IOTA (MIOTA)

How did the third most funded initial coin offering end up at the current position 19th on Coinmarketcap listings? The once heavy hitting coin on the news turned into a trident of different cryptocurrencies with Tezos (XTZ) heading the trinity. The coin has since shown prospects of being a future star but with its past $232 million ICO bringing about a cloud of uncertainty will it remain

Tezos (XTZ) blockchain platform which falls among the top 3 most financed ICOs has been receiving attention recently. The project identifies as a 3rd generation blockchain network that incorporates smart contracts and dApps with a self-adjusting governance protocol.

It began way back in 2014 by Arthur & Kathleen Breitman but had its ICO launched in Q3 of 2017. Surprisingly the altcoin managed to raise $232 million worth of BTC and ETH within a fortnight of the sale. It has since remained the runners up ICO in terms of funding to date although it’s currently on a downtrend.

This platform’s consensus is a DPoS (Delegated Proof of stake) whereby participants vote to make decisions. For this to work, users have to deposit a form of guarantee to ensure they vote fairly hence the use of XTZ tokens for ownership.

XTZ Self-adjusting protocol

Crypto projects have often had to undergo hard forks with Bitcoin as a perfect example in the current market. This is mainly caused by the inefficiencies within the existing consensus mechanisms and infrastructure of cryptocurrencies. Tezos offers a crypto coin that won’t need any hard fork in future since the protocol can be self-adjusted, transforming a blockchain platform smoothly. XTZ main focus is on self-governance from all aspects including upgrades that have proven inevitability within cryptocurrency development.

The altcoin is built in an all-inclusive manner such that stake holders can vote to decide the fate of XTZ protocol. Crypto projects are slowly adapting this type of governance ‘On-Chain’ in a bid to include token holders in decision making.

What makes the coin’s infrastructure interesting is the space given to developers to present their ideas. One can simply submit their protocol as a proposed upgrade upon whose fate is decided by votes from XTZ holders.

The ‘Michelson’ Smart contract

Tezos scalability has allowed the platform to perform similar functions to that of Ethereum in the smart contracts field. However, the altcoin resulted to a different programming language known as ‘Michelson’ for its platform. So far, the language has proven to function effectively as a tool of verifying formalities within Tezos blockchain.

Therefore, developers working within the platform can check whether their code is correct using the formal verifications. This is not to say that the smart contracts coded will always be without error as the code is still a work in progress.

XTZ Market Analysis

Most crypto enthusiasts might be wondering why they haven’t heard of XTZ despite its huge market cap? The coin holders seem to be selling the altcoin at the moment after waiting a whole year to access their digital currencies. Tezos has been facing internal and external challenges resulting from conflicts and a strict SEC follow up. The team had initially disagreed on the allocation and guarantee of the funds raised in the extraordinary ICO.

It is barely a month since Tezos (XTZ) holders finally accessed their altcoins and the price is 53% down. The question remains whether the coin will maintain its $1.1 billion market cap to remain in top 20? However, XTZ fundamental value has been well solidified by its self-governance protocol and a unique coding language.

loading...

LEAVE A REPLY

Please enter your comment!
Please enter your name here