Tezos

The self-amending crypto-ledger

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What is Tezos?

Tezos is a secure, future-proof smart contract system.

Because Tezos has a built-in consensus mechanism, its protocol can evolve, and incorporate new innovations over time, without the risk of hard forks splitting the market.

Tezos is its own blockchain, not a derivative of any other blockchain. We didn’t just fork Bitcoin or Ethereum and add a layer onto it. We built our own from the ground up.

Our smart contract language makes it easier to apply formal verification to any smart contract running on the Tezos blockchain. This allows developers to rule out weaknesses in code before uploading that code on the blockchain.

Tezos relies on a less onerous, less computationally intensive, and less power-consuming proof-of-stake consensus algorithm, where bonded stakeholders validate transactions.

Tezos is currently scheduled for release in early Q2 2017

Smarter
Smart
Contracts

Immutability (the idea that transactions cannot be reversed) comes with the burden of correctness. When dealing with financial agreements worth millions, you want to make sure your smart contract code is right the first time.



Tezos is a smart contract system built with security in mind. That security stems from a unique purely functional and statically typed smart contract language with a full formal specification.



This makes it much easier to subject your smart contract to formal verification, a mathematical process that guarantees the correctness of your code, greatly reducing unintended consequences.



Currently, no other smart contract language offers this feature.

Governance
by Consensus (Not Roundtable)

gbc

When protocol changes need to happen, who decides what direction to go in?

Core developers are generally the ones who suggest new code — but ultimately, the stakers (coin holders) in a system should be the ones who make the final decision on what to implement. This ensures the neutrality of the blockchain.

Tezos implements voting rights from the start with a built-in consensus mechanism. Upgrades are then seamlessly integrated into the protocol, with complete transparency. Because everything happens within the protocol, there is generally no need for hard forks.

Though every governance scheme is subject to pitfalls, governance by vested stakeholders is typically a more sustainable practice than oligarchy. Coin votes are the starting point for this form of governance but our goal is to move toward something more robust.

What will people
use Tezos for?


Tezos

People will use Tezos to automate financial agreements between parties who may not trust each other, resulting in smoother, more seamless transactions with the need for fewer intermediaries.

You can use Tezos smart contracts for decentralized markets (where investors deal with other investors without the need for an exchange), insurance contracts, and crowdfunding platforms.

Other examples include:

  • Phone services — A cell carrier could use a blockchain-based smart contract for cell phone service, tying usage directly to payments.
  • Property rentals — A smart contract could be implemented in a hotel ’s mobile app, allowing people to make payments via the blockchain. Once payment is made, the smart contract delivers a virtual “key” to the customer’s phone app, allowing them to unlock the door.
  • Freelance contracts — A smart contract could link payment to delivery of a specific piece of work, such as a functional piece of code or a specific number of hours. Once the work has been verified, the contract would automatically release the agreed-upon funds to the contractor.

A MODULAR,
LAYERED,
LEDGER DESIGN

Most cryptographic ledgers consist of a single network layer, which makes changes to the protocol unnecessarily complicated and often requires splitting the chain.

In contrast, Tezos incorporates a modular design that makes it possible to amend code within the blockchain itself, eliminating the need for hard forks.

The Tezos ledger is broken down into three distinct modules, or layers:

  • network
  • consensus
  • transaction

This decoupling of layers is original among other blockchain designs, and allows the protocol to evolve in a decentralized fashion.

For more detailed information on the weaknesses of governance in other blockchain systems, and how Tezos addresses those, read the Tezos position paper. Written in 2014, it is still the best introduction to our approach. Our technical white paper explains our use of proof-of-stake in greater detail. And we have also written a specification for our smart contract language.

Contact



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