance
Tezos occupies a unique place among cryptocurrency networks primarily drawing from its on-chain governance model and PoS consensus. In particular, Tezos is part of a new generation of PoS blockchain networks seeking to improve upon Bitcoin’s proof-of-work (PoW) with faster finality consensus, a more scalable design from launch, and less energy expenditure.
Tezos is a smarts contracts platform like Ethereum, but is based on the programming language Michelson and deploys some slight optimizations to the smart contract archetype of Ethereum -- such as with formal verification for enhanced contract security. Officially live since September 2018, Tezos has been gathering community support and development contributions in large part due to its offerings of bug bounties, staking incentives, and partnerships designed to bring more community members into the fold.
Compared to other blockchain networks, Tezos distinguishes itself from other networks in mainly two ways:
1. Staking Mechanism (Called ‘Baking’)
2. On-Chain Community Governance
Baking is the process of staking funds in the Tezos network to validate blocks and receive the corresponding block reward. Additionally, bakers (i.e., stakers) play a prominent role in the network’s governance with voting power correlating to their overall stake of the native Tezos token, XTZ, locked in the network.
Token holders are not forced to stake their XTZ, however. Token holders can voluntarily participate in staking by delegating them to other bakers to stake on their behalf.
Similarly, XTZ holders can also delegate their tokens for the process of voting in governance proposals. The on-chain governance structure of Tezos is such that voting on proposals is related to the size of a user’s network holdings in XTZ. Proposals can be issued by developers and other network participants with invoices attached to them for funding of development.
The initial voting system is pre-defined, but what is unique about Tezos is that the voting mechanism can actually be changed by governance proposals, just like many other aspects of the network. Stakeholder votes can trigger protocol changes, and even core tenets of the network can be altered, albeit with much more difficulty. The concept is to foster a community environment that is capable of rapidly evolving the network to meet dynamic requirements.
Notably, Tezos completed its first round on-chain governance vote in March, where two major network upgrades were covered under the title ‘Athens.’ The allocation of funding from the ICO is managed by The Tezos Foundation, a non-profit organization who chose to remain neutral and cede voting power to the Tezos community.