The Ethereum blockchain is an amazing blockchain that uses smart contracts and it has a lot of users but it has its problem such as high gas fees and very slow transaction speed. Because of the problem, the Ethereum blockchain is having, that made Tezos come up with a great idea to solve problems.
The basic definition of Tezos is that it is a self-amending blockchain and it has some interesting features of Ethereum but it is much better. You should know that Tezos is an open-source blockchain that can fix errors and even do some interesting stuff like upgrading itself. All the activities on grades and amendments on the Tezos blockchain are decided by those who stake their coin on the Tezos blockchain.
Those who stake their coin in the network will have voting power and be able to make important decisions in the network. The Tezos symbol is XTZ and you should know that tezos doesn't require you to mining on the network but you can only be rewarded by participating in voting with your voting power. Tezos is different from other proof of stake because you unstake your token anytime you like and that means it has a known lock-up period.
Tezos was developed to move beyond limits and act as a decentralized finance evolution. Because the world of DeFi is facing some problems like gas fees, self-amendment process, and smart contracts, that is why Tezos has come up with an amazing solution.
- Transaction Fees
The world of crypto is experiencing massive growth as more users are coming into the world crypto and because many people are trying to process the transaction on the Ethereum blockchain, it has led to high gas fees and that is why Tezos has come to solve the problem of the high gas fee. The Tezos network solves the problem of high gas fees with the help of Granada upgrade. The Granada upgrade help reduce the block time to 30 seconds per block.
- SELF AMENDMENT
Tezos blockchain has a self-amendment feature and this is a great feature because the blockchain doesn't have to go through the long process of an upgrade by fork-based governance. With this self-amendment feature, the blockchain doesn't have to go through the process hard fork which is something hard to adopt. The self-amendment feature also helps to remove the cost upgrade in a blockchain.
The developer that is interested in smart contracts can use Tezos and they can use the blockchain to create tokens and decentralized applications.
Although Tezos and Ethereum have some interesting similarities, they also have a lot of differences. Tezos and Ethereum use blockchain ledgers and they are decentralized blockchains. Ethereum blockchain uses a fork system to process to achieve its dynamic while Tezos uses a self-amending process to achieve dynamic. Tezos uses a Proof of Stake while Ethereum uses a Proof of work. Ethereum uses a low-level virtual machine (EVM) while Tezos uses a simple low-level smart contract.
Back in the year 2017, Tezos did an ICO which back of raising about 232 million dollars Tezos foundation is based in Suizaland and they are doing a great job in providing security of the network. I want to let you know that Tezos experienced a lawsuit that their Initial Coin Offering was unregistered and the investors won 25 million dollars.
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