Tezos coin is an innovative project within the cryptosystem. It operates on a “self-amending blockchain” with complex implementation and simple procedures. Owners of XTZ can use their voting rights to vet the changes on the blockchain. Learn more about Tezos, XTZ coin, Tezos wallet and Tezos NFT. After you make your mind, learn how to make an ETH to XTZ exchange on Swapzone.
What is Tezos?
Tezos blockchain is a decentralised blockchain that is designed to evolve and upgrade. The Tezos crypto aims at correcting some of the flaws in the first generation crypto coins. Its hallmark offering is ensured in community governance and participation during the process of introduction, approval, and evaluation of upgrade ideas.
Tezos crypto works, unlike the Proof-of-Work mechanism adopted by older blockchains like Bitcoin and Ethereum. It relies on a special Delegated Proof of Stake consensus system which it calls the Liquid Proof of Stake model.
With this model, people with 8 XTZ coins can run a node and anybody with 8000 XTZ coins may become validators. But usually, validators have the right to delegation to other users. This right allows them to pass their function to other users without letting go of their token ownership. This is what crypto community calls baking. All contributors on the blockchain gain XTZ coins as a reward for their job in the security of the network.
As a result of the adoption of the Proof-of-Stake model, the blockchain requires less energy for operation and little cost of operation. Hence, Tezos is one of the leading smart contracts in Proof-of-Stake blockchains. The smart contracts encoded on this blockchain use formal verification for heightened reliability, and security.
The system embraces consistent upgrades and adjustments through its on-chain upgrade mechanism. Its upgradability ensures that it will consistently remain trendy and up-to-date with new features that will emerge in the future. So, you can trust it to remain state-of-the-art. However, as a result of its adoption of long-term upgradability, open participation, collaboration, and smart contract safety, it has a large ecosystem of contributors.
Tezos blockchain was founded by the Breitman couple; Arthur and Kathleen Breitman in 2014. It is in many ways identical to other modern cryptocurrencies, only that it has its unique value proposition.
Tezos XTZ blockchain is a popular and forkless system with seamless operational rules. The highlight of the blockchain is its endlessly upgradeable feature. It is self amending and works devoid of a hard fork to ease the process of amendment. The blockchain runs on the Delegated Proof of Stake (DPoS) consensus model and through a decentralised governance model. It has the capacity to process beyond 40 transactions per second which are beyond the capacity of Bitcoin and Ethereum. It has a high threshold for becoming a validator at 8000 XTZ resulting in an efficient governance model. Moreover, one can easily update it as and when required.
The major essence and value proposition of the Tezos network is to make a better offering to meet the shortcomings of the first generation of cryptocurrencies. This is more than possible, especially with its amendable and upgradable features.
Key features of Tezos
The XTZ coin also known as Tez is the operational coin on the Tezos blockchain used to deploy decentralised applications (dApps) and run smart contracts. There is a cap on the total supply of the XTZ coin at 763,306,930 tokens. However, the cap is subject to review as the Tezos network constantly faces upgrading. The distribution mechanism is explained below:
Dynamic Ledger Solutions (DLS)
About 5 months before the time of writing this, the token reached its all-time high price of $9.12. At present, it is trading at $4.34. Meanwhile, its all-time low price recorded on the 7th of December 2017 is $0.350476. Slow but steadily, the XTZ token is reaching the frontline position establishing itself as a leading cryptocurrency, especially with its self amending and strong governance model. It is presently among the top fifty crypto coins by marketcap. The XTZ token is audited and doxxed and there are frequent publications of necessary documents through social media platforms and press releases.
The XTZ cryptocurrency is vital in the management of the Tezos blockchain. The foremost use cases are holding, spending or baking. Members of the network who own or bake the XTZ coin can vote on decisions on network upgrades, with the proportionality of votes on the amount of XTZ cryptocurrency they bake.
The Tezos token is compatible with several wallets including the Tezos wallet for storage and exchange purposes. Below are some other credible wallets with at least one independent external security audit report.
- AirGap: iOS, Android, and Web.
- Atomex: iOS, Android, Windows, macOS, and Web
- Galleon Wallet: macOS, Windows, and Linux
- Guarda: macOS, Windows, iOS, and Android
- Kukai: Web
- Spire: Web
- Temple: Web
- Trust Wallet: iOS, and Android
- Umami: Windows, MacOS, and Linux
- ZenGo: iOS and Android
- Command Line
- Tezos CLI
While using any of these wallets, it is important to note that you have no business disclosing your private keys to any third party. Once you disclose, then you lose the exclusive right and control over your wallet, and hence, your token. Therefore, observe all safety precautions to reduce the possibility of loss and theft.
Don’t be surprised to learn that Tezos also hosts NFTs. There are quite a number of Tezos NFTs. Furthermore, GAPs Inc has recently increased the number. GAPs has just released its first batch of NFTs and it is hosted on the Tezos Blockchain. This non-fungible token collection by GAP has ushered it into the league of fashion giants like Adidas, Macy’s and Dolce & Gabbana who released their NFTs in recent months. The collection’s name is “Gap Threads”.
Tezos Ecosystem: Home To Builders, Creators, and Innovators
Tezos is a decentralised, open-source project handled by several organisations across the globe. So, by being an open-source platform it embraces the input of a global community of validators, researchers, and builders. Hence, the Tezos crypto relies on an ecosystem of experts who continuously improve the network to include the latest innovation. Therefore, the blockchain constantly gives off innovative results and top-notch quality through its upgrade mechanism and seamless levelling up. However, it is difficult to draw up a roadmap of the XTZ ecosystem as it faces upgrades and evolution consistently. The XTZ ecosystem builds and runs dApps as well as issues tokens.
ETH to XTZ exchange: Where To Buy XTZ Coin With ETH?
To buy XTZ for Ethereum that you hold, you would need the services of decentralised exchanges. Of all the available purchase options, the use of decentralised exchanges is the quickest and easiest. Moreover, it guarantees anonymity. Swapzone is one of the most user-friendly decentralised exchanges that aggregates other platforms so you can exchange your ETH easily for XTZ on the platform.
ETH to XTZ exchange: Swapzone
- Go to Swapzone.io to get started.
- Select the Ethereum (ETH) to Tezos (XTZ) exchange pair.
- Specify the total amount of ETH you wish to exchange.
- Compare the rates and use the best ETH to XTZ exchange deal.
- Click the Exchange button to proceed with the offer.
- Enter your wallet address to receive XTZ.
- Copy the ETH address that will be generated and send your ETH deposit.
- Allow the deposit to process and for the ETH-XTZ exchange to be done.
- Don’t forget to rate the service and give a review.