Tezos

Tezos is an open-source blockchain platform designed for on-chain governance, formal verification of smart contracts, and self-amendment of its protocol. It uses a Liquid Proof-of-Stake consensus mechanism in which holders of the native XTZ token can participate in block validation by running a baking node or by delegating their stake to bakers. This arrangement aims to align security with the economic interests of token holders and to support protocol upgrades through on-chain voting rather than through hard forks.

The project was founded by researchers Arthur Breitman and Kathleen Breitman and conducted a highly publicized initial coin offering in 2017, raising about $232 million in Bitcoin and Ethereum. The Tezos Foundation was established to support development, governance, and funding. After delays and governance disputes, the network launched in 2018, emphasizing a self-amending ledger that enables protocol upgrades via on-chain governance.

Smart contracts on Tezos are written in Michelson, a stack-based language that is designed to be formally verifiable. Developers can also use higher-level languages such as SmartPy, LIGO, and Archetype, which compile to Michelson to enable formal verification of contract logic. The on-chain governance process allows stakeholders to vote on proposed protocol amendments, with upgrades implemented automatically if approved, reducing the need for disruptive hard forks.

XTZ is the platform’s native asset, used for staking, transaction fees, governance, and compensation for bakers. The ecosystem supports a variety of decentralized applications and financial tools, with an emphasis on security, formal methods, and community-driven governance.