Beginner’s Guide to Tezos (XTZ) Blockchain Technology

With lots of grey matters ranging from internal power squabbles, unrealistic growth on the market, underground team of a workforce, since its launch on September 17th, Tezos (XTZ) it has never departed on the lips of cryptocurrency community as the project which has controversial suit laws hanging over it continues making headlines worldwide.

The team of programmers which developed Tezos (XTZ) had a clear vision when coding but failed to implement successfully upon completion, still, to date have a daunting task of making this ICO cryptocurrency best performer on the market and also make it stand against other cryptocurrencies ICO’s.

It is
the duty of this beginner guide to detail great factors surrounding this
Blockchain technology.

What Is Tezos?

Tezos is a cryptocurrency, Blockchain based
platform running on smart contracts technology providing significant
self-improvement features and community grants developed in the USA by Ex
Morgan Stanley specialist named Arthur Breitma.

It stands in the Ethereum category hosting dApps
and smart contracts under which native token Tezzie, XTZ was born. With a
robust secure, future-proof smart contract system platform uses community input
to improve upon its flaws and create a fast and efficient protocol.

Tezos cryptocurrency

With its
background history of investment and decentralization application, Tezos issued
it’s own coin XTZ (pronounced ‘tez’). For now its purposes are investment and
decentralized application governance. The main purpose of XTZ is to handle
transactions, as a payment for code evolvement and platform improvements. In the
year 2018, it reached trading rank hitting of top 20 with a market cap margin
above 1 million in crypto world.

behind Tezos (XTZ)

Those who are well known as brainy behind developing Tezo (XTZ)
programming code is a couple named Breitman:

Arthur Breitman a computer engineer and mathematician with
his history background working in financial industry, upon resignation from his
formal employment devoted time to come up with Tezos (XTZ). He closely followed
the historic rise and adoption of Bitcoin from the outset and noted it’s
“inability to evolve” and instead lead to hard forks. His proposed solution is
the Tezos project that exists today.

Kathleen Breitman with vast experience working for financial
sector big renowned companies such as Bridgewater Associates and R3, she brings
her knowledge of arithmetic algorithms. Combined with her husband she play a
great role coming up with the ICO. The latter gave her insights into
distributed database technology.

Internal fights

The first squabbles between the founders of Tezos – Arthur and Kathleen Breitman – and the head of Tezos Foundation – Johann Gevers emerged after a few months after ICO was released the management fights grew making the head of the custodial Tezos Foundation to leave.

By that moment, investors of Tezos (who are donors actually, according to
Tezos’ documents) already have been waiting to trade their tokens for several
months. The dispute between founders and Gevers led to the community mayhems,
so the estimated exchange rate reduced significantly after the unveiling of
Breitmans’ petition. The published letter contained uncomplimentary characteristics
of Gevers, including words like “self-dealing, self-promotion and
conflicts of interest”.

Coin Supply & Sustainability

Beginning of January 2019, according to CoinMarketCap,
there is a total supply of roughly 763 million “Tezzies” in the currency
pool. The live blockchain (mainnet) has yet to be launched. However, the
Tezos community is currently running a betanetwork which will eventually become
the mainnet. Date of this transition is unknown.

Where to buy and Store XTZ?

Tezzies have yet to be listed on any major exchange. This will most likely
prevent the project from gaining wider adoption until some additional options
are added. In the meantime, if you were not an investor in the ICO you can buy
and sell XTZ on:

With no official wallet, however, according to some social media posts
Tezzies can be stored on a wallet via the command line. Such a solution will
only suit programmers of course.

TezBox provides a user-friendly web wallet which can be accessed from your browser. This is a community-driven wallet but we do have to stress that web wallets are a serious security threat and storing and retrieving your coins this way is completely at the user’s risk.

Obsidian systems recently announced a wallet application for the Ledger Nano S which comes as a welcome development for secure storage moving forward.

In Closing

 With unstable  start, Tezos has now launched their ICO and
offers some promising innovations, especially in governance. Governance of
blockchain networks is among one of the most arduous tasks to take on as it is
a completely novel field that consists of creating sustainable and fair
governance mechanisms for vast networks of decentralized users.

Today, many blockchains claim to be the great solution to the problems
facing the earlier networks like Bitcoin and Ethereum, and while they may
provide some unique innovations out of the box, there verifiable
sustainability, security, and practical application have yet to be fully
realized. Perhaps with a governance mechanism designed to allow the platform to
autonomously evolve, Tezos can provide a new model for on-chain governance of
scalable, decentralized networks.

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