Tezos, the new blockchain project tentatively set to launch in 2018, is creating waves in the world of cryptocurrency and is making investors on both sides of the fence very excited about its potential.
The Tezos’ token sale raised $230 million during it’s recent ICO and has been dubbed as “the first ever ico to offer a validating proof-of-stake algorithm”. The coin is also one of the few cryptocurrencies which doesn’t have mining or mining costs. It uses a delegated proof-of-stake system that allows stakeholders to delegate their stake and participate in validation.
This system theoretically offers far more flexibility than any other current blockchain technology available today. Delegated proof-of-stake is a form of proof-of-stake that allows delegates to be chosen by voters instead of being randomly assigned.
The Tezos Foundation, the non profit organisation that will manage the network, has raised $25 million in donations so far and is currently seeking additional funding for it’s development efforts. The foundation plans to use the funds raised during the token sale for development and other important tasks that are required for Tezos to become an actual blockchain network. One such task is setting up a legal framework for blockchain technology which will be used as a foundation for all future blockchain projects and cryptocurrencies.
Tezos is seen as the next big thing among cryptocurrencies.
Although the cryptocurrency space has seen multiple new entrants in the past few months, most of them haven’t been able to differentiate themselves from older or similar coins in terms of technical features or utility. However, Tezos is different from anything else available today. It is a completely self-governing cryptocurrency that uses smart contracts for its functionality.
The coin’s native token “tezzies” (XTZ) will be used as the medium of exchange and governance on the network. Token holders are required to use their XTZ tokens to participate in decision making and voting process on key issues related to development, maintenance and upgrades. This makes Tezos an extremely democratic platform where everyone has a voice and can participate in the decision making process.
How Much Could the Tezos Coin Be Worth?
Tezos is currently trading at $2.54 with a total market capitalization of $611 million and has received an average of $50 million in daily trading volumes in the past few weeks. Although there are some concerns about how the project will develop in the future, it does seem that investors are optimistic about the coin’s future prospects and have pushed up it’s price to levels not seen since before June.
Tezos is obviously very different from anything else available today and if it’s network becomes successful, there is no telling how high it could go. Most importantly, it is a self-governed cryptocurrency that will be in direct competition with other much more established cryptocurrencies such as Bitcoin or Ethereum. The Tezos blockchain could potentially be quite disruptive for the cryptocurrency world and gain a lot of market share rapidly.
What is the Future of Tezos Trading?
If Tezos is successful, it could become the next big thing in the cryptocurrency space. However, the team behind the project has a lot of work to do and will need to overcome many technical challenges if they are to be successful. Although investors may be optimistic about Tezos’ prospects, there are still some concerns that have been raised by the community.
The team seems to be on a very exciting journey with their ecosystem and although it’s future is uncertain at this time, cryptocurrency investors seem to believe that Tezos will be a game changer for Blockchain technology in general. The future of Tezos is still very much uncertain but with such a promise and potential behind it, investors seem very optimistic about its success.
