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Tezos

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Tezos
Initial releaseJune 30, 2018
Repositoryhttps://gitlab.com/tezos/tezos
Written inOCaml, Michelson
Operating systemCross-platform
Platformx86, AMD64, ARM
TypeBlockchain
LicenseMIT
Websitehttps://tezos.com/

Tezos is a technology for deploying a blockchain capable of modifying its own set of rules with minimal disruption to the network through an on-chain governance model.

Unlike Bitcoin, Tezos does not rely on mining (Proof of Work), but instead utilizes a Proof-of-Stake based consensus model.

In August 2014, the project's founders released a paper called the "Position Paper", and in September of the same year the Tezos whitepaper was released.[1]

In 2017, the Tezos Foundation, a Switzerland based non-profit, raised $232 million in a fundraiser and became one of the biggest ICOs of the 2017 cryptocurrency boom.[2]

At Tezos, all stakeholders can participate in managing the protocol. The selection cycle offers a formal and systematic procedure for stakeholders to agree on proposed protocol changes. By combining this in-chain mechanism with self-change, Tezos can change this initial selection process to adopt better management mechanisms as soon as it is realized.

The core change allows Tezos to take it to the next level without having to "fork" it into two different block chains.[1]

Design

The primary protocol of Tezos utilizes proof of stake (PoS) and supports Turing complete smart contracts in a domain specific language called Michelson[3][self-published source][4][self-published source].[5] In Tezo's PoS model, users can lend money to validators to earn partial staking rewards without validating blocks directly, not to be confused with being a validator.[6]

The Tezos protocol allows itself to be amended by a staged process performed by committing operations to the stored blockchain to submit proposals (intended code changes) and to vote on those changes. If a proposal receives enough votes the protocol updates itself to incorporate the code changes.[7]

Use cases

In July 2019, Banco BTG Pactual S.A. together with Dalma Capital, a Dubai based asset manager, announced plans to utilize the Tezos blockchain for Security Token Offerings (STOs).[8]

In February 2019, Elevated Returns (ER), a financial group focused on digitizing traditional financial assets and best known for its tokenization of the St. Regis resort in Aspen, announced that it selected Tezos as the blockchain on which it will offer fully compliant tokenized real-estate offerings to qualified investors.[9]

Reliability

In March 2019, the audit company Least Authority published the results of 5 checks, performed for Tezos Foundation during 2018.[10]

With high probability, Tezos protects against chain reorganizations and selfish-baking[11], which are 2 common issues in blockchains using Nakamoto style consensus[12]. A subsequent analysis confirms that selfish baking in Tezos results in insignificant profits, even when the baker attempting it has a very large portion of the stake [13].

Tezos Foundation

The Tezos Foundation faced a management controversy about the use of raised funds by foundation president Johann Gevers. Johann Gevers resigned on February 22, 2018.[14][15] The current Tezos Foundation Council has five members: Ryan Jesperson (President), Michel Mauny, Marylène Micheloud, Lars Haussmann, and Hubertus Thonhauser.[16] Ryan Lackey was appointed in July 2019 as the 6th member of the Council.[17]

References

  1. ^ "Our History". Tezos. Archived from the original on 2019-07-06. Retrieved 2020-02-16.
  2. ^ Cohney, Shaanan; Hoffman, David; Sklaroff, Jeremy; Wishnick, David (2019). "Coin-Operated Capitalism". Columbia Law Review. 119 (3): 661. ISSN 0010-1958. JSTOR 26652184.
  3. ^ Harz, Dominik; Knottenbelt, William J. (2018). "Towards Safer Smart Contracts: A Survey of Languages and Verification Methods": 4. arXiv:1809.09805. Bibcode:2018arXiv180909805H. Archived from the original on 2019-07-20. Retrieved 2019-07-20. {{cite journal}}: Cite journal requires |journal= (help)
  4. ^ Das, Ankush; Balzer, Stephanie; Hoffmann, Jan; Pfenning, Frank (2019-02-16). "Resource-Aware Session Types for Digital Contracts". arXiv:1902.06056v2 [cs.PL].
  5. ^ Chen, Shiping (2018). Blockchain -- ICBC 2018 : first International Conference, held as part of the Services Conference Federation, SCF 2018, Seattle, WA, USA, June 25-30, 2018, Proceedings. Cham, Switzerland: Springer. ISBN 978-3-319-94478-4. OCLC 1042075107.
  6. ^ "What is Proof-of-Stake? · GitBook". learn.tqtezos.com. Retrieved 2020-05-12.
  7. ^ Vigna, Paul (2018). The Truth Machine: The Blockchain and the Future of Everything (March 2019 ed.). Picador. p. 89. ISBN 978-1250304179.
  8. ^ "BTG Pactual and Dalma Capital to utilize Tezos Blockchain for Security Token Offerings (STOs)". Bloomberg. Archived from the original on 2019-07-19. Retrieved 2019-07-19.
  9. ^ "Restaurant Owner's Global Property Fund Plans to Sell Crypto Tokens". Bloomberg. Archived from the original on 2019-07-19. Retrieved 2019-07-19.
  10. ^ "Tezos Protocol Final Security Audit Report" (PDF). Least Authority. March 16, 2019. Archived (PDF) from the original on April 24, 2019. Retrieved July 6, 2019.
  11. ^ "Analysis of Emmy+". Nomadic Labs. 2019.
  12. ^ Brown-Cohen, Jonah; Narayanan, Arvind; Psomas, Christos-Alexandros; Weinberg, S. Matthew (2018). "Formal Barriers to Longest-Chain Proof-of-Stake Protocols". arXiv:1809.06528 [cs.CR].
  13. ^ Neuder, Michael; Moroz, Daniel J.; Rao, Rithvik; Parkes, David C. (2020-04-07). "Selfish Behavior in the Tezos Proof-of-Stake Protocol". arXiv:1912.02954 [cs.CR].
  14. ^ Gideon Levis-Kraus (June 18, 2018). "The blockchain: a love story— and a horror story". Wired Magazine. Retrieved June 18, 2018.
  15. ^ Paul Vigna (February 22, 2018). "A $232 Million Cryptocurrency Fight Comes to a Close". Wall Street Journal. Retrieved February 22, 2018.
  16. ^ "About: Council - Tezos Foundation". tezos.foundation. Archived from the original on 2019-07-06. Retrieved 2019-07-19.
  17. ^ "Ryan Lackey, Chief Security Officer of the Tezos Foundation, is Appointed to the Council - Tezos Foundation". tezos.foundation. Archived from the original on 2019-07-19. Retrieved 2019-07-19.
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