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Proof of Stake (PoS), Layer 1 (L1), Tezos Ecosystem, Smart Contract Platform

About Tezos

Tezos is a decentralized, open-source blockchain platform that supports smart contracts and decentralized applications (dApps).

It was created by Arthur Breitman and Kathleen Breitman in 2014. Tezos is designed to be a self-amending cryptographic ledger, meaning that it can upgrade itself without the need for a hard fork. This is done through a process called on-chain governance, which allows stakeholders to vote on proposed protocol upgrades.

The Tezos blockchain is powered by its native cryptocurrency, XTZ (Tez or Tezzies). XTZ can be used to pay for transaction fees and rewards for validators who secure the network. The Tezos blockchain also supports other tokens, such as those issued through initial coin offerings (ICOs).

Tezos has several features that make it unique from other blockchains. It uses a proof-of-stake consensus mechanism called Liquid Proof-of-Stake (LPoS), which allows users to stake their XTZ tokens in order to validate transactions and earn rewards. Additionally, Tezos has formal verification capabilities, which allow developers to mathematically prove the correctness of their code before deploying it on the network.

This helps ensure that dApps are secure and reliable. Finally, Tezos has an on-chain governance system that allows stakeholders to vote on proposed protocol upgrades. This helps ensure that the network remains up-to-date with the latest technology and trends in the industry.

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The most interesting questions on the topic of Tezos