Tezos (XTZ) is an all new smart contract platform built from scratch with security and future growth in mind. Smart-contracts reduce costs, save time, and provide new options for automating complex transactions. In the future, smart-contracts will allow you to check-in to your hotel as you unlock the door, or allow internet routers to dynamically negotiate and allocate bandwidths.
Smart-contracts can help manage access rights to your health care records. They might let you ensure your picnic using micro-weather insurance. But all blockchain platforms face a big challenge. How does everyone agree on changes to the protocol and upgrades to the platform itself? When participants can't come to consensus on the direction of the network, growth stalls.
Or, worse, hard forks split the network. Tezos solves these problems. Unlock other smart-contract platforms, Tezos (XTZ) has a formal governance mechanism on the blockchain itself. Tezos enables token holders to make decisions about how the protocol should evolve. All decisions are made transparently on the blockchain. Once a decision is made, the Tezos platform pushes the upgrade automatically to the network. Tezos starts with a rich seed protocol.
But it's governance mechanism allows token holders to upgrade all aspects of the platform. It can even change the rules for decision-making. Because Tezos (XTZ) starts with a unique modular design, with cleanly separated layers, upgrading the protocol is as simple as changing out one layer for another. There is no need for hard forks. Tezos is written in OCaml, a statically-typed functional programming language. Formal verification can ensure the security of the platform by proving the correctness of its code.
It's typically a difficult process but writing in OCaml makes it much easier. And Tezos also features a new smart-contract programming language called "Michelson," also designed to facilitate formal proofs. When your smart contract is handling high value transactions, you want it to perform as intended. Michelson makes sure of that. Tezos is a smart contract platform built with formally-verifiable code and integrated self-governance.
September 19, 2018
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