Tezos for Beginners 🚀 - The Ethereum Killer Coin✔

To begin, initial coin offerings (ICOs) have been very popular with the top five largest all happening within the past six months (excluding The DAO); with the title for the largest and most successful ICO so far in history going to Tezos, which was propelled to its front runner position back at the beginning of July. At that time, over $200 million in launch funds were raised, most within the first 48 hours, bringing vital investment to the Tezos network, launching late this year, in 2017.

The widespread interest is warranted in Tezos; it has been in development and testing for a healthy multi-year period by a strong team whose beginnings started on Wallstreet with Goldman Sachs. The two co-founders of Tezos are Arthur Breitman (ArthurB) and Kathleen Breitman (KathleenB); both have been building Tezos since 2014 with a team of engineers comprised for core development of the project and the network.

This guiding team brings, though Tezos, a whole new set of ideas to cryptocurrency with multiple-use-design built into the code which is frequently being self-amended to improve performance, efficiency, and usability. Straight from the technical whitepaper, it's clear the team had broad spectrum coin use and adoption in mind when designing Tezos:

Tezos can instantiate any blockchain based ledger. The operations of a regular blockchain are implemented as a purely functional module abstracted into a shell responsible for network operations.

Bitcoin, Ethereum, Cryptonote, etc. can all be represented within Tezos by implementing the proper interface to the network layer.

Most importantly, Tezos supports meta upgrades: the protocols can evolve by amending their own code.

Implementing protocol capable of self-amendment is Tezos's greatest asset, but many other features are built in under the hood.

Tezos has the funding to become one of the most versatile coins with widespread usage that will certainly gain market share from other already much larger coins like Ethereum and others.

Here's just a few game changers that put Tezos ahead of nearly all other coins:

Tezos has a built-in fork protocol which formalizes a process to safely prevents forks from being a contentious event like in Bitcoin & Bitcoin Cash this week, or Ethereum and Ethereum Classic last summer:

Tezos guards against the vulnerabilities wrought by the source of centralization through radically decentralized protocol forks. It uses its own cryptoledger to let stakeholders coordinate on forks. This allows coordination and enshrines the principle that forks are not valid unless they are endogenous, making it much harder to attack the protocol by moving the consensus.

Following its easily updatable network model, Tezos's brand new smart contract code named Michelson (not cloned from Ethereum like many others) provides increased safety - In which a DAOsaster type event can be prevented.

This additional safety feature, called Formal Verification, mathematically proves the correctness of a programmer's code. Formal Verification is designed for use where there is little room for error in coding of smart contracts, especially when large amounts of funds are involved.

Finally, Tezos tackles the upfront scalability issues facing coins like Ethereum and Bitcoin, which currently use more power than a small nation like Cyprus, by utilizing a delegated proof-of-stake consensus mechanism. This has proven to be a much more energy efficient and compact method of transaction confirmation than the traditional proof-of-work concepts used in many first-generation coins like Bitcoin, Litecoin, etc.

Conclusions: Tezos aims to tackle every major issue facing cryptocurrencies today, while simultaneously offering the complete functionality of all coins, future and past, within a single platform (should the community choose to implement it).
A lofty set of goals indeed, but Tezos is very worthy is being added to a multi-coin portfolio, and with great fundamentals. Putting it all together, should it deliver on its goals, Tezos has a fantastic chance of being a 50x coin, possibly much greater.

The ICO was in early July and the network is not active yet, however it is being implemented as we speak and should go active in the fourth quarter. At that time, expect most exchanges will add Tezos for trading.

For any early price indication, @Bitmex is currently offering Tezos futures contracts, settling on December 31st. At the time of writing, the current futures value is double the ICO offering several weeks ago; bullish sentiment continues to push this formidable coin into the spotlight.

For more on Tezos, be sure to show your approval and desire for more content of this type by upvoting this post.

Did this post help you to learn about a new coin?