Tezos

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Tezos Anonymous Mon Aug 5 05:26:27 2019 No.15118705 [Reply] [Original]

What is Tezos? Tezos is a permission-less, trust-less protocol that is considered a currency first and a smart contracts platform second. Written in OCaml from scratch based on a position paper written in 2014 by Arthur Breitman. Smart contract language Michelson is a full stack VM that is strongly typed. Higher level languages including Liquidity, LIGO, and smartpy making development more accessible without sacrificing security.

On-chain governance is considered to be a veto on bad upgrade proposals. This prevents minority interests or simple Sybil attacks from detracting from growth in network effect of the principle chain. The design was inspired by the game Nomic which has a rule allowing users to change the rules of the game. It has also been likened to Schmidhuber's Gödel machine. The governance design closely resembles the early American Republic, endowing voting rights to property owners, network validators. End users delegate, not send, their baking rights to a network validator that performs regular payouts and votes on their behalf. Tying economic and political interests together is very interesting in that the participation rate to date is high, ~80%.

Anyone with 8,000 xtz can act as a validator on the network. Once online baking right are assigned several cycles in advance to prevent gaming of the system. Tezos uses a proof-of-stake system coined Liquid Proof-of-Stake due to the liquidity provided to those delegating their funds. This holds a strategic advantage that it doesn't slow monetary velocity in the system. Baking or network validation typically only keeps locks 50-70 million xtz out of a total 800 million total supply, around 8%, at any given time and 660 million circulating. The difference is due to the Tezos Foundation vesting contracts that release funds monthly across 48 months.

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