Could Tezos Change the Way Blockchain Operates?
Blockchain is a now-well-known disruptor. After all, it’s changing the way we think about payment systems, currency, and contracts. From banking to supply chain management, blockchain technology is changing how we think about the world and different types of transactions. But a coming platform could disrupt blockchain. It’s called Tezos.
It’s supposed to offer some new approaches to using blockchain for various applications.
Tezos and Governance
Tezos is a smart contracts platform, in the vein of Ethereum. However, unlike the major blockchain platform players Bitcoin and Ethereum, it’s possible for built-in governance. Tezos should offer a process for evolving the platform, with the consent of those who have tokens.
It’s little surprise that developers seek a smooth upgrade process, considering the recent controversy over the recent Bitcoin hard fork.
On top of that, Tezos has a compensation structure for its platform. Participants can suggest upgrades, and then receive payment if the rest of the users agree to the change.
This platform will also use Proof of Stake, rather than Proof of Work for consensus. This moves Tezos away from physical mining and into the virtual mining space. Ethereum is currently working on moving to a Proof of Stake system.
Using Formal Verification
Another interesting move by developers is that it will rely on formal verification for smart contracts. Developers using formal verification is a way of letting developers prove their code with math. It doesn’t mean everything is 100% correct all the time, but it does reduce the chances for bugs to be introduced through code.
There are hopes that Tezos might provide a way forward for other tools on other blockchain platforms, especially if it turns out to be successful.
New Blockchain Platform Expected to Launch Later This Year
So far, this new blockchain platform is just potential. It’s a blockchain project that isn’t fully operationally. It’s still in development. However, its developers raised money using Ethereum and Bitcoin in July, and managed to secure the equivalent of $232 million.
And, like other blockchain platforms designed for various purposes, Tezos has its own native currency, called tezzies (XTZ).
If you are looking for an interesting blockchain platform for the future, this might be it. Tezos appears to be taking some of the complaints about current blockchain platforms and building its own platform in a way that addresses some of the issues.
By doing so from the ground up, it means that Tezos can start from this place of improvement, without the need to get its developers on board for some of the changes. It will require consensus down the road, but from the get-go, Tezos seems ready to launch without some of the issues that have bogged down Bitcoin and Ethereum in recent months.
Of course, until Tezos launches and is being used, there’s no way to tell if the changes will hold. But it should be interesting to see where this experiment leads — especially if it prompts more changes to the establish blockchain platforms.