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Tezos (XTZ) is one of the more recent blockchain projects and cryptocurrencies, having been released on June 30, 2018. It was developed by Authur Breitman, a former analyst at Morgan Stanley. It is multi-purpose and supports both Turing complete smart contracts and dApps. The protocol that runs Tezos was made to be self-correcting and the platform looks to use an on-chain governance model to manage changes to the network.
Unlike many other blockchain projects, Tezos was not based on the codebase of any other blockchain. It was created using the OCaml programming language and is unique, It also implements a unique delegated Proof of Stake consensus called Liquid Proof of Stake (LPoS).
The Tezos blockchain is powered by the cryptocurrency XTZ, which is created through a process known as ‘baking’. This is simply a different name for staking and the bakers are rewarded for staking their XTZ to help validate new blocks. Bakers that allow fraudulent transactions to be validated lose the XTZ they have staked.
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