Tezos - Shitcoin Review
on Sep 25, 2018
First post on our new blog today, woot woot!
Feels good :D
Today’s coin is competing with some of the big boys like Bubble Butt Buterin (no clue why we said that...probably alcohol...he should go to the gym and focus on leg day though. Although if he was a meathead, would that change the way you look at him? Why are you reading this? Time to get off of this tangent...)
As of late, this coin has been climbing the ranks on Coinmarketcap, sitting at #17 at the time of this writing.
Today’s review is of Tezos.
Let’s dig in…
Tezos (ticker: XTZ)
High-Tier Shitcoin (as of recent..fast growth)
Wtf is this shit?
Tezos is a smart contract platform, competing head on with Ethereum. They ICO'd and raised something crazy like $232M worth of ETH and BTC (and a $1.5ish million investment from Tim Draper). Craaazy.
Tezos' main focus is on self-governance and community involvement as they grow. To avoid hard forks, they want to keep the blockchain closely monitored and incentivize stakers to vote and propose new implementations...the jargon for this is ‘on-chain governance’. If an proposal is approved, it then gets built, and implemented on the testnet for further testing. Once testing is complete, a confirmation vote is held and if all is gucci, then the proposal is released to the main big boy net. The proposer of the idea is rewarded with XTZ.
They use what is called a liquid proof of stake (LPOS) consensus method...basically an iterated delegated proof of stake (DPoS). In other DPoS implementation such as with EOS, there is a fixed number of delegated nodes required for consensus, while in Tezos, delegating is optional.
So, anyone can be a node, but they can also choose to put block producing responsibilities on other, trusted nodes. Additionally, to be a delegate requires a certain amount of coin, but much less compared to being a delegate for EOS and other platforms which required massive computational power. They want to lower the barrier of entry relative to other implementations.
Kind of funny….Tezos refers to stakers as bakers...and each block that is produced and accepted is ‘baked’ into the chain by a random stakeholder whom is then rewarded for baking. Since the baker is chosen at random, this gives smaller stakers a chance for some bigger rewards. Yay!
Tezos is a turing complete platform, but they recommend most of the smart contract functions, especially complicated ones to be loaded off-chain.
Tezos’s base language is called Michelson. It is a stack-based language, doesn’t use variables or named functions, and is focused on minimal errors...it is more important to be correct, than complicated.
Michelson is known to be good for ‘formal verification.’ Formal verification is a way for developers to mathematically prove that their contract is all gucci and correct. Formal verification is used in applications where mitigating errors is critical...think space shift stuff, nuclear reactor stuff, or....smart contract stuff....that may be responsible for trillions of dollars.
So..all in all, they aim to foster a community and offer a technology that can compete with Ethereum through better scalability (LPOS) and maybe safer (Michelson). But, then again, this is business. They have to step up their marketing game if they hope to even compete a little with Ethereum.
OH! Tezos also had some legal trouble...we recommend reading about it here: https://cryptobriefing.com/what-is-tezos-introduction-xtz/.
Who tf is behind this shit?
Tezos is founded by Arthur Breitman and Kathleen Breitman...they are allegedly not brother and sister lol, seriously. Arthur brings the tech side (comp sci guy and mathematician). Kathleen brings the financial side..she has worked at companies such as Bridgewater and R3. Since their launch, they have grown quite the team.
All in all, high-tier shitcoin according to current market conditions and interest for it. Still, compared to ETH, EOS, even Ark or Lisk, we feel that the Tezos brand is not big enough to really compete yet. They need to step up marketing, or it might be back to shit-tier land. We wish them the best.
Hope you learned some shit.
- Mike and Aaron