What is Tezos?
The Tezos white paper says that Tezos is “a generic and self-amending crypto-ledger,” and that “Tezos can instantiate any blockchain based ledger.”
Here is some of what Binance Info has to say about Tezos:
- “Tezos completed one of the largest ICOs of 2017 raising almost $232m in one day.”
- “The consensus algorithm on Tezos is Delegated Proof of Stake (dPoS) which will help with the governance structure of the blockchain.”
- “The decentralised governance of the Tezos blockchain will allow anybody to propose protocol upgrades.”
Coinbase and Tezos
On July 30, Coinbase announced that on August 5 Tezos (XTZ) would get listed on Coinbase Pro (pro.coinbase.com), its platform for professional/experienced traders/investors. It also mentioned that XTZ would initially be supported in all jurisdictions where Coinbase is available, but not in the state of New York.
It is also worth rembering that on March 29, Coinbase Custody announced that it was launching staking support for Tezos.
Today’s announcement, which came around 17:20 UTC, seems to have helped the XTZ price, because as you can see in the 24-hour price chart below (from CryptoCompare), the price started rising just after the announcement:
A few minutes after today’s announcement, Coinbase’s Head of Listings, Zach Segal, took to Twitter to provide a basic overview of Tezos via a series of tweets.
One of the most interesting features of Tezos is “self-amendment”:
2/ @Tezos can upgrade itself to improve over time. XTZ holders vote on proposals to modify the platform. Think Tezos would be better with a new feature? Create a proposal, vote on it, and if approved, Tezos self-upgrades. This is called “self-amendment”https://t.co/HcLAyeGwBr
— Zach Segal (@zosegal) August 8, 2019
Here is how the Tezos website summarizes the benefits of this feature:
Self-amendment allows Tezos to upgrade itself without having to split (‘fork’) the network into two different blockchains. This is important as the suggestion or expectation of a fork can divide the community, alter stakeholder incentives, and disrupt the network effects that are formed over time. Because of self-amendment, coordination and execution costs for protocol upgrades are reduced and future innovations can be seamlessly implemented.