The biggest ICO that rebounded as a rival of Bitcoin
2017 was the year that blockchain went mainstream. It was also the year that Tezos completed its ICO and brought in a record-smashing USD 232 million worth of Bitcoin and Ether, the biggest ICO ever.
Currently ranks as the 21st largest crypto on CoinMarketCap, Tezos has made gains of more than 200% since January this year. The market is eyeing this cool blockchain with high hopes, calling it a “Bitcoin rival”, despite its close-to-collapse drama in late 2017 due to the dispute between the founders.
Created by former Morgan Stanley analyst Arthur Breitman and Kathleen Breitman in 2014, Tezos is a decentralized blockchain that governs itself by establishing a true digital commonwealth and facilitates formal verification. To simply put, Tezos is a self-amending, open-source, multi-purpose platform for building DApps and smart contracts.
Tezos aims to promote long-term upgradability and open participation to support the mainstream adoption of blockchain technology. It intends to be an evolving network that improves on all governance issues that the existing crypto face through incentivizing its token holders to work together to make decisions that can improve their protocol over time, hence decentralizes the maintenance of the Tezos network.
While most blockchains rely on development teams and mining communities to formulate new design choices, Tezos is very flexible and allows participants to directly control the rules and the future of the network through smart contracts. Thus Tezos essentially imitates a democracy, the more XTZ the participant holds, the more voting power they have to vote on whichever proposal they approve.
The idea is cool — Tezos allows developers from around the world to propose technical improvements to its codebase, then there would be a voting system among all Tezos holders and, if positive, the change would be adopted and the developers would be rewarded. Tezos developers would also use formal proofs to verify the updates implemented by user-developers over time in order to ensure certain properties of the protocol are maintained.
Over the years, the crypto market has welcomed numerous blockchain platforms that aimed to launch self-amending DApps and smart contracts, like Ethereum — but it’s not self-governed. Tezos theoretically takes and improves upon the best aspects of Bitcoin and Ethereum. Its governance model is not ad-hoc but self-evolving, which can evolve as per the needs of the market and the industry without having to hard forks.
The Tezos blockchain has also implemented a native coin — Tezos (XTZ). Initially, there were 10 billion tokens available for sale, but currently, the total circulating supply of Tezos is 801,312,599 XTZ at USD 0.880965 at the time of writing.
OKEx is pleased to list this extremely intriguing project! From Nov 6, 2019, users will be able to trade the asset on our website:
- The depositing of XTZ will be available from 09:00 Nov 6, 2019 (UTC);
- XTZ spot trading against USDT and BTC will open at 09:00 Nov 7, 2019 (UTC);
- XTZ withdrawal will open from 09:00 Nov 8, 2019 (UTC).