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Tezos is a decentralized, open-source blockchain network that may be used to perform peer-to-peer transactions and as a platform for smart contract deployment. The Tezos blockchain’s native cryptocurrency is the tez, which bears the sign XTZ. On the Tezos network, there are approximately 400 block validating nodes (bakers) as of January 2021.

The Tezos network uses a liquid proof-of-stake mechanism to establish consensus. Tezos has an on-chain governance architecture that allows the protocol to change itself when community members vote in favour of upgrade proposals. Tezos may avoid hard splits that other blockchains must deal with because of this functionality.

In a whitepaper released in 2014, Tezos was originally suggested. It launched its testnet in June 2018 and its mainnet in September 2018.

Tezos gained notoriety as a result of its initial coin offering in July 2017 and the ensuing public feuds between its creators and the non-profit Tezos Foundation, which was established to oversee the cash collected. Tezos’ deployment was delayed as a result of these conflicts, prompting investors to file lawsuits against the project’s creators and the Tezos foundation.

Tezos was created by Waymo developer Arthur Breitman, who previously worked as a quantitative analyst at Goldman Sachs and Morgan Stanley.

Breitman issued the Tezos “Position Paper” and white paper in August and September 2014, respectively. Breitman used the alias “LM Goodman” to write the two articles, a reference to the author of an infamous storey in Newsweek magazine claiming to have identified Satoshi Nakamoto, the pseudonymous creator of Bitcoin.

Arthur enlisted the aid of OCamlPro, a French company, to help build the programme with his wife Kathleen. The Breitmans created Dynamic Ledger Solutions in August 2015 to help with the project’s development. The Tezos Foundation was founded in Zug, Switzerland, in April 2017 as a non-profit to support Tezos and related technology.

The Tezos Foundation collected $232 million in a fundraising in July 2017, making it one of the largest initial coin offerings (ICOs) of the 2017 cryptocurrency boom. Tim Draper, a wealthy investor, was one among the backers of Tezos’ ICO. Following that, the Tezos Foundation was embroiled in a management dispute over the use of monies obtained by foundation president Johann Gevers. On February 22, 2018, Johann Gevers resigned.

The Tezos creators and the Tezos Foundation settled claims claiming unlawful sale of a security for $25 million, which the Tezos Foundation paid in August 2020.

Tezos’ core protocol uses liquid proof of stake (LPoS) and allows Turing-complete smart contracts written in Michelson, a domain-specific language. Michelson is a fully functional stack-based language with a small instruction set and no side effects, specifically developed for formal verification.

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