XTZ

XTZ, also known as Tezos, is a decentralized, open-source blockchain network designed to support applications and digital assets. It was developed by Arthur and Kathleen Breitman and launched in 2018. Tezos distinguishes itself through its on-chain governance model, which allows stakeholders to vote on proposed protocol upgrades. This mechanism aims to facilitate a smoother evolution of the network without the need for hard forks.

The network operates on a proof-of-stake consensus mechanism, where "bakers" are responsible for validating transactions and creating new blocks. Bakers are incentivized through transaction fees and newly minted XTZ. XTZ is the native cryptocurrency of the Tezos blockchain and is used for staking, transaction fees, and participating in governance.

Tezos is designed to be energy-efficient compared to proof-of-work blockchains. Its smart contract capabilities enable the development of decentralized applications (dApps), including those in the decentralized finance (DeFi) and non-fungible token (NFT) spaces. The platform's on-chain governance system is a key feature, allowing for continuous improvement and adaptation of the protocol over time through a formal amendment process. This approach aims to ensure the long-term sustainability and relevance of the Tezos network.