Tezos

Purpose

Tezos is a self-amending blockchain network which incorporates a formal, on-chain mechanism for proposing, selecting, testing, and activating protocol upgrades without the need to hard fork. Operates under liquid PoS consensus.

History & key events

  • 2014 – Arthur Breitman and Kathleen Breitman, started developing Tezos with a core group of developers

  • 2017 – $232 million ICO

  • Jun 2018 – Testnet launch

  • Sep 2018 – Mainnet Launch

  • Apr 2019 – First Exploration Vote

Objects of governance & Used mechanics

Upgrades to the protocol through proposal & voting process. Uses min quorum adapted to the average participation and and 80% of supermajority support level to pass.

  • Developers independently submit proposals for protocol upgrades and request for compensation for their work.

  • The request for compensation makes sure that the developers have a strong economic incentive to contribute to the ecosystem

  • The proposal goes through a testing period wherein the community tests the protocol and criticizes it for possible improvements.

  • After repeated testing, the Tezos token holders can then vote on whether the proposal should be approved or not.

  • Once a legitimate upgrade is decided on, a “hot swap” occurs on the protocol, which initiates the new version of the protocol.

Network Stats (on April 2019)

  • 460 bakers (analogue of block validators)

  • 106 public delegates (who you can delegate your XTZ tokens if you have less then 10k)