TEZOS- The Self Amending Cryptographic Ledger
Tezos is the first and only blockchain implementation operating with decentralized governance started by Arthur Breitman and Kathleen Breitman. The Breitmans also founded Dynamic Ledger Solutions (DLS), a company primarily focused on developing the Tezos technology and owns the Tezos intellectual property. The currency is being launched in an initial coin offering on July 1, 2017.
• Tezos is also known as the self-amending ledger.
• Tezos is a distributed consensus platform with meta-consensus capability. Tezos not only comes to consensus about state, like BTC or ETH. It also comes to consensus about how the protocol and the nodes should adapt and upgrade.
• Tezos has been in active development since summer 2014. Tezos is currently testing and bug fixes to move out of its prototype phase.
Features of TEZOS:
• Its blockchain technology has unique features which the Tezos team claim allows for the establishing of a “digital commonwealth” in which stakeholders themselves decide democratically the direction of the network’s rules and governance.
• Formal Verification: Tezos facilitates formal verification, a technique which mathematically proves the correctness of the code governing transactions and boosts the security of the most sensitive or financially weighted smart contracts.
• Collectively, the Tezos network maintains the decentralized aspect of blockchains while introducing a mechanism to enable collective decision making.7
• Tezos governance decisions are made in the blockchain rather than outside of it and are automatically deployed to the network once consensus is reached. This means that those who hold Tezos tokens have power rather than centralized core developers and miners. Developers are awarded tokens if their proposals are approved within the blockchain’s parameters. Tezos tokens not only power smart contracts in the network, but also allow votes on protocol amendments.