Click here to Trading and Buy Bitcoin


Retrieved from "https:/wiki/Special:Search"
Tezos - Bitcoin

Tezos

From Bitcoin, the free encyclopedia
Jump to navigation Jump to search
Tezos
Prevailing tezos logo
Denominations
PluralXTZ, tez
Symbol
Ticker symbolXTZ
Subunits
11000000Mutez
Development
Original author(s)Arthur Breitman, Kathleen Breitman
White paper"Tezos - a self-amending crypto-ledger"
Initial release30 June 2018 (2 years ago) (2018-06-30)
Latest release7.4 /
Code repositorygitlab.com/tezos/tezos
Development statusActive
Written inOCaml
Source modelOpen source
LicenseMIT
Websitetezos.com
Ledger
Timestamping schemeProof-of-stake
Block reward40 XTZ
Block time1 minute
Block explorertzstats.com

tezblock.io

tzkt.io
Circulating supply756,203,598 XTZ (est. Jan 2021)
Valuation
Exchange rateUS$3.87 (4 March 2021)
Market capUS$2,945,591,981 (4 March 2021)

Tezos is a decentralized, open-source energy efficient[1] Proof of Stake blockchain network that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts. The native cryptocurrency for the Tezos blockchain is the tez which has the symbol XTZ. As of January 2021, there are over 400 block validating nodes (bakers) on the Tezos network.[2]

The Tezos network achieves consensus using a liquid proof-of-stake model. Tezos features an on-chain governance model that allows the protocol to amend itself when upgrade proposals receive a favorable vote from the community.[3] This feature allows Tezos to avoid hard forks that other blockchains have to contend with.[3]

Tezos was first proposed in a whitepaper published in 2014.[4] Its testnet was launched in June 2018,[5][6] and its mainnet went live in September 2018.[citation needed]

Tezos has received attention as a blockchain platform for Non-Fungible Tokens (NFTs) due to its Proof of Stake energy efficient algorithm[7][8][9][10] which became a popular topic amid concerns of the energy requirements of alternative Proof of Work platforms[1][11]. OneOf, a music NFT platform backed by Quincy Jones[12], as well as Red Bull Racing[13][14][9] and McLaren Racing[15][16][8] have all selected Tezos to build their NFT platforms on.

Tezos was designed by Waymo engineer Arthur Breitman, who had previously worked at Goldman Sachs and Morgan Stanley as a quantitative analyst.[17]

In August and September 2014, respectively, Breitman released the Tezos "Position Paper", and white paper.[6][18][19][4] Breitman wrote the two papers under the pseudonym "LM Goodman", in reference to the author of a notorious article in Newsweek magazine claiming to have located Satoshi Nakamoto, the pseudonymous creator of Bitcoin.[18][20]

Together with his wife Kathleen, Arthur contracted French firm OCamlPro to help develop the software.[18] In August 2015, the Breitmans founded a company called Dynamic Ledger Solutions, to support the project’s development. In April 2017, the Tezos Foundation was chartered in Zug, Switzerland, as a non-profit with a mandate to provide support to Tezos and related technologies.[6][18]

In July 2017, the Tezos Foundation raised $232 million in a fundraiser and became one of the biggest ICOs of the 2017 cryptocurrency boom.[21] Notably, billionaire investor Tim Draper was a participant in backing Tezos' ICO.[22]

Tezos received media attention for its initial coin offering in July 2017,[citation needed] and for the subsequent public disagreements between its founders and the non-profit Tezos Foundation that was set up to manage the raised funds.[23] Those disagreements led to delays in the deployment of Tezos, which caused investors in the project to bring lawsuits against its founders and the Tezos foundation.[23]

In August 2020, the Tezos founders and the Tezos Foundation settled the lawsuits against them alleging unauthorized sale of a security for $25 million paid by the Tezos Foundation.[24]

Use cases[edit]

In May 2021, OneOf, a music NFT marketplace and backed by Quincy Jones, featuring works from Whitney Houston, TLC, Doja Cat, John Legend, and others announced it would would release NFT collections on the Tezos blockchain.[25]

In February 2019, Elevated Returns (ER), a financial group focused on digitizing traditional financial assets and best known for its tokenization of the St. Regis resort in Aspen, announced that it selected Tezos as the blockchain on which it will offer fully compliant tokenized real-estate offerings to qualified investors.[26]

Design[edit]

The primary protocol of Tezos utilizes liquid proof of stake (LPoS) and supports Turing-complete smart contracts in a domain-specific language called Michelson. Michelson is a purely functional stack-based language with a reduced instruction set and no side effects, designed with formal verification in mind.[27][28][29][30]

In Tezos' LPoS model, network nodes that validate blocks and add them to the blockchain —known as bakers— are selected to perform those actions proportionally to their share of rolls of 8,000 XTZ that they put up for stake, and a baker receives staking rewards in the form of newly minted XTZ after successfully validating a block and adding it to the blockchain.[31] Holders of XTZ can delegate their XTZ to bakers to share in the staking rewards that bakers receive.[31] Holders of XTZ who do not stake or delegate their XTZ risk suffering a loss in value due to inflation as new XTZ are created and distributed to bakers for validating new blocks and adding them to the blockchain. The current annual inflation rate is 3.6%.[31] As of January 2021, nearly 80% of all XTZ in circulation were either directly staked by bakers or delegated to bakers for staking.[2]

The Tezos protocol allows itself to be amended by a staged process performed by committing operations to the stored blockchain to submit proposals (intended code changes) and to vote on those changes. If a proposal receives enough votes the protocol updates itself to incorporate the code changes.[32]

The following proposals have been approved to date:

Approved Upgrade Proposals
Name Approval Date Brief Description of Upgrade
Athens May 2019 Increased gas limit per block and reduced the roll size from 10,000 ꜩ to 8,000 ꜩ.[33]
Babylon 2.0/2.1 October 2019 Introduced a more robust version of the blockchain’s consensus algorithm (Emmy+); simplified smart contract development; refined the delegation process.[34]
Carthage 2.0 March 2020 Increased gas limit per block and per operation; improved the accuracy and resiliency of the formula used for calculating baking and endorsing rewards; fixed various small issues[35]
Delphi September 2020 Improved gas costs. Reduced storage costs by a factor of 4 to reflect improvements in the underlying storage layer.[36]
Edo February 2021 Adds two major features: Sapling and BLS12-381 to enable privacy-preserving smart contracts and tickets for native permissions. Updates amendment process by lowering period length to 5 cycles and adding a 5th Adoption Period. Also includes minor Michelson improvements.[37]
Florence May 2021 Increased Maximum Operation Size to 32kb. Changed from breadth first to depth first execution order. Removed test chain from future voting processes. Baking accounts were proposed in an alternate Florence proposal but that implementation didn't make it past proposal due to some potential interruptions to some contracts in place today.[38]
Granada TBD Halve the time between blocks from 60 seconds to 30 seconds. Allowing liquidity baking and incentivizing large amounts of decentralized liquidity provision between tez and wrapped bitcoins. Substantial improvements to performance have been made, which in turn result in dramatic reductions in gas consumption.[39]

Token Standards[edit]

  1. FA1.2 (TZIP-7)
    • An ERC20-like fungible token standard for Tezos. At its core, FA1.2 contains a ledger which maps identities to token balances, providing a standard API for token transfer operations, as well as providing approval to external contracts (e.g. an auction) or accounts to transfer a user's tokens.[40]
  2. FA2 (TZIP-12)
    • A standard for a unified token contract interface, supporting a wide range of token types and implementations.[41]
    • Tokens might be fungible or non-fungible.[41]
    • A token contract can be designed to support a single token type (e.g. ERC-20 or ERC-721) or multiple token types (e.g. ERC-1155) to optimize batch transfers and atomic swaps of the tokens.[42]
  3. TZIP-16
    • A standard for accessing contract metadata in JSON format in on-chain storage or off-chain using IPFS or HTTP(S).[43]

Reliability[edit]

In March 2019, the audit company Least Authority published the results of 5 checks, performed for Tezos Foundation during 2018.[44]

With high probability, Tezos protects against chain reorganizations and selfish-baking,[45] which are 2 common issues in blockchains using Nakamoto style consensus.[46] A subsequent analysis confirms that selfish baking in Tezos results in insignificant profits, even when the baker attempting it has a very large portion of the stake .[47]

References[edit]

  1. ^ a b Tabuchi, Hiroko (2021-04-13). "NFTs Are Shaking Up the Art World. They May Be Warming the Planet, Too". The New York Times. ISSN 0362-4331. Retrieved 2021-06-19.
  2. ^ a b "Tezos Bakers". Archived from the original on 12 December 2020. Retrieved 6 January 2021.
  3. ^ a b Allombert, Victor; Borgouin, Mathias; Julian, Tesson (2019). "Introduction to the Tezos Blockchain". arXiv:1909.08458 [cs.DC].
  4. ^ a b LM, Goodman. "Tezos: A Self-Amending Crypto-Ledger White Paper" (PDF). tezos.com. Archived (PDF) from the original on 2 May 2021. Retrieved 24 October 2020.
  5. ^ "Tezos Protocols - TzStats". tzstats.com. Archived from the original on 2021-01-08. Retrieved 2021-01-06.
  6. ^ a b c "Our History". Tezos. Archived from the original on 2019-07-06. Retrieved 2020-02-16.CS1 maint: unfit URL (link)
  7. ^ "Cryptocurrency goes green: Could 'proof of stake' offer a solution to energy concerns?". NBC News. Retrieved 2021-06-19.
  8. ^ a b "McLaren Racing - Tezos". www.mclaren.com. Retrieved 2021-06-19.
  9. ^ a b "Tezos Joins The Charge As Official Blockchain Partner". www.redbull.com. Retrieved 2021-06-19.
  10. ^ Tabuchi, Hiroko (2021-04-13). "NFTs Are Shaking Up the Art World. They May Be Warming the Planet, Too". The New York Times. ISSN 0362-4331. Retrieved 2021-06-19.
  11. ^ "The environmental impact of NFTs is "horrible" says architect Chris Precht". Dezeen. 2021-03-29. Retrieved 2021-06-19.
  12. ^ Hissong, Samantha; Hissong, Samantha (2021-05-25). "Quincy Jones Is Backing a New NFT Marketplace for the Average Music Fan". Rolling Stone. Retrieved 2021-06-19.
  13. ^ "Red Bull Racing Honda Selects Tezos as Its Official Blockchain Partner". Fintech Schweiz Digital Finance News - FintechNewsCH. 2021-06-06. Retrieved 2021-06-19.
  14. ^ Osten, Phillip van (2021-05-21). "Red Bull to launch range of collectable NFTs with Tezos blockchain". F1i.com. Retrieved 2021-06-19.
  15. ^ Hunt, Holly (2021-06-17). "McLaren Racing explores NFT expansion with Tezos". Insider Sport. Retrieved 2021-06-19.
  16. ^ Nicholson, Jonno (2021-06-18). "McLaren Racing unveils multi-year Tezos deal, includes sim racing partnership". Esports Insider. Retrieved 2021-06-19.
  17. ^ "Speaker Bio - Arthur Breitman". TEDxSanFrancisco. 10 October 2017. Archived from the original on 4 March 2021. Retrieved 4 March 2021.
  18. ^ a b c d Lewis-Kraus, Gideon (June 19, 2018). "Inside the World's Biggest Crypto Scandal". Wired. Archived from the original on 18 October 2020. Retrieved 24 October 2020.
  19. ^ LM, Goodman. "Tezos: A Self-Amending Crypo-Ledger Position Paper" (PDF). tezos.com. Archived (PDF) from the original on 9 November 2020. Retrieved 24 October 2020.
  20. ^ Goodman, Leah McGrath (6 March 2014). "The Face Behind Bitcoin". Newsweek.com. Newsweek. Archived from the original on 7 March 2014. Retrieved 24 October 2020.
  21. ^ Cohney, Shaanan; Hoffman, David; Sklaroff, Jeremy; Wishnick, David (2019). "Coin-Operated Capitalism". Columbia Law Review. 119 (3): 661. ISSN 0010-1958. JSTOR 26652184.
  22. ^ "Billionaire bitcoin enthusiast Tim Draper is backing a new cryptocurrency for the first time". cnbc.com. CNBC. 5 May 2017. Archived from the original on 11 November 2020. Retrieved 28 October 2020.
  23. ^ a b Vigna, Paul (February 1, 2018). "Bitcoin Brawl: A New Twist in Tezos's $232 Million Coin Offering". WSJ.com. Archived from the original on 29 October 2020. Retrieved 26 October 2020.
  24. ^ Irrera, Anna; Stecklow, Steve (September 1, 2020). "Tezos Legal Settlement Gets Final OK, Ending Three-Year Court Battle". Reuters.com. Archived from the original on 29 October 2020. Retrieved 26 October 2020.
  25. ^ Hissong, Samantha; Hissong, Samantha (2021-05-25). "Quincy Jones Is Backing a New NFT Marketplace for the Average Music Fan". Rolling Stone. Retrieved 2021-06-19.
  26. ^ "Restaurant Owner's Global Property Fund Plans to Sell Crypto Tokens". Bloomberg. Archived from the original on 2019-07-19. Retrieved 2019-07-19.
  27. ^ Bernardo, Bruno; Cauderlier, Raphaël; Hu, Zhenlei; Pesin, Basile; Tesson, Julien (18 September 2019). "Mi-Cho-Coq, a framework for certifying Tezos Smart Contracts". arXiv:1909.08671 [cs.PL].}
  28. ^ A. Das and S. Balzer and J. Hoffmann and F. Pfenning and I. Santurkar (2019). Resource-Aware Session Types for Digital Contracts. arXiv:1902.06056. doi:10.1109/CSF51468.2021.00004 (inactive 31 May 2021). ISSN 2374-8303. Archived from the original on 2021-05-28. Retrieved 2020-12-31. Unknown parameter |book-title= ignored (help)CS1 maint: DOI inactive as of May 2021 (link)
  29. ^ Harz, Dominik; Knottenbelt, William J. (2018). "Towards Safer Smart Contracts: A Survey of Languages and Verification Methods". p. 4. arXiv:1809.09805 [cs.CR].
  30. ^ Chen, Shiping (2018). Blockchain -- ICBC 2018 : first International Conference, held as part of the Services Conference Federation, SCF 2018, Seattle, WA, USA, June 25-30, 2018, Proceedings. Cham, Switzerland: Springer. pp. 78–80. ISBN 978-3-319-94478-4. OCLC 1042075107. Archived from the original on 2021-05-28. Retrieved 2021-03-06.
  31. ^ a b c "Tezos (XTZ)". research.binance.com. 6 April 2020. Archived from the original on 2020-10-30. Retrieved 2020-10-24.
  32. ^ Vigna, Paul (2018). The Truth Machine: The Blockchain and the Future of Everything (March 2019 ed.). Picador. p. 89. ISBN 978-1250304179.
  33. ^ "Athens A (Pt24m4xiP)". Tezos Agora. Archived from the original on 4 March 2021. Retrieved 25 October 2020.
  34. ^ "Babylon 2.0.1 (PsBabyM1)". Tezos Agora. 20 September 2019. Archived from the original on 11 November 2020. Retrieved 25 October 2020.
  35. ^ "Carthage 2.0 (PsCARTHAG)". Tezos Agora. Archived from the original on 26 January 2021. Retrieved 25 October 2020.
  36. ^ "Delphi: official release". Nomadic Labs. Archived from the original on 2020-11-02. Retrieved 2020-11-01.
  37. ^ "Tezos Agora". www.tezosagora.org. Archived from the original on 2020-12-30. Retrieved 2021-01-02.
  38. ^ "Nomadic Labs Blog: Florence: Our Next Protocol Upgrade Proposal". Nomadic Labs. Archived from the original on 2021-05-16. Retrieved 2021-05-16.
  39. ^ "Nomadic Labs Blog: Announcing Granada". Nomadic Labs. 31 May 2021. Archived from the original on 2021-05-31. Retrieved 2021-05-31.
  40. ^ "Getting started with FA1.2 · Digital Assets on Tezos". assets.tqtezos.com. Archived from the original on 2021-01-19. Retrieved 2021-01-02.
  41. ^ a b "TZIP-12: FA2 Multi-Asset Interface". tzip.tezosagora.org. Archived from the original on 2021-02-05. Retrieved 2021-01-02.
  42. ^ "Proposal TZIP-12". GitLab. Archived from the original on 2020-12-31. Retrieved 2021-01-02.
  43. ^ "Contract Metadata on Tezos". Tezos Agora Forum. 2020-10-01. Archived from the original on 2020-11-08. Retrieved 2020-11-01.
  44. ^ "Tezos Protocol Final Security Audit Report" (PDF). Least Authority. March 16, 2019. Archived (PDF) from the original on April 24, 2019. Retrieved July 6, 2019.
  45. ^ "Analysis of Emmy+". Nomadic Labs. 2019. Archived from the original on 2020-06-19. Retrieved 2020-06-18.
  46. ^ Brown-Cohen, Jonah; Narayanan, Arvind; Psomas, Christos-Alexandros; Weinberg, S. Matthew (2018). "Formal Barriers to Longest-Chain Proof-of-Stake Protocols". arXiv:1809.06528 [cs.CR].
  47. ^ Neuder, Michael; Moroz, Daniel J.; Rao, Rithvik; Parkes, David C. (2020-04-07). "Selfish Behavior in the Tezos Proof-of-Stake Protocol". arXiv:1912.02954 [cs.CR].

External links[edit]