Tezos coin is also called a governance token, which means each holder has the same ability to suggest changes in the entire network. It provides a true digital commonwealth, which means each user has the same right to perform anything in the blockchain network. Well, today in this article we will discuss this fascinating cryptocurrency so to know more about this stay tightly bound with us.
Tezos (XTC) Coin: The True Digital Commonwealth
Tezos is a blockchain network that is used to operate the digital commonwealth, which means a decentralized approach to managing digital assets or blockchain networks. Decentralized management of blockchain networks means each computer in the network has the same ability for network decision-making. In the Tezos network, a method used for network decision-making is the "Self Amending Protocol". This means a person who holds a Trezos token, a native currency of the Tezos blockchain can participate in the decision-making process and can share their point of view or suggestions in the overall development of the network. After the approval, their suggestion will be applied accordingly.
Tezos is a governance token which means each participant of the network can participate in the network decision-making process equally to make the network advanced. When the network evaluates the suggestion successfully and in case of approval. The approved suggestion will be implemented in the network by using the self-amending protocol.
Tezos used the smart contract to process the agreements between two parties as well as to make sure the smart contract on Tezos is secure and virus or bug-free by using a verification method called Formal verification. Formal verification is a mathematical or cryptographic method used to verify the code; this approach of security makes the Tezos more reliable, bug-free, secure, and free from potential exploits.
Tezos has a variety of use cases and is accepted for a wide range of applications such as Decentralization Finance (DeFi), Gaming, Digital Identity, Supply Chain Management, and Tokenization.
Tezos used a consensus called proof of stake (PoS) to verify the transactions. The individual who holds a Tezos token can perform staking and in return can earn more Tezos as a reward. In the staking process, the Tezos holder validates the transaction by locking their own token as a stake and when the validation of the transaction is done successfully, then the holder receives the token as an incentive.
Final Words
Overall, Tezos is another type of blockchain network through which all the users can manage the digital assets equally called the decentralized networking approach. Tezos blockchain has its own native token called Tezos, also known as governance tokens. This means the Tezos holder can equally participate in the network voting system to suggest their own opinions for further network amendments. All the suggested amendments are done by using a protocol called a self-amending protocol.
