What Is Tezos? Everything You Need to Know

Tezos got into the spotlight after its controversial ICO in July 2017. Although the ICO managed to raise a record $232 million, there was plenty of drama around it.

First, the founders, Arthur and Kathleen Breitman got into a dispute with the former president and board member Johann Gevers.

Also, disagreements over associates Gevers brought in to the Foundation were raised.

Then, ICO participants filled lawsuits claiming that Tezos’ tokens (Tezzies) should be considered securities and registered with the SEC.

However, the dust has settled, disputes have been put aside, Johann Gevers left the company, and today, Tezos is registered in Zug Switzerland.

In this blog post, we’ll take a look behind the scenes and explain everything you need to know about the platform. Let’s dive in.

What makes Tezos different from other blockchains?

According to its website, Tezos is a permissionless, open-source platform for assets and applications. The platform is backed by a community of validators and contributors.

But how is Tezos different from other blockchain platforms? Well, for starters, Tezos uses a language called Michelson. It’s a stack-based language that gets to run in the Tezos VM by itself.

Second, the platform leverages a Network Shell, which combines the transaction and consensus protocols into a so called blockchain protocol. This network shell can recognize three objects: blocks, transactions, and protocols.

And, last but not least, Tezos doesn’t use mining, but what they refer to as ‘baking’. In baking, stakeholders can create a block when its native token called a Tezzie that they own is randomly selected.

Which projects run on Tezos?

The list of projects built on the platform is long, and here are some of them:

  • Tezsure, a decentralized insurance platform backed by AI and Tezos blockchain
  • Legicash, a blockchain platform trying to increase the scalability and security of smart contracts
  • Clause, a blockchain-based platform for translating legal documents to smart contracts

For a full list of Dapps and projects running on Tezos you can check out this page.

Where the team is headed?

Since January, the company made gains of more than 200%, plus, its market capitalization reached almost $1.5 billion.

Now, the company wants to develop more use cases for security tokens, like the recent one with BTG Pactual, Brazil’s fifth-largest bank. In a press release, it was stated that BTG Pactual plans to use the Tezos blockchain for security token offerings potentially worth $1 billion.

Now, we need to wait and see whether the company can justify all the buzz generated with its ICO.

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