Tezos
TezosXTZ0.99$ +-0.92%

Self-amending blockchain

44 Rank
1.25B$ Market cap
2.74M$ 24H Volume

XTZ price live chart

0.99$-0.92%
Tezos Price statistic
Tezos price today
Tezos price
0.99 $
Price change (24h)
0.92% -0.01 $
Trading volume (24h)
2.74M $
Market Dominance
0.118%
Market rank
#44
Tezos price history
All Time High
Oct 4 2021 (1 year ago)
89.08% 9.00 $
Tezos Market Cap
Market Cap
1.25B $
Fully Diluted Market Cap
2.63B $
Tezos Supply
Circulating Supply
912.59M XTZ
Liquid Supply
920.22M XTZ

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Tezos basics

Name

Tez

Category

Infrastructure

What is Tezos?

Tezos is a multi-purpose blockchain which aims to combine a self-amending protocol and on-chain governance to manage future changes and implementations to the network. It supports the creation of new tokens and smart contracts (thus decentralized applications or dApps). The on-chain governance system enables token holders to make decisions together and improve the network over time, as opposed to the less-inclusive off-chain governance models used by Bitcoin and Ethereum.

Tezos token type

Token name

XTZ

Token type

Native

Token uses

Vote

What is Tezos used for in 2022?

As with other blockchain platforms, Tezos users can use its native token, XTZ, to pay for transaction fees and smart contract execution. But this is not a meaningful source of income for Tezos validators (aka bakers), and transaction fees are often written off as negligible.

Instead, XTZ plays a central role in Tezos' consensus mechanism and on-chain governance system. Users can stake XTZ tokens directly on the network to participate in the validation of transactions and blocks. All tokens staked to the platform receive a reward in the form of newly distributed XTZ tokens in proportion to the number of tokens staked.

Staking also gives the user pro-rata voting rights within Tezos, enabling stakers to help determine the future direction of the protocol. XTZ holders without the resources and technical ability to stake directly can delegate their voting power to other bakers. This model lets any token holder participate in Tezos' on-chain governance system.

Tezos history and first price

Launch style

Crowdsale

When did Tezos launch?

Tezos conducted an ICO from June 28, 2017 to July 13, 2017, in which 65,681 BTC and 361,122 ETH were raised. A total of 763,306,929.68 XTZ were issued at launch and allocated as follows:

  • 79.59% was allocated to ICO participants
  • 0.41% was allocated to Early Backers and contractors
  • 10% was allocated to the Tezos Foundation
  • 10% was allocated to Dynamic Ledger Solutions (DLS)

The XTZ allocated to the Foundation and DLS are subject to a 4-year vesting schedule with monthly cliffs. The Foundation has half of its XTZ in a vesting smart contract and another half is reserved for DLS when certain milestones are met. When those milestones are met those tokens will be moved into a vesting smart contract for DLS. Until that time the Foundation will use some of these reserved tokens internally as part of the deposit needed for baking.

How did Tezos come about?

Tezos founded and on-chain governance design Arthur Breitman first proposed Tezos in a position paper released in Aug. 2014. He later released a white paper in Sept. 2014 that detailed more specifics about the project. Breitman published both articles under the pseudonym "L. M Goodman" akin to Bitcoin's anonymous founder, Satoshi Nakamoto. In the documents, the author stressed Bitcoin's design failed to account for a more inclusive governance process and did not facilitate the creation of new tokens. Breitman and his wife Kathleen, therefore, designed Tezos as a token issuance and smart contract platform with an on-chain governance model, which would allow XTZ holders to vote on proposed protocol upgrades to avoid forking the network.

In 2015, the Breitmans established a company called Dynamic Ledger Solutions (DLS), which was responsible for writing the initial code for Tezos. At its core, Tezos is a system designed to formalize proposing, voting for, and implementing changes to the functionality of the network. Once a proposal is submitted, holders of Tezos (XTZ) tokens can vote with a weighting of one vote per token. DLS released the source code in 2016 and used the codebase to launch an alphanet of the Tezos protocol in Feb. 2017, a few months before the Tezos token sale.

Tezos initial coin offering (ICO) and Foundation troubles The Tezos initial coin offering (ICO) launched on July 1, 2017, and the two-week sale managed to raise ~$232 million in Bitcoin ($BTC) and Ethereum ($ETH), exceeding the project's target of $20 million. It was the largest ICO at the time, surpassed by Filecoin's ($FIL) ~$257 million token sale a few months later. The newly established Tezos Foundation, led by appointed president Johann Gevers, assumed control of the funds as well as the responsibility to deliver the sold tezzies to ICO contributors. The foundation, which did not include the Breitmans as board members for legal reasons, intended to use a portion of the funds to purchase Dynamic Ledger Solutions (DLS) from the Breitmans, a move that would transfer control of the Tezos codebase to the foundation.

Before the sale of DLS could take place, an internal dispute arose between the Breitmans and Gevers, leading to a delay in the distribution of XTZ tokens to investors. In response, angry investors launched several class-action lawsuits targeting Tezos and DLT, adding further delays to the protocol's development and token issuance event. The internal dispute ran its course by mid-Feb. 2018, when Gevers and another involved foundation member left their positions.

Mainnet launch The foundation's early troubles caused the development team to miss its initial 2017 launch date. After the resolution, protocol development resumed, enabling the Tezos Foundation to release a betanet in June 2018. Once it completed a testing period on the betanet, the foundation launched the Tezos mainnet in Sept. 2018.

The launch introduced a new version of a Proof-of-Stake (DPoS) consensus model. Token holders can participate in consensus by locking up their tokens in exchange for the ability to validate blocks. The industry commonly refers to this process as staking, but the Tezos community uses the synonymous term "baking." The Tezos design expands on traditional PoS systems by enabling users to "delegate" tokens to bakers without transferring ownership. In this self-described "liquid" PoS model, a baker receives a block reward in the form of new XTZ tokens with a proportional amount of this reward distributed to users that delegated tokens to the baker. This system enables smaller token holders to participate in the validation (and reward) process if they hold less than the required amount to become a full baker.

Tezos roadmap 2022
Betanet Launch
June 2018 · Testnet Launch

The Tezos genesis block is proposed

Public baking begins
July 2018 · Upgrade

Public baking starts at Cycle 7 with 40 bakers and nearly 20,000 rolls

Mainnet Launch
September 2018 · Network Launch

The main Tezos protocol launches, keeping all of the betanet transactions and balances intact

Athens
May 2019 · On-Chain Upgrade

Athens was an upgrade proposal created by developer group Nomic Labs. The research outfit submitted two competing proposals in the submission stage: Athens A, which increased the gas limit and lowered the roll size to 8,000 XTZ, and Athens B, which also increased the gas limit but left the roll size at 10,000 XTZ. During the Proposal stage, the Athens A proposal received 70% of the submitted votes. As a result, Athens A moved on to the Exploration phase while Athens B was rejected.

In the final promotion stage, almost 100% of Tezos governance participants voted in favor of implementing Athens A. Over 84% of eligible tokens participated in the vote. The upgrade a href=" ://messari.io/article/tezos-is-about-to-enact-its-first-ever-on-chain-blockchain-update"went live/a shortly after the vote ended on May 29, 2019.

Babylon 2.0/2.0.1
October 2019 · On-Chain Upgrade

Tezos’ a href=" "on-chain governance/a system voted in favor of the a href=" "Babylon 2.0.1/a proposal, which was automatically activated when the voting period concluded on Oct. 18, 2019. The new upgrade introduced a more robust version of the blockchain’s consensus algorithm (Emmy+), simplified smart contract development, and refined the delegation process. The Babylon vote also marked a new all-time high in participation in votes submitted (59,967).

Carthage 2.0
March 2020 · On-Chain Upgrade

Tezos holders a href=" "voted overwhelmingly in favor/a of implementing the Carthage 2.0 upgrade. The Carthage proposal was a joint effort by crypto research outfits Nomadic Labs and Cryptium Labs to help add some code optimizations and fix a few "small issues." In particular, the upgrade will increase the gas limit for each block and operation by 30%, which allows developers to run more complex applications. Carthage also aims to improve the accuracy and security of calculating baking rewards (especially concerning endorsement rewards). On the security front, the more robust design could hinder selfish-mining like attacks from non-cooperative bakers, which a former Harvard researcher previously revealed as a possible attack vector on Tezos.

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Tezos technology explained

Tezos is a multi-purpose blockchain platform that integrates features like smart contracts, on-chain governance, and the ability to conduct formal verification. The developers made a unique choice to use OCaml as the programming language arguing that it offers better security features and is a more powerful interface compared to other options like C++. OCaml also allows developers to check operations using formal verification which can detect potential bugs or errors in the code.

To allow for future changes to the network Tezos is divided into network, transaction, and consensus protocols. The transaction and consensus protocols operate separately and plug into a generic network shell. This shell maintains the current state of the blockchain and allows the network to conduct internal checks on the protocols allowing them to validate their own replacements. Proposed changes can be made by anyone and are decided on by a vote from token holders. Proposals can include a payment to be made by the developer proposing a change that the team believes will incentive more impactful development on the platform.

Tezos uses a variation of a Proof-of-Stake (PoS) system that differs slightly from established models in that block producers are not selected by token holders and anyone can participate as a baker (validator) if they hold a specified amount of tokens. Token holders that do not meet the minimum threshold can delegate their tokens to a baker without needing to relinquish control of their tokens. Using this model the team believes they can increase participation from token holders by reducing frictions and allowing anyone to receive newly released XTZ to maintain the relative value of their holdings.

Tezos core contributors
Individuals
Companies
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Arthur Breitman
Co-founder of Tezos
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Kathleen Breitman
Co-founder of Tezos
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Tezos Foundation
The Tezos Foundation helps guide the future direction and overall strategy of the Tezos protocol by managing the project's treasury and issuing grants to projects building on Tezos. The foundation's structure recently changes and now features a six-member Council that oversees an Executive Committee, the latter of which runs the day-to-day operations of the organization. It also has various subcommittees, such as an Investment Committee, a Technical Advisory Committee, and an Audit Committee to assist with treasury management and technical strategies or issues.
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Tezos supply limit

General Emission Type

Inflationary

Precise Emission Type

Fixed Issuance

Tezos supply curve details

Baking is the action of signing and publishing a new block in the chain. Bakers earn a block reward of 16 XTZ for baking a block. In addition to the Baker, 32 Endorsers are randomly selected to verify the last block that was baked. Endorsement rewards can be up to 2 XTZ, if the baker with the highest priority made the endorsement. If the baker of second-highest priority makes the endorsement, the reward is set at 1 XTZ. If neither of the two highest priorities bakers make the endorsement, the reward is then set at 0 XTZ.

Block rewards are funded via newly issued coins. The annual outstanding inflation rate is set up to target a maximum of 5.51% per year. Because of the variable endorsement rewards structure, as well as the effective block generation time, the inflation can actually be lower than the maximum 5.51%.

XTZ are burned in two cases:

  • When a baker is caught acting maliciously (double baking or double endorsement)
  • When a KT1 account, which is the smart contract for delegation, is created)

Who funds Tezos core development?
Individuals
Companies
User photo
Meltem Demirors
Chief Strategy Officer at Coinshares
Meltem Demirors is Chief Strategy Officer of CoinShares, the digital asset manager, and a cryptocurrency investor, advisor, and advocate, with a unique blend of experience in both legacy & blockchain-based finance and cryptocurrencies. On the legacy finance front, Ms. Demirors worked with some of the largest companies in the world, mainly on financial risk management and capital efficiency. On the blockchain-based finance side, she has had an intense focus on portfolio management and network development, beginning in the early days of cryptocurrency ecosystem. In her role at CoinShares, Ms. Demirors builds asset management products to provide institutional investors with exposure to crypto assets and blockchain companies. In addition, she serves as the managing director of the firm’s US operations. Ms. Demirors most recently served as Vice President of Development at Digital Currency Group, where she managed an investment portfolio of 110 companies cryptocurrency and blockchain companies across 30 countries and advised some of the world’s largest financial institutions and corporations. Ms. Demirors also invests in and supports cryptocurrency and blockchain startups via her personal fund, Shiny Pony Ventures. She advocates for a number of industry initiatives focused on market infrastructure and portfolio management practices; most notably via her participation in the World Economic Forum Blockchain Council. Ms. Demirors holds a BA in Mathematical Economics from Rice University and an MBA from the MIT Sloan School of Management. She works closely with the academic community on education efforts, and helped create the MIT “Future of Commerce” online course and the Oxford Saïd Business School Blockchain Strategy Program. Ms. Demirors regularly writes and shares her thoughts via her Medium blog, is passionate about financial privacy and civil liberties.
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HyperChain Capital
One of the first in the world, HyperChain is a digital assets management company focused on Blockchain based projects and decentralized protocols. HyperChain's philosophy is to do good, as an early participant and consultant to Blockchain protocol projects and organizations that support innovative technologies.
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Winklevoss Capital Management, LLC
Winklevoss Capital is a family office founded by Tyler Winklevoss and Cameron Winklevoss.
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Tenzor Capital LLC
Our company was founded in 2015 as a venture capital fund. Blockchain Technology turned the main focus in mid 2017. We provide strategic investment to the projects enriching the blockchain ecosystem. Our experience covers lots of industries: Venture Capital, Investment Banking, Management Consulting, Financial Markets Infrastructure, Retail, and IT - so we have a deep understanding of the traditional business models. We started our blockchain journey from industrial-scale mining in 2014 and continued with crypto-trading in 2015-2016. Having this experience, we started a Venture Capital Fund focused entirely on the blockchain infrastructure projects in 2017.
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Polychain Capital
Polychain Capital manages a hedge fund focused on an actively managed portfolio of blockchain assets with the goal of helping advance the global adoption of cryptocurrencies.
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Paradigm
User photo
ONEBOAT CAPITAL
ONEBOAT CAPITAL is an international investment corporation in Fin Tech industry. “ONEBOAT” implies uniting all efforts in a concerted effort and empowering the next generation to innovate in the future. ONEBOAT CAPITAL was established in 2017 and now own a leading position with its keen market insight and the teamwork spirit in times of trouble,ONEBOAT CAPITAL have invested in hundreds of outstanding Fin Tech companies by focusing on their long-term investment value.
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Modern Assets Group
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M31 Capital
M31 Capital is a global investment firm focused on cryptoassets & blockchain technology. The firm restricts itself to cryptoasset-specific investment strategies, including both direct token investments as well as select active network participation opportunities
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LuneX Ventures
LuneX Ventures invests in cryptocurrencies and blockchain companies.
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Limitless Crypto Investments
LCI's mission is to capitalize on the growth of blockchain technology. Our Fund seeks to involve a base of successful investors from traditional equity markets into the emerging, crypto markets. The Fund will offer investors early access to industry-leading crypto-assets, and early pre-sale access to select token launches
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Kosmos Capital
Kosmos Capital is the leading and largest Australian based multi-strategy VC firm specializing in blockchain-based assets.
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BagHolder Capital
BagHolder is an investment firm committed to exceptional returns for investors through actively managed portfolios of different blockchain assets. With team members ranging from blockchain analysts & developers to leaders in commercial real estate & conventional finance, BagHolder has an incredibly wide range of insight and a deep understanding of this space on both a micro and macro level.
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Enabling Future
Enabling Future is a family office backed investment firm that provides entrepreneurs with early-stage capital and active support.
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DU Capital
Du Capital is a Singapore-based multi-stage investment firm concentrated on backing companies that venture in the distributed ledger technologies, crypto assets, and the surrounding ecosystem. We have funded more than 60 top-notch blockchain projects, to which Du Capital has become strategic partner, leveraging our insights, industry resources, and global network.
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Draper Associates
Draper Associates, founded in 1985, is a seed-stage venture capital firm that encourages entrepreneurs to drive their businesses to greatness, to transform industries with new technologies and to build platform for extraordinary growth, jobs and wealth creation.
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Cypher Capital LLC
Cypher Capital is a thesis driven venture capital fund that invests in the creation of new freedoms thru decentralized frameworks.
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cp0x
Community of blockchain investors, developers, influencers and entrepreneurs.
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Continue Capital
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CMT Digital
CMT Digital, a division of the CMT Group, is focused on crypto asset trading, blockchain technology investments, and legal/policy engagement in the crypto asset / blockchain technology industry. Beginning in late 2013, under the leadership of Colleen Sullivan, the firm immersed itself in understanding the bitcoin protocol and took an active role in shaping the regulatory landscape for crypto assets. Accustomed to operating in highly regulated markets, CMT Digital participates in global discussions on regulation, policy, and best practices in the crypto asset and blockchain space.
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ChainFunder
Chainfunder is a pioneer venture capital firm which focuses on investing in blockchain enabled companies.
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Boost VC
Boost VC is the #1 accelerator in the world for Crypto and VR startups and is committed to making science fiction technologies a reality. Since 2012, we’ve funded 250+ companies who have gone on to raise an additional $1 billion and are actively changing the world.
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Boost VC
The Boost VC Accelerator has invested $500k in Sci-Fi Founders. 250+ companies funded. Crypto, VR, space, AI, robotics, biotech, Sci-Fi.
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Blocktree Capital
BlockTree Capital is an investment and venture firm focused exclusively on ventures, tokens, and projects related to blockchain technology, digital currency, and crypto assets.
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Tezos consensus

General consensus mechanism

Proof-of-Stake

Precise consensus mechanism

Liquid Proof-of-Stake

Targeted block time

1 min

How Tezos works?

Liquid Proof-of-Stake overview In Tezos, a participant needs to have a minimum stake of 8,000 XTZ to be considered a baker. The Proof-of-Stake (PoS) consensus mechanism selects bakers as a function of their total stake to participant in signing the next block of transactions. Stakeholders that do not have enough XTZ or the technical wherewithal to set up the required infrastructure can also use delegation to participate in consensus.

Participants in the consensus algorithm are called delegates, and these contributors can assume one of two roles:

  • a baker: a delegate that creates blocks
  • an endorser: a delegate that contributes in agreeing on a block by endorsing that block Baking rights and endorsing rights are determined at the beginning of a cycle (i.e., a chunk of blocks) by computing a random seed from information already found on the blockchain. Bakers and endorsers receive rewards (in the form of XTZ inflation or newly minted tokens) for their contributions to incentivize consensus participation. The delegation process transcends traditional PoS models as anyone is free to participate as well as select and govern the validator of their choice to offload any infrastructure management or costs.

Implicit vs. originated accounts Originated accounts are contracts that can delegate funds to other accounts to participate in the baking process. Implicit accounts cannot delegate; instead, they can be registered as bakers and receive delegate funds (and voting power) Once registered, an implicit account can participate in baking with its own balance plus any funds delegated from originated accounts.

Tezos governance

Onchain governance type

Delegated On-Chain Vote, Direct On-Chain Vote

What is Tezos governance?

The Tezos Foundation manages the allocation of the funds collected during Tezos’ initial coin offering (ICO). Its intention is to use this capital to support the growth and development of the Tezos ecosystem. But the foundation does not control the future direction of the Tezos protocol. Instead, the network employs an on-chain governance system where any developer can submit changes to the codebase onto the blockchain and XTZ holders vote (either directly or through a delegate) on whether to accept or reject the proposal.

Who regulate Tezos in 2022?

The Securities Framework Asset Ratings of the Crypto Rating Council (CRC) attributed the score of 3.75 out of 5 to Tezos and provided the below summary:

  • Sale of tokens or token interests prior to the existence of token utility
  • Current functionality of the platform
  • Decentralized development efforts

The CRC is a member-owned and operated organization whose purpose is to assess if a crypto asset, or its development, issuance, and use have characteristics that make it more or less likely to implicate federal securities laws. According to the CRC framework, a score of 5 results when an asset appears to have many characteristics that are consistent with the Howey-test factors. A score of 1 results when an asset appears to have few characteristics that are consistent with the Howey-test factors.

FAQ
1.What is the best app to store Tezos?

Store Tezos with Cropty cryptocurrency wallet by 3 simple steps:

  1. Download the app from the Apple AppStore or Google Play, or open your browser wallet.
  2. Create your Cropty wallet account with Face ID or Touch ID security options.
  3. Transfer XTZ from external wallet.
2. How can I receive Tezos?

Receive Tezos to your Cropty wallet by QR-code, phone number, e-mail and nickname:

  1. Download the app from the Apple AppStore or Google Play, or open your browser wallet.
  2. Create your Cropty wallet account, set up a nickname.
  3. Click ‘Receive’ and follow the instructions.
3. How can I store Tezos safely?

You can transfer your Tezos holdings and store it safely with Cropty wallet. Cropty secures safety of your holdings through various verification options like using password, authenticator app, Face ID, Touch ID and backup codes. You can be sure no one can get access to you Tezos holding except you.

4. How to start investing in Tezos easily and securely?

Start investing in Tezos with Cropty cryptocurrency wallet by 3 simple steps:

  1. Download the app from the Apple AppStore or Google Play, or open your browser wallet.
  2. Create your Cropty wallet account, set your authentication settings.
  3. Transfer XTZ from external wallet.
5. Why should I choose Cropty to store and transfer Bitcoin?

The Cropty wallet provides the most convenient application for storing and transfering Tezos. Cropty targets to become one the best crypto wallets for Android and iOS in 2022. Cropty provides convenient application and secure custodial services, built for crypto beginners, as well as for crypto-savvies.

6. How can I receive Tezos as payment?

You can receive Tezos as payment in Cropty wallet. It is a convenient mobile app to receive, store and transfer Tezos XTZ safely and instantly. Open Cropty app, click ‘Receive’, follow simple instructions and get your Tezos holdings immediately.

7. How can I receive Tezos donations?

You can receive Tezos donations instantly with Cropty wallet. Download Android or iOS app or open the web version, sign up, click ‘Receive’ and follow simple instructions. Share your address with someone who wants to donate you in crypto.

8. Can I send Tezos without verification?

You can receive Tezos donations instantly with Cropty wallet. Download Android or iOS app or open the web version, sign up, click ‘Receive’ and follow simple instructions. Share your address with someone who wants to donate you in crypto.

9. How can I send Tezos without fee?

You can send Tezos instantly without fee in the Cropty wallet. Download Android or iOS app or open the web version, sign up, click ‘Send’, choose ‘Send via e-mail, phone number or nickname’ and follow simple instructions.

10. How to make money with Tezos?
  1. Sign up to Tezos wallet.
  2. Top up your balance with Tezos.
  3. Store, trade or deposit your Tezos.
  4. Get Tezos deposit interest directly to your Cropty wallet.
USD to XTZ converter
USD
$
XTZ
coin
Tezos Price statistic
Tezos price today
Tezos price
0.99 $
Price change (24h)
0.92% -0.01 $
Trading volume (24h)
2.74M $
Market Dominance
0.118%
Market rank
#44
Tezos price history
All Time High
Oct 4 2021 (1 year ago)
89.08% 9.00 $
Tezos Market Cap
Market Cap
1.25B $
Fully Diluted Market Cap
2.63B $
Tezos Supply
Circulating Supply
912.59M XTZ
Liquid Supply
920.22M XTZ
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