Tezos Blockchain and Top 5 Projects on It

What is Tezos Blockchain?

A true digital commons is created by Tezos, a decentralised blockchain that regulates itself. It makes it easier to perform formal verification, a method that strengthens the security of the most private or valuable smart contracts by mathematically proving that the code governing transactions is valid.

How Does Tezos Blockchain Work?

Its architecture introduces a fundamental innovation called the "network shell." This shell allows the network to update itself without the need for a hard fork. Tezos' token, XTZ, is a cryptocurrency used to pay for transactions on the network. XTZ is also used to bake or validate blocks. The baker gets compensated with XTZ when a block is validated.

Baking is a core activity that contributes to the security of the Tezos network. Tezos consists of three parts:

• The Tezos Protocol: This is the set of rules that governs the Tezos network.
• The Tezos Blockchain: This is the data structure that stores the history of the Tezos protocol.
• The Tezos Backsystem: This is the mechanism used to create new blocks and add them to the Tezos blockchain.

Tezos is different from other blockchains because it uses a proof-of-stake consensus algorithm, which means that XTZ holders can earn rewards for participating in the Tezos network by deploying their tokens. Tezos also has a built-in protocol update mechanism that allows the network to evolve over time without hard forks.

The Tezos protocol is based on three principles:

• Self-change: The Tezos protocol can be updated without requiring a hard fork.
• Decentralization: The Tezos network is managed by token holders, not by a central authority. 
• Formal verification: Tezos uses formal verification to mathematically prove the correctness of the code for transactions. 

Arthur Breitman, a former Google engineer, and his wife Kathleen Breitman, a former director of business development at Ripple, founded Tezos.

The Breitmans launched a successful initial coin offering (ICO) in July 2017, raising $232 million. 

The 5 most important projects on Tezos in 2022

TzScan 

TzScan is a Tezos block explorer and analytics platform. It is a tool that allows you to view and explore the Tezos blockchain. With TZScan, you can view all of the transactions that have taken place on the Tezos blockchain, as well as see the current state of the blockchain. TZScan is a great tool for those who want to explore the Tezos blockchain, or for those who want to keep track of their own Tezos-based transactions.

Tezos wallet

Your XTZ tokens are safely stored in the Tezos wallet. Tezos wallet is a cryptocurrency wallet that allows users to store, send, and receive Tezos tokens. The wallet is available for free on the App Store and Google Play. Tezos wallet is a hierarchical deterministic (HD) wallet, meaning that it generates a new public key for each transaction. This makes it more secure than a non-HD wallet, as it makes it harder for attackers to guess your private key. 

TezBox

Tezbox is a digital wallet that allows you to store, send, and receive Tezos (XTZ) tokens. TezBox is one of the most popular Tezos wallets with over 100,000 users. It is one of the most user-friendly wallets available for Tezos and is available for Windows, macOS, and Linux.

Kukai

The most established web-based Tezos wallet is Kukai. It gives you access to a single, secure portal where you can manage all of your tokens, NFTs, and digital assets. You may store, transfer, and distribute your Tezos (XTZ) tokens using Kukai as a Tezos wallet, making it simple to earn XTZ rewards through staking.

Tezos Baking

Tezos baking is a process that allows users to earn rewards for participating in the network by validating transactions and committing new blocks to the chain. Bakers receive freshly created XTZ tokens as payment for their work. There are some notable differences between mining and baking, despite the fact that they are frequently contrasted in other proof-of-work cryptocurrencies. For starters, Tezos baking is more environmentally friendly than mining because it uses much less energy.