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Home Coin of the Week
Where Can You Buy Tezos (XTZ)?

Coin of the Week: Tezos (XTZ)

by Warren Manuel
May 19, 2022
in Coin of the Week, Global
Reading Time: 2 mins read
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What Is Tezos (XTZ)?

Tezos is a cryptocurrency and decentralized computing platform. Its features include proof of stake consensus, formal verification (which lets developers verify the correctness of their code), and the ability to let stakeholders vote on changes to the protocol. Tezos’s block creation process is called “baking” — Tezos holders who stake their tokens can receive Tezos tokens as a reward for creating and verifying blocks.

How does Tezos work?

Tezos uses a proof-of-stake consensus mechanism. Anyone can become a validator and contribute to the smooth running of the network by making a security deposit. To incentivize honest behavior, rewards are given to those who work in the best interests of the blockchain — and those who act dishonestly risk losing their stake altogether.

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Who created Tezos?

Tezos was created by husband-and-wife team Arthur and Kathleen Breitman and first proposed in 2014

Tezos: What Makes It Unique?

Although staking is common across blockchains, Tezos has a unique twist on this process. Participants can get involved with the network’s governance through “baking,” where they effectively stake 8,000 XTZ. This creates a financial incentive to act honestly.

Bakers are then tasked with voting on proposed changes to the blockchain’s code in a four-step procedure that takes approximately 23 days. Proposals that receive support from the vast majority of participants are put through their paces on a testnet for 48 hours and are fully implemented if they are backed by a super-majority.

Tezos is also unique because of how it has started to be used by high-profile businesses. In September 2020, it was announced that the French banking giant Societe Generale planned to use this blockchain for experimenting with a central bank digital currency.

Where Can You Buy Tezos (XTZ)?

Well, that is rather obvious, Klever Wallet and trade on Klever Exchange. 

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Warren Manuel

Warren Manuel

As the Head of Marketing for Klever, I use my digital marketing and development skills to help grow the brand across many different channels, expanding the brand's reach, generating leads, and helping improve conversions, and repeat business.

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