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What is Tezos (XTZ)
Tezos (XTZ) is an open source platform for decentralized applications (Dapps) and smart contracts. The platform is powered by XTZ tokens that are creating by a process called as baking. Tezos is not a proof of work crypto currency like Bitcoin, XTZ’s network is rely on a proof of stake mechanism. Tezos Bakers (who are also known as delegates) earn XTZ rewards by staking.
According to its technical paper, “Tezos is a distributed consensus platform with meta consensus capability. Tezos not only comes to consensus about the state of its ledger, like Bitcoin or Ethereum. It also attempts to come to consensus about how the protocol and the nodes should adapt or upgrade.”. The distinguishing factor that Tezos has is its governance. Most blockchains rely on development teams and communities in order to make new design choises. Yet, Tezos’s decision making process is belongs to the network of users itself.