Tezos uses military-grade native smart contract language Michelson which is anchored on the OCaml GADT.
Tezos has built its architecture using a modular so that improvements and upgrades on future technological advances in the future are seamless.
Participation in network upgrades are not limited, unlike Proof-of-Work or Proof-of-Stake networks, all stakeholders have a say in the decision making. Participation is either through baking (signing and publishing blocks) or delegation (Delegated Proof-of-Stake).
Unlike other cryptocurrencies, it is not based on mining but token holders receive rewards for participating in a proof-of-stake mechanism.
Tezos is aiming to establish a self-governing truly digital commonwealth blockchain. Development began in 2014 by co-founders Arthur Breitman, and Kathleen Breitman, along with a core group of developers.
The team was catapulted to fame with their ICO that has raked in $232 million of combined Bitcoin and other currencies, in just two weeks.
Its generic blockchain protocol is divided into a Network Protocol, Transaction Protocol, and Consensus Protocol. The Network Protocol is a platform for sharing of ideas among peers, Transaction Protocol is the transactional layer, while the Consensus Protocol is a layer where stakeholders get to agree upon transactions.
XTZ has divided account opening into Implicit Accounts and Originated Accounts. Implicit accounts are the most common in Tezos starting with tz1 where the account owner’s name and balance appear.
These accounts cannot perform the delegate function unless funds are transferred to an Originated Account.
On the other hand, an Originated Account has access to Implicit Accounts and smart contracts. Smart Contracts is among its best features as it is fully verifiable.
Despite being under a lot of flak in 2017 and 2018, Tezos was able to turn around in 2019 giving it a promising future in the Security Token Offering.
Several reports say that XTZ has over $2.6 billion worth of STOs being spun up under its protocol.
Tezos Foundation, with the monumental increase in ICO price since inception, is very much liquid, opening to a limitless of opportunities in the future.
For 2020, XTZ has line up developments including STO strategy, payment system synergies, storage engine upgrades, and much more.