What is Tezos (XTZ)?

Tezos is a blockchain that grows continuously. Voters vote on changes to the protocol, including changes to the voting procedure itself, in order to reach a social consensus in the proposals. Tezos supports smart contracts and provides a platform for building decentralized applications.

The Tezos protocol provides a formal process in which stakeholders can effectively manage the protocol and implement future innovations.

The Tezos blockchain is designed to facilitate formal validation, which helps secure smart contracts and avoid error codes.

Tezos has a unique risk-proof consensus algorithm. It gives each stakeholder the opportunity to participate in the approval of transactions on the network and to be rewarded by the protocol to do so.

Tezos Features

XTZ has unique governance and self-changing capabilities. In order to better understand the working mechanism of Tezos’ Network Shell system, we need to divide the Blockchain protocol into 3 headings:

Transaction Protocol

Network Protocol

Reconciliation Protocol

1) Transaction Protocol

Transaction protocol is defined using the scripting language of a cryptocurrency. In Bitcoin, this is known as UTXO (Unspent Transaction Output Model). A fork in the processing protocol is generally referred to as a light or soft fork.

2) Network Protocol

In network protocol, there is a close link between networks. The operations here illustrate how broadcasting between networks occurs. Network protocol also includes discovering identical peers in Blockchain within broadcast blocks. It is generally known as innovation and development network.

3) Reconciliation Protocol

The reconciliation protocol is extremely important because it describes a model to achieve reconciliation of the blockchain between the nodes in the network. This Protocol uses the Bitcoin PoW (Proof of Work) business model. Nevertheless, Tezos uses optimized business proof.

Tezos’ Network shell acts as an interface between the Blockchain protocol and the Network Protocol. When performing this operation, it is in the hands of the network shell to maintain the best known blockchain. XTZ programming language is OCaml. Network shell sees 3 objects:

Transactions

Protocols

Blocks

Modules in OCaml can be used to directly modify the existing protocol.

Buy Tezos (XTZ)

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Another way is to purchase Bitcoin beforehand with credit card at https://online.cointral.com. You can, then, purchase XTZ by transferring your BTCs to your BTC address on the Binance exchange.

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