The cryptocurrency space is competitive. So competitive in fact, that those currencies that have already established themselves are constantly trying to keep the new upstarts at bay. We see this with Bitcoin (BTC) and its efforts to keep other currencies like Ethereum (ETH). In terms of ranking and popularity, there are at least 10 other digital tokens that are snatching at the heels of the top two in in varying degrees of course. Now all those competing for a spot behind BTC will have to take note of Tezos (XTC) because its founders have taken a major step towards bringing the token in line with the major players.
But before we go into that major move, let’s explore the workings of Tezos. The platform was founded with the expressed purpose and mission of empowering stakeholders and strengthening the governance of its protocol. Its main thrust is that Tezos is formalizing blockchain governance, allowing stakeholders to control and run the protocol in a full governing environment. So what does this mean in actual terms? Well, for starters, it doesn’t mean a radical shift in the way that XTZ works.
Tezos in fact, works on the principles of smart contracts and full decentralization. Like most tokens, it operates across three broad areas of delivery, namely governance, security, and proof of stake. With on-chain governance, Tezos has built a protocol that offers a formal process through which users or stakeholders can actually grow the platform and take full control of any evolution of how it works. It’s not new, this approach, but it gives XTZ a great launch pad for stakeholders who want to have a say in the direction of the platform and token.
The security aspect of XTZ is also based on a formal security structure. Developers built Tezos to facilitate formal verification; this has translated well into the platform being very secure and allows stakeholders to setup smart contracts all in a very smooth code environment. That last bit is crucial because quite a number of digital tokens have seen breaches connected directly to bulky and buggy code. This secure aspect is a huge advantage for a token that is keen to snap at the heels of the bigger players.
There’s also the proof of stake aspect of the platform. This unique proof-of-stake consensus algorithm allows users to take part in fully in the verification of transactions on the network, something that is key to any scalability that developers and stakeholders may have in mind for the future.
Now Tezos is taking things one step further, announcing just recently that it is now formally giving grants to developers who want to help make the platform better. The announcement which came via the Tezos foundation, confirms that formal calls for proposals will be held in August. The developers of the platform have indicated that the grants will help develop three areas: research, tools development, and resolutions that will help strengthen the Tezos XTZ community.
The news has added some strength to an already growing cryptocurrency for the token has traded as high as $4.51 in the last 30 days. On top of that XTZ has a market cap of $1.4B with just over $4.47M as its 24-hour volume. This is a token on the move; and with the new grant program underway, it should attract some very good talent to help it move further, faster.