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What is Tezos?
Tezos is a distributed ledger, making use of blockchain technology to form a blockchain governance by establishing a true digital commonwealth. Tezos established formal verification, a technique which mathematically proves the correctness of the code governing transactions and secure smart contracts. Industries with low margin for error such as aircraft and medical devices will mostly benefit from this unique technology.
The team believes that hard fork is not the most ideal and standard way to upgrade a protocol over time. With the built-in consensus mechanism, it’s protocol can evolve and implement new innovations without the risk of splitting the chain.
Tezos aims to transfer the decision-making process to stakeholders by giving them voting rights to protocol updates and governing the platform. Tezos governance system enables stakeholders to efficiently govern the protocol through a formalized process by introducing governance rules. The On-chain governance allow developers to submit proposals for protocol upgrades, stakeholders will have the right to approve and authorize the protocol updates in the platform. Developers will be rewarded if their proposal is approved, incentivizing developers to contribute to the Tezos core development over time.
What are Tezos (XTZ) Tokens?
Tezos Token (XTZ) is the native token of the Tezos ecosystem, transferring the governance power to the stakeholders. Under the Tezos voting mechanism, token holders can vote on whether the protocol upgrade proposal submitted by developers should be approved.
Tezos delegated proof of stake (POS) consensus mechanism gives stakeholders the opportunity to participate in validation of transactions on the network or delegate someone else to validate on their behalf. Unlike other digital currencies, XTZ cannot be mined, token holders are rewarded for taking part in the POS (proof of stake) consensus mechanism.
Where can I find more information about Tezos?