Tezos crypto is a very popular blockchain that is rarely spoken of negatively.
Thanks to its self-evolving capabilities and solid structure, it is one of the most important networks in the world of cryptocurrencies. Still, is it a good investment for 2023?
Tezos crypto: the popular and promising blockchain
Tezos is in many ways a blockchain promising. Its qualities make it a network far from any controversy and game in favor its growing popularity.
Officially launched in 2018 by a French team, the project has an ICO record raising $ 230 million. At the time, it was the second largest ICO in history.
Subsequently, Tezos quickly established itself as an important blockchain and cryptocurrency in the ecosystem. This status also earned him the title of serious competitor against Ethereum.
The founders of Tezos crypto have noticed the weaknesses of the Bitcoin network such as the problem of hard forks, the excessive energy consumption of PoW, etc.
They therefore developed a mechanism that addresses these limitations and proposed an ultra scalable network in order to simplifies the work of Dapps developers in its ecosystem.
These promises are facilitated by the very structure of the consensus-based blockchain Liquid pole test which involves the work of “Bakers”, the equivalent of validators. Bakers are committed to validating transactions and contribute to the security of Tezos.
These resort to the staking minimum 8000 XTZ (the native token of Tezos) to carry out its task and ensure the correct functioning of the blockchain.
They also participate in the evolution of the network thanks to a structured governance systemsimplified and open to all bakers.
This optimized mode of governance represents the very essence of the evolutionary aspect desired by Tezos.
Depending on how it works, any validator can submit development proposals or modifications. These are then subjected to several voting stages that determine their adoption or not.
The validation phases of a proposal are spread over a defined period of approximately 22 days, or 8 cycles. A cycle represents a duration of 2 days, 20 hours and 16 minutes.
This allows the blockchain to consider a greater or lesser self-evolution every month according to a coordinated collective decision.
To encourage bakers to propose qualitative changes, they receive Rewards in XTZ tokens when they are adopted and implemented on the network.
This unique system on blockchain networks contributes greatly to the popularity of the Tezos cryptocurrency.
What are the advantages of Tezos crypto?
This growing popularity is also driven by the innumerable qualities of this network.
First of all, Tezos claims to be one of the first blockchains interested in the energy consumption they require.
By adopting a Liquid Proof of Stake consensus, the network is proud to exist 2000 times less energy consumption of a blockchain like Bitcoin.
So, from this aspect, Tezos draws two distinct advantages:
At a time when energy resources are debated around the world, Tezos offers a green alternative to blockchain technologies.
This increases its popularity among investors and newbies who are reluctant to invest in cryptocurrencies such as Bitcoin.
Tezos crypto uses a delegated staking system that allows bakers with insufficient funds to do souse delegating tokens.
The latter are more often than not individuals with few tokens or users not initiated into the technicalities of the work of a baker.
Staking on Tezos allows on the one hand to strengthen the security of the network but also to trigger a redistribution of the XTZ created.
Thus, at the end of each cycle (every 2 days 20h and 16min), the bakers and the delegates distribute a share of the tokens created. Currently, Tez annual APR reaches 5.34%.
For developers, Tezos has an advantage of its own: it allows theuse of multiple programming languages for smart contracts.
In fact, it takes into account languages such as Michelson, SmartPy and LIGO. This thus improves the developer’s experience and uses the Tezos blockchain more accessible.
Mechanically, the Dapps and DeFi protocols hosted on Tezos tend to do this better quality and an advanced creative range.
They also receive most important safety. This represents a guarantee of quality and an undoubted advantage for the users of these applications.
Security is also a big deal for Tezos, which it suffers very little hack. This makes it one of the safest blockchains to date.
What future for the Tezos blockchain in 2023?
All of these benefits work in Tezos’ favor and it is certainly a positive future.
First and foremost, Tezos relies on it a relatively aggressive marketing strategy. Use a strategy comparable to large exchanges such as FTX and Crypto.com.
The latter develop their market share of participation in sporting events and sign several collaborations on this sector.
Tezos has been acting in the same way for several years and has multiplied partnerships in the world of sport and e-sport. Manchester United, F1 RedBull and Team Vitality are among the teams showing the blockchain name as their main sponsor.
Likewise, collaborations, such as those with Ubisoft and Gap, are abundant around Tezos.
This visibility adds popular value to this blockchain which already has a relatively strong community of enthusiasts.
Tezos also shows some of them credibility. Provides support to institutions wishing to create their own Central Bank Digital Currency (MNBC).
In fact, in 2020, the Bank of France associated with General Company conducted their research development of an MNBC on the Tezos network in collaboration with the project team.
At a time when most states want to get into the digital currency rush, Tezos could therefore be part of the preferred networks in this regard.
There is no shortage of projects for Tezos, which recently launched its first sidechain Marigold.
He’s also working on it a “Privacy” project. which will allow all desired transactions to be anonymous. This evolution should use the zero-knowledge test (zk-SNARK).
The governance system is also expected to see improvements in the coming months.
Tezos is therefore a serious blockchain with great potential.
Its bear market victim XTZ token currently does not reveal the capabilities of the network it is native to. However, this network is often cited as an example.
While it’s still a long way from dethroning Ethereum, Tezos could quickly become one of the most important platforms in the cryptocurrency universe. This would allow its token to reveal its full potential and start growing rapidly.
Blockchain technologies offer a multitude of opportunities and, despite the bear market, they continue to evolve to build the economy of tomorrow. To be part of it, don’t hesitate any longer and start training and strategizing with Crypto Rider right away.