Last week we have covered ERGO

For this week the community has voted for TEZOS

Now lets deep dive into this project:

TEZOS - THE BASICS

What is Tezos? Well to keep it short and crispy. Tezos is an open source platform that can upgrade itself, meaning that the nodes are proposing and suggesting what will be upgraded to the core protocol.

As you guessed, this is a very decentralized concept and it is very different than other platforms such Ethereum and especially Bitcoin. This allows Tezos to evolve without a danger of a hard work.

You are wondering who can do that?

Users that hold the XTZ token are able to propose updates for the protocol and this is then moved forward to the developers who are working on that and keeping the community updated about the timeliness and important updates.

To make it clear, and to pin point some main facts, the main features of Tezos are as following:

• Self Amendment: This is allowing Tezos to do updates on a regular basis, and the best thing about it is that it doesn't need to split the network to do so (fork), the other big benefit is the cost effectiveness as this is saving funds and time and holders can easily vote and suggest on different proposals.
• On Chain Governance: Users can participate in the decision making process, and therefore have an direct impact on the upcoming focus in terms of development.
• Decentralized Innovation: If you came up with a cool idea and upgrade that helped the network you can get some awards and fundings as a thank you for improving the network.
• Smart-Contracts: The platform allows you to create applications that are decentralized without the chance of interfierence from third parties that could potentially close them down.
• Proof of Stake (PoS): All the nodes or participants of the Tezos network provide the needed computing power to keep the network running. Proof of Stake allows nodes (participants) to reach consensus on the network and unlike some other PoS cases, it is also giving certain rewards to nodes that managed to improve the platform.
• PoS delegation: You need to make a deposit in order to participate, in case that certain users disbehave or act illegal, they are losing their deposit. This makes the network secure and secure for different attempts of scamming.

FOUNDERS

Tezos was founded by Arthur Breitman in August 2014 together with his wife the a co-founder Kathleen Breitman.

Arthur Breitman is a former quantitative analyst and worked for companies such as Goldman Sachs and Morgan Stanley.

Kathleen Breitman worked as an senior strategist for companies such as R3 and Accenture.

In August and September of 2014, Arthur released the first papers related to the concept and idea of the Tezos platform - The Position Paper and the White Paper. This was written using a pseudonym "LM Goodman" as a kudos to the Newsweek author who claimed that tracked and found the real Satoshi Nakamoto.

In 2015 Arthur Breitman has founded a company called: Dynamic Ledger Solutions or just simply DLS. This newly formed company had the total control of the intellectual properties for Tezos, together with all the codes.

But the big event and breakthrough on the mainstream stage happened in 2017 as Tezos became the most succesfull ICO in its history, raising a total of 232 million $. This brought some serious attention to them and the world watched it closely, especially after the price jumped to an 8.98$ level before crashing into a below 5$ price tag.

Even though Tezos had a great start, things went a bit south from that point. Legal actions, threats, articles and scandals surrounded Arthur and Kathleen at that time.

Before the Tezos ICO, Arthur and Kathleen had partnered up with the entrepreneur Johann Gevers and soon trusted him a position as the president of the Tezos Foundation. Gevers had a shady backround and not much information could be found, but he was a special character with a unique presence.

After the ICO, Gevers claimed that he had an agreement with Arthur and Kathleen where it was stated that they would sell DLS, which had all the intellectual rights for the platform, to the Tezos Foundation which Gevers controlled as the president. He claimed that the agreement stated that if the DLS is not sold to the Tezos Foundation in a reasonable time it will gain the right to acquire DLS for free. There was only one little problem for Gevers at that time, he had no agreement to show to the public that backed this claim up.

Soon after that The Bretimans started a legal battle against Gevers which ended in 2018, when Gevers and a couple of other board members of the foundation stepped down - giving the control of the foundation back to Arthur and Kathleen.

After 2018 and up to last year, there was very little attention around Tezos in general, and that allowed them to focus entirely on the development of the platform.

TEZOS PLATFORM

As mentioned in the basics, Tezos is decentralized and a peer to peer network allowing its participants (nodes) to vote for updates and give proposals, which is a an advanced approach comparing it to Bitcoins PoW and comparing it to Ethereum as Tezos uses delegate Proof of Stake, as mentioned above.

But how does this work behind the scenes?

There are three main protocols: The Network Protocol, The Transaction Protocol and The Consensus Protocol

The Network Protocol determines the blocks and broadcasts them through the chain as it basically is linking everything needed to the nodes and gives them all what they require to maintain the integrity of the network.

The Transaction Protocol is governing and making sure to have all the information about the transactions on the chain

While the Consensus Protocol utilizes the Delegate Proof of Stake system in place, making sure that everything is decentralized and in consensus regarding upgrades and voting in general.

The Network shell is linking all these protocols together making it a unique Blockchain protocol. The coding language that is used is OCaml as its capable to indentify all three main elements: protocols, blocks and transactions.

TOKENIZATION

During the ICO, Tezos offered 80% for Public Sale, while 20% were allocated equally to DLS and the Tezos Foundation.

In terms of the supply, here are the basics:

Circulating Supply: 860,988,147.79 XTZ

Total Supply: 890,296,002 XTZ

ROADMAP

In terms of the Roadmap, Tezos, as mentioned is accepting suggestions for future upgrades, and therefore is shifting its focus one-by-one as this proved to be the most cost effective and technology effective approach comparing to other projects.

The newest proposal that was accepted and the update that is upcoming is the so called Hangzhou update, which is planning to do some major and minor improvements to the network such as Timelock encryption, Views as entrypoints for smart contracts, Cache - in order to get faster access to data, Global Table of Constants - allowing to create larger and more complex contracts and Context Flattening in order to optimise storage use.

PARTNERSHIPS

In terms of Partnerships, Tezos is doing a great job this year. One of the main concerns in the last couple of years was the marketing outreach towards the wider crypto community, and with partnersips with Formula 1 giant such as Red Bull Racing and Baseball giant NY Mets, Tezos managed to grow its popularity among crypto investors, which has also reflected in the recent price movement.

Beside the partnership with sporting teams, I have to add that Tezos also managed to partner up with some other big time giants:

McLaren Racing: Building their official NFT platform

Ubisoft: Joined Tezos protocol as a corporate baker

OneOf: Raises $63M in Seed Funding to Build Music NFT Platform on Tezos

Societe Generale: Selected Tezos blockchain for Central bank currency

Groupe Casino: This French ‘mass-market’ retail group with over 220,000 employees worldwide and 11,000 stores, announced the creation of a Euro Stablecoin (Lugh), built on the Tezos blockchain

NFT MARKETPLACE

NFT is gaining some serious traction in the cryptoworld, and Tezos became one of the most important blockchains that is hosting some of the biggest NFT Marketplaces. This also resulted in an increase of smart contracts that is rising each month and this is especially due the fact of the popular marketplaces such as Hic et Nunc then we have Kalamint and Bazaar. We have to mention also that in the gaming world there is the popular Tezotopia that is gaining some traction as well. Adding to this the official news that Marvel is choosing Tezos and also the already mentioned news about McLaren and OneOf which concludes that Tezos is one of the biggest NFT drivers at the moment.

CONCLUSION

I am going to be honest. Tezos is seriously undervalued. I could write twenty more pages about some super interesting facts about Tezos, such as active nodes, TPS, growing ecosystem that is counting more than 100 of them and other ongoing partnerships and projects in the NFT space.

It amazes me that this project is still not a a TOP 10 by marketcap, but seeing it growing with the attention of the community here day in day out, I am sure that this will happen very soon, I would even say that this could happen during the next bullrun where it could seriously disrupt the current order of the TOP 10 coins.

The only concern was the rough beginning that Tezos had in 2017, but since then, it was just an amazing progress with an technology that is on paper far advanced of its main competitors such as Ethereum, Polkadot, Cardano and Cosmos. The other concern "was" marketing, but there was some great movement in that field as well, seems like that Tezos stepped up and started to invest into a experienced marketing team that is trying to push the project out there.

I am going to follow Tezos closely, and I am sure that a lot of investors that did a extensive DYOR will do this too. This project is very promising, and I am certain that we will read more great things about this amazing project.

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That is it! I hope you enjoyed this weeks DYOR edition.

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Now it's time to PICK a COIN for Edition 3

So please pick up a coin!

The coin that receives the most likes in this post will be covered!