Tezos – A new digital commonwealth

TEZOS

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.

The Tezos project is exceptionally well-funded, both from traditional venture capital and crowdfunding.

Tezos now stands as a direct competitor to Ethereum that promises to deliver higher transaction throughput, better governance, and safer smart contracts.

Tezos plans to implement a delegated proof of stake consensus (DPoS) mechanism, which has some significant differences with Ethereum’s proposed Casper PoS protocol.

Tezos can gain a significant advantage by deploying a pure PoS blockchain ahead of Ethereum and widening the transaction throughput gap with fat blocks and powerful validators.

Tezos is implementing a formalized and automated on-chain governance mechanism that empowers stakeholders to coordinate on upgrades and enables innovations to be incorporated directly into a self-amending protocol.

Tezos plans to greatly improve security with Michelson, a new smart contracting language designed specifically to facilitate formal verification of on-chain code. Unlike Solidity (Etherum smart contracts language), Michelson is not compiled to anything; it is a low level, stack-based, Turing-complete programming language that is directly interpreted by the Tezos virtual machine.

Once the Tezos blockchain is launched, Michelson will likely provide a programming environment that enables development of significantly safer smart contracts than Solidity by developers with less than expert-level capability.

The Tezos project is both visionary and promising in the way it has recognized and is addressing key problems faced by today’s blockchains.

On the Origin of Smart Contract Platforms: Tezos – On The Origin of Smart Contract Platforms – Medium