What is Tezos and how to exchange XTZ at the best rates
Tezos

Tezos

 XTZ

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.

Tezos Exchange Rate

XTZ by TradingView

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

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

XTZ coin

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:

ICO 79.59%
Early Bakers 0.41%
Tezos Foundation 10%
Dynamic Ledger Solutions (DLS) 10%

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.

Tezos Wallet

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.

Software Wallets

  • 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

Hardware Wallets

  • Ledger
  • Trezor
  • 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.

Tezos NFT

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.

Popular pairs to convert Tezos

Frequently asked questions

What is the Tezos exchange rate?

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An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.

There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.

Where to find the lowest transaction fees?

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Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.

If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.

What is average transaction time?

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Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.

The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.

The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.

How to choose a cryptocurrency wallet to store Tezos?

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To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.

There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.

If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.

What is the best cryptocurrency exchange for beginners?

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There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.

To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.

What is Swapzone?

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Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.

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Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.