Tezos is designed to create and host Decentralized Applications (DApps) and assets.
The Tezos node holds a unique self-governing model, which means that the blockchain can be upgraded and improved by itself. Usually, it happens in crypto if a blockchain runs into a disagreement, running into a hard fork and splitting the community into two separate blockchains. But Tezos blockchain is different.
The article reflects on Tezos and how does the Tezos blockchain work –
Who developed Tezos?
Arthur Breitmen and his wife, Kathleen Breitmen, developed Tezos. Arthur Breitmen launched a paper in 2014 stressing Bitcoin’s flaws and submitted a self-amending cryptocurrency solution.
After attempting several failures in attracting banks for his project in 2015, Arthur Breitmen conducted an ICO in 2016. The ICO was held on 1st July 2017 and lasted for 13 days, and Tezos received $232 million. The Tezos blockchain officially went live in 2018.
What is Tezos Blockchain?
Tezos is a self-amending cryptographic ledger that can expand depending on the needs without struggling with fork issues. The Tezos blockchain is a network where everyone can have shared honesty as the stakeholder governs the protocol. XTZ is the name of the token for the Tezos blockchain.
Tezos comes with a brand-new peer-to-peer blockchain which helps with the checking of the accuracy code used for regulating the transactions.
Moreover, the consensus mechanism used by the Tezos blockchain is Delegated Proof of Stake (DPoS). The mechanism helps every stakeholder to create their blocks on the Tezos blockchain and earns rewards in proportion to their holdings. Anyone can participate in creating the blocks regardless of the amount they hold as a stakeholder.
How does the Tezos Blockchain work?
Tezos powers 3 types of blockchain protocol layers known as “Network Shell,” which allows the features of a self-amending cryptographic ledger, and they are explained below –
1. Network Protocol –
The Network Protocol/ Gossip Protocol reflects the transactions across the network between different nodes. Further, the Network Protocol includes the following:
- Downloading the blockchain.
- Identifying the peers across the blockchain.
- Broadcasting blocks on the Tezos blockchain.
2. Transaction Protocol –
The Transaction Protocol can be explained by scripting codes used to develop cryptocurrencies.
For example, for Bitcoin, the Transaction Protocol uses codes for mining, verifying transactions, and digital signature for identification.
The changes made in the Transaction Protocol of the Tezos blockchain are “Soft Forks,” which do not affect the consensus mechanism and do not split the chain into two parts like “Hard Forks” do.
3. Consensus Protocol –
The Consensus Protocol of the Tezos blockchain is the advanced form of Proof of Stake (PoS), which is Delegated Proof of Stake (DPoS). It is smartly used to reach its consensus across all the nodes in the Tezos blockchain.
Blockchain node hosting like Zeeve helps with the Tezos blockchain node with highly secure endpoints.
Moreover, Tezos blockchain has 3 parallel blockchains, which are –
- Mainnet, where the Tezos blockchain is decentralized and has a real dollar value.
- Alphanet is a test network with a cycle of 2048 blocks and holds a target time of 30 seconds for each block.
- Zeronet is a test network much faster than Alphanet, with each cycle 128 blocks and a target time of 20 seconds for each block. As a result, core developers mainly use it.
Conclusion –
The Tezos blockchain uses an advanced consensus mechanism and is a self-amending cryptographic ledger platform that allows the development of Decentralized Applications (DApps) and smart contracts. Even though there are similar platforms with the same features, the Tezos blockchain comes in a unique way with its Network Shell and 3 parallel blockchains and thus, preventing any hard forks.
