{"id":9549,"date":"2023-03-22T19:56:13","date_gmt":"2023-03-22T19:56:13","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=9549"},"modified":"2022-05-16T17:58:15","modified_gmt":"2022-05-16T17:58:15","slug":"what-is-tezos-xtz","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/what-is-tezos-xtz","title":{"rendered":"What is Tezos (XTZ)?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-tezos-xtz\/#history_of_tezos\" >History of Tezos<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-tezos-xtz\/#how_does_tezos_work\" >How does Tezos work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-tezos-xtz\/#tezos_wallet\" >Tezos Wallet<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-tezos-xtz\/#how_do_you_mine_tezos\" >How do you mine Tezos?<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 3<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>Tezos is a platform that, like Ethereum, serves to create\u00a0<b>smart contracts and Dapps<\/b>\u00a0(decentralized applications). In a nutshell, TEZ is a blockchain\u00a0<b>free and decentralized<\/b>\u00a0with characteristics such as\u00a0<b>self-government<\/b>.<\/p>\n<p>Being a community governed by itself, it has as its main objective that its owners work together to bring ideas and\u00a0<b>manage<\/b>\u00a0the platform so that the protocol improves every day.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"history_of_tezos\"><\/span><b>History of Tezos<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The platform was developed by<b>\u00a0Arthur and Kathleen Breitman<\/b>, strategy partner of R3, a blockchain consortium. In August 2014, Arthur Breitman published two white papers on Tezos in which he was proposed as a substitute for Bitcoin. The basis of this suggestion emphasized the inability of Bitcoin to adapt to Tezos, which continues\u00a0<b>to evolve<\/b>.<\/p>\n<p>It was not until\u00a0<b>September of the year 2018<\/b>\u00a0when the Tezos protocol was officially released. Previously the\u00a0<b>ICO<\/b>\u00a0(Initial Coin Offerings) In July 2017, raising a total of 232 million dollars. Months later, in July 2018, a\u00a0<b>beta network\u00a0<\/b>who eventually became<b>\u00a0mainnet<\/b>\u00a0on 17 September.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"how_does_tezos_work\"><\/span><b>How does Tezos work?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One of the main features of TEZ is its\u00a0<b>self-government<\/b>.\u00a0This is achieved by a mechanism of\u00a0<b>democratic votes\u00a0<\/b>implanted by the Tezos foundation, where cryptocurrency owners can decide how it is updated over time.<\/p>\n<p>In short, Tezos has a<b>\u00a0chain government<\/b>\u00a0who can decide, by vote, what will happen to the platform<b>\u00a0always so that benefits<\/b>\u00a0it.<\/p>\n<p>This platform is connected to a digital token called\u00a0<b>Tez or Tezzie (XTZ)<\/b>. This digital token is mainly used in Tezos blockchain as\u00a0<b>security token<\/b>y\u00a0is based on\u00a0<b>proof of stake protocol (PoS)<\/b>. This\u00a0function allows cryptocurrency owners to process payments with this, make decisions in the chain and participate in each process of advancement on the platform.<\/p>\n<p>Unlike the other cryptocurrencies, in the Tezos blockchain network\u00a0<b>there are no miners<\/b>. The process of building blocks is called \u201c<b>baking<\/b>\u201d and instead of miners do it\u00a0<b>the bakers<\/b>\u201d.<\/p>\n<p>To become a baker the candidate must apply for his participation and deposit the amount of Tezzie defined. The owners must have a minimum of<b>8.000 Tezzie<\/b>\u00a0to participate in the process of building blocks.<\/p>\n<p>If for some reason the baker does not reach the minimum of funds can\u00a0<b>delegate<\/b>\u00a0the right to other participants.\u00a0If the grant is approved, the owner receives a<b>\u00a0percentage of the investment<\/b>\u00a0made.<\/p>\n<p>This blockchain, apart from being distinguished by its mechanism of chain governance, is distinguished by the use of\u00a0<b>flexible functional coding language<\/b>\u00a0that allows changes in the TEZ network without the block chain being hindered.<\/p>\n<p>This leads to another of its main features. The network is constantly changing without the need to run a\u00a0<b>fork<\/b>\u00a0due to blockchain protocol updates or overlays added to the initial project.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"tezos_wallet\"><\/span><b>Tezos Wallet<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you decide to take this cryptocurrency, you\u2019ll need a\u00a0<b>wallet<\/b>\u00a0to keep them with public and private keys that will ensure the safety of your assets.<\/p>\n<p>There are many types of wallets, each with different features that will be better or worse depending on our needs, however, not all are available for Tezos.<\/p>\n<p>Below we will explain some of the portfolios you can use:<\/p>\n<ul>\n<li>Among the wallets supported by Tezos we find hardware wallets, desktop wallets and in a format available for mobile. Among the wallets hardware we find\u00a0<b>Trezor Model T<\/b>. This wallet is a device that stores all the keys needed to operate with our cryptocurrencies, however, it is not connected to the internet.<\/li>\n<\/ul>\n<ul>\n<li>Another hardware Wallet option is the wallet<b>\u00a0Ledger Nano S.<\/b>\u00a0It is available for Tezos and many other tokens. These types of wallets offer a high level of security although they are not free.<\/li>\n<\/ul>\n<ul>\n<li>Another option is\u00a0<b>Exodus Wallet<\/b>. This wallet allows you to store a large number of cryptocurrencies and has a very simple interface, which makes it the ideal option to start in the world of cryptocurrencies. A feature to keep in mind is that it allows us to store our private key and is free.<\/li>\n<\/ul>\n<div id=\"image_1253020395\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/01\/n-Qu%C3%A9-es-Tezos-XTZ_Mesa-de-trabajo-1_Mesa-de-trabajo-2_Mesa-de-trabajo-1-1024x701.jpg\" sizes=\"(max-width: 1020px) 100vw, 1020px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/01\/n-Qu\u00e9-es-Tezos-XTZ_Mesa-de-trabajo-1_Mesa-de-trabajo-2_Mesa-de-trabajo-1-1024x701.jpg 1024w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/01\/n-Qu\u00e9-es-Tezos-XTZ_Mesa-de-trabajo-1_Mesa-de-trabajo-2_Mesa-de-trabajo-1-300x206.jpg 300w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/01\/n-Qu\u00e9-es-Tezos-XTZ_Mesa-de-trabajo-1_Mesa-de-trabajo-2_Mesa-de-trabajo-1-768x526.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/01\/n-Qu\u00e9-es-Tezos-XTZ_Mesa-de-trabajo-1_Mesa-de-trabajo-2_Mesa-de-trabajo-1-1536x1052.jpg 1536w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/01\/n-Qu\u00e9-es-Tezos-XTZ_Mesa-de-trabajo-1_Mesa-de-trabajo-2_Mesa-de-trabajo-1-2048x1403.jpg 2048w\" alt=\"que es tezos Bitnovo\" width=\"1020\" height=\"698\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/01\/n-Qu\u00e9-es-Tezos-XTZ_Mesa-de-trabajo-1_Mesa-de-trabajo-2_Mesa-de-trabajo-1-1024x701.jpg 1024w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/01\/n-Qu\u00e9-es-Tezos-XTZ_Mesa-de-trabajo-1_Mesa-de-trabajo-2_Mesa-de-trabajo-1-300x206.jpg 300w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/01\/n-Qu\u00e9-es-Tezos-XTZ_Mesa-de-trabajo-1_Mesa-de-trabajo-2_Mesa-de-trabajo-1-768x526.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/01\/n-Qu\u00e9-es-Tezos-XTZ_Mesa-de-trabajo-1_Mesa-de-trabajo-2_Mesa-de-trabajo-1-1536x1052.jpg 1536w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/01\/n-Qu\u00e9-es-Tezos-XTZ_Mesa-de-trabajo-1_Mesa-de-trabajo-2_Mesa-de-trabajo-1-2048x1403.jpg 2048w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/01\/n-Qu\u00e9-es-Tezos-XTZ_Mesa-de-trabajo-1_Mesa-de-trabajo-2_Mesa-de-trabajo-1-1024x701.jpg\" data-sizes=\"(max-width: 1020px) 100vw, 1020px\" \/><\/div>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_do_you_mine_tezos\"><\/span><b>How do you mine Tezos?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As we said, Tezos works according to the protocol of\u00a0<b>Proof of Stake Liquid<\/b>\u00a0or test protocol for delegated participation. Under this protocol the network of Tezos allows a consensus on the state of the network between the owners of cryptocurrencies. Also avoids the\u00a0<b>excessive use<\/b>\u00a0of electricity and mine resources, as usually happens in cryptocurrencies like Bitcoin.<\/p>\n<p>These owners, provided they have more than 8000 Tezos (XTZ) can deposit their coins and receive\u00a0<b>rewards<\/b>\u00a0keeping the platform running. This is the process known as \u201c<b>baking<\/b>\u201d and adds a\u00a0<b>5% of the annual supply\u00a0<\/b>of the cryptocurrency.<\/p>\n<p>The fact that this cryptocurrency does not work with the consent of Proof Work (Pow) does not mean that we cannot get it otherwise. We can get them with\u00a0<b>FIAT coins<\/b>\u00a0as the euro in\u00a0<b>exchanges\u00a0<\/b>and store them in a wallet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 3<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>Tezos is a platform that, like Ethereum, serves to create\u00a0smart contracts and Dapps\u00a0(decentralized applications). In a nutshell, TEZ is a blockchain\u00a0free and decentralized\u00a0with characteristics such as\u00a0self-government. Being a community governed by itself, it has as its main objective that its owners work together to bring ideas and\u00a0manage\u00a0the platform so that the protocol improves every day. [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":9551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[165],"tags":[],"class_list":["post-9549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/9549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=9549"}],"version-history":[{"count":0,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/9549\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/9551"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=9549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=9549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=9549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}