Tezos XTZ Price

What is Tezos (XTZ)?

Tezos (XTZ) is a decentralized blockchain platform that enables smart contracts and decentralized applications (dApps) while emphasizing on formal verification, which enhances security and correctness of the code. Launched in 2018, Tezos aims to provide a self-amending protocol that allows for seamless upgrades without the need for hard forks, ensuring the platform can evolve as technology advances. Its native cryptocurrency, XTZ, is used for transactions, staking, and governance within the ecosystem.

Who are the Founders of Tezos?

Tezos was co-founded by Arthur and Kathleen Breitman. Arthur Breitman, a computer scientist and former financial engineer, is known for his work in blockchain technology and has published various research papers on decentralized systems. Kathleen Breitman, an economist with a background in business and finance, played a crucial role in the platform's development and governance. The project gained significant attention during its initial coin offering (ICO) in 2017, raising over $232 million, making it one of the largest ICOs at that time.

How does Tezos Work?

Tezos operates on a proof-of-stake (PoS) consensus mechanism, allowing holders of XTZ to participate in the network's governance by delegating their tokens to validators, also known as bakers. This system encourages active participation and helps secure the network. Key features of Tezos include:

• Self-Amendment: Tezos can upgrade itself without hard forks. Stakeholders can propose changes, and if approved, the protocol can implement them seamlessly.
• Formal Verification: Tezos employs formal verification techniques to mathematically prove the correctness of smart contracts, making them less prone to bugs and vulnerabilities.
• On-Chain Governance: The governance structure allows XTZ holders to vote on proposals directly, ensuring that community members have a say in the development and direction of the platform.

Top Use Cases of Tezos

Tezos has a diverse range of use cases across various sectors:

• Decentralized Finance (DeFi): Tezos supports various DeFi applications, enabling users to lend, borrow, and trade assets without intermediaries.
• Non-Fungible Tokens (NFTs): The platform has gained popularity in the NFT space, with notable projects like Hic et Nunc facilitating the creation and trading of digital art.
• Gaming: Tezos provides a robust framework for developing blockchain-based games, allowing for secure asset ownership and in-game economies.
• Identity Verification: Businesses can leverage Tezos for secure, decentralized identity solutions, enhancing data privacy and security.
• Supply Chain Management: Tezos can track goods and verify their authenticity, streamlining processes in logistics and supply chain operations.

How to Keep your Tezos Safe?

To ensure the safety of your Tezos (XTZ) tokens, consider the following best practices:

• Use Hardware Wallets: Storing XTZ in hardware wallets like Ledger Nano S or Trezor provides robust security against hacks and malware.
• Enable Two-Factor Authentication (2FA): For exchanges and wallets, always enable 2FA to add an extra layer of security to your account.
• Keep Software Updated: Regularly update your wallet software and firmware to protect against vulnerabilities.
• Be Wary of Phishing Scams: Always verify URLs and avoid clicking on suspicious links to protect your private keys and sensitive information.
• Secure Your Private Keys: Never share your private keys or recovery phrases. Store them in a secure, offline location.