Tezos is a technology for deploying a blockchain capable of modifying its own set of rules with minimal disruption to the network through an on-chain governance model.

Initial releaseJune 30, 2018
Written inOCaml, Michelson
Operating systemCross-platform

Unlike blockchains such as Bitcoin or Ethereum, in its most popular incarnation, a Tezos blockchain does not rely on mining (Proof of Work), but instead utilizes a Proof-of-Stake based consensus model.

In August 2014, the project's founders released a paper called the "Position Paper", and in September of the same year the Tezos whitepaper was released.[1]

In 2017, the Tezos Foundation, a Switzerland based non-profit, raised $232 million in a fundraiser and became one of the biggest ICOs at that moment.[2]


The primary protocol of Tezos utilizes proof of stake and supports Turing complete smart contracts in a domain specific language called Michelson[3][4].[5]

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.[6]

Use Cases

In July 2019, Banco BTG Pactual S.A. together with Dalma Capital, a Dubai based asset manager, announced plans to utilize the Tezos blockchain for Security Token Offerings (STOs).[7]

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.[8]


In March 2019, the audit company Least Authority published the results of 5 checks, performed for Tezos Foundation during 2018.[9]

Tezos Foundation

The Tezos Foundation faced a management controversy about the use of raised funds by foundation president Johann Gevers. Johann Gevers resigned on February 22, 2018.[10][11] The current Tezos Foundation Council has five members: Ryan Jesperson (President), Michel Mauny, Marylène Micheloud, Lars Haussmann, and Hubertus Thonhauser.[12] Ryan Lackey was appointed in July 2019 as the 6th member of the Council.[13]


  1. "Our History". Tezos.
  2. Cohney, Shaanan; Hoffman, David; Sklaroff, Jeremy; Wishnick, David (2019). "COIN-OPERATED CAPITALISM". Columbia Law Review. 119 (3): 661. ISSN 0010-1958. JSTOR 26652184.
  3. Harz, Dominik; Knottenbelt, William J. (2018). "Towards Safer Smart Contracts: A Survey of Languages and Verification Methods": 4. arXiv:1809.09805. Bibcode:2018arXiv180909805H. Retrieved 2019-07-20. Cite journal requires |journal= (help)
  4. Das, Ankush; Balzer, Stephanie; Hoffmann, Jan; Pfenning, Frank (2019-02-16). "Resource-Aware Session Types for Digital Contracts". arXiv:1902.06056v2 [cs.PL].
  5. 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. ISBN 978-3-319-94478-4. OCLC 1042075107.
  6. Vigna, Paul (2018). The Truth Machine: The Blockchain and the Future of Everything (March 2019 ed.). Picador. p. 89. ISBN 978-1250304179.
  7. "BTG Pactual and Dalma Capital to utilize Tezos Blockchain for Security Token Offerings (STOs)". Bloomberg. Retrieved 2019-07-19.
  8. "Restaurant Owner's Global Property Fund Plans to Sell Crypto Tokens". Bloomberg.
  9. "Tezos Protocol Final Security Audit Report" (PDF). Least Authority. March 16, 2019. Retrieved July 6, 2019.
  10. Gideon Levis-Kraus (June 18, 2018). "The blockchain: a love story— and a horror story". Wired Magazine. Retrieved June 18, 2018.
  11. Paul Vigna (February 22, 2018). "A $232 Million Cryptocurrency Fight Comes to a Close". Wall Street Journal. Retrieved February 22, 2018.
  12. "About: Council - Tezos Foundation". tezos.foundation. Retrieved 2019-07-19.
  13. "Ryan Lackey, Chief Security Officer of the Tezos Foundation, is Appointed to the Council - Tezos Foundation". tezos.foundation. Retrieved 2019-07-19.
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