Biggest ICO ever Tezos raises $232m
Originally published at https://dapp.tech/what-is-tezos-dao/
Tezos is a democratically self-governed proof-of-stake smart contracts blockchain
After Tezos just broke new records for the biggest ICO ever, raking in $232 Million, most of you will be interested to learn about Tezos if you haven’t already.
Tezos co-founder and technology chief (CTO) Arthur Breitman explained how the mechanics will act as a kind of “rule of law” that could work to prevent conflicts like the Ethereum blockchain split (hardfork) following the collapse of a similar project, the notorious smart-contract funding vehicle The DAO last summer.
Breitman told CoinDesk in February 2017:
What we’re trying to bring, in some sense, is a rule of law that is, OK, if we have to have these changes because the network needs to evolve, at least we need to have a clear, decentralized procedure for making those changes.
Upon launch, Tezos is to support smart contracts, using proof-of-stake (POS) as a consensus algorithm. With proof-of-stake, validators essentially set aside a portion of their tokens to increase their chances of being chosen to create the next block of transactions.
What’s special about Proof-Of-Stake (POS)?
Proof-of-stake consensus is far less carbon intensive than proof-of-work (POW) that require a multitude of power hungry super-computer-like processors proving themselves with their code-cracking workrate to be working and in turn burning electricity. Proof-of-stake uses keys in the coins of online wallets to validate transactions and blocks, which for now seems to be a more decentralized way of spreading the network security. Keep in mind that the more widely distributed a POS coin or token is, the better the security, wealth distribution and democratic values of the ongoing network direction.
Tezos is a new decentralized blockchain that governs itself by establishing a true digital commonwealth. It facilitates formal verification, a technique which mathematically proves the correctness of the code governing transactions and boosts the security of the most sensitive or financially weighted smart contracts.
Please visit https://www.tezos.com for more information
Written by Stephen @ Dapp.Tech – Originally published on July 14, 2017