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 release||June 30, 2018|
|Written in||OCaml, Michelson|
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.
The primary protocol of Tezos utilizes proof of stake and supports Turing complete smart contracts in a domain specific language called Michelson.
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.
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).
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.
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. The current Tezos Foundation Council has five members: Ryan Jesperson (President), Michel Mauny, Marylène Micheloud, Lars Haussmann, and Hubertus Thonhauser. Ryan Lackey was appointed in July 2019 as the 6th member of the Council.
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