A Fundamental Guide to Knowing Tezos Blockchain

Tezos is an open-source decentralized blockchain that acts as a platform for executing peer-to-peer transactions and deploying smart contracts. The native cryptocurrency of the Tezos blockchain is Tez with the symbol XTZ. Its network uses proof of stake to reach a consensus. It also uses an on-chain governance model that allows users to change the protocol if an upgrade proposal is actively viewed by the community. Its testnet went live in June 2018 and the mainnet, in September 2018.

How Tezos Is Different

One of the defining elements of Tezos is its governance. Most of the early blockchains rely on the development team and the mining community to make new design decisions. However, Tezos attempts to integrate the decision-making process into your network.

As a result of this system, Tezos encourages users to participate in the core development process. This democratizes the development process and decentralizes maintenance.

At the same time, Tezos developers realized that certain important properties needed to be maintained for extended periods. Tezos uses formal mathematical proofs to ensure that these properties are maintained.

Indeed, this means that the Tezos network remains decentralized. While other blockchains are decentralized, Tezos also includes mechanisms that enable collective decision making. Tezos token holders can vote for future protocol development.

Token standards

1. FA1.2 (TZIP7)

An alternative token standard like Tezos' ERC20. At the core of FA1.2 is a ledger that maps IDs to token balances, provides a standard API for token transfer operations, and provides external contracts (such as auctions) or account approvals to transfer a user's tokens. It contains.

2. FA2 (TZIP12)

A standard for integrated token contract interfaces that support a wide range of token types and implementations. Tokens can be substitutable or non-substitutable. Token contracts can be designed to support a single token type (such as ERC20 or ERC721) or multiple token types (such as ERC1155) to optimize batch transfers and atomic swaps of tokens.