Tezos (XTZ) is a blockchain network that operates on smart contracts, akin to Ethereum, but with a distinctive feature. It aims to provide an advanced infrastructure that can evolve and improve over time without the risk of a hard fork, a challenge that Bitcoin and Ethereum have faced. Tezos is designed with the intention of being upgradable and enduring. It uses a smart contract language that provides the accuracy necessary for high-value use cases. Tezos holders can vote on proposals for protocol upgrades, fostering a community-driven approach to development. This open-source platform aims to stay at the forefront of blockchain technology to ensure its future relevance.

Tezos operates on a unique process known as "baking". Participants, or "bakers", stake 8,000 XTZ to get involved with the network's governance. Bakers are then tasked with voting on proposed changes to the blockchain's code in a four-step procedure that takes approximately 23 days. Proposals that receive support from the majority of participants are tested for 48 hours and are fully implemented if they are backed by a super-majority. Tezos uses a proof-of-stake consensus mechanism, where anyone can become a validator and contribute to the smooth running of the network by making a security deposit. Compensation is provided to those who contribute positively to the blockchain, encouraging honest behavior.

Tezos aims to provide a platform for high-profile businesses and applications. Its smart contract language is designed to provide the accuracy required for high-value use cases. Tezos' approach to blockchain technology may make it a suitable platform for experimenting with digital currencies. Its unique staking process, known as "baking", allows users to participate in the network's governance, making it an attractive option for those interested in a more democratic approach to blockchain technology. Furthermore, Tezos' energy-efficient proof-of-stake algorithm may make it a suitable platform for eco-friendly blockchain applications.

The technology underpinning Tezos was first proposed in a white paper released in September 2014 by Arthur Breitman, who wrote under the pen name L. M. Goodman. Breitman and his wife Kathleen founded a startup called Dynamic Ledger Solutions, which was tasked with writing the code for the Tezos protocol. The Tezos mainnet launched four years later, after a series of delays. A token sale for Tezos was held in July 2017, raising a total of 65,681 BTC and 361,122 ETH, which was worth $232 million at the time, resulting in a substantial initial coin offering. Since its launch, Tezos has continued to evolve and adapt, with its community actively participating in its development and governance.

Unlike many other platforms, Tezos is built on a new generation blockchain protocol written in Ocaml language. This design encourages users to participate in the core development process, fostering a more community-driven network. Tezos also employs a Delegated Proof-of-Stake mechanism, which strives to address key barriers faced in adopting blockchain technology. This consensus mechanism aims to allow for broader user participation. Tezos is designed with the capacity to process up to 40 transactions per second, a measure intended for scalability. The platform also supports the development and deployment of smart contracts and decentralized applications (dApps), facilitated by its native smart contract language, Michelson. This language enables formal verification, a feature seen in various operational environments. Tezos has a distinct approach to upgrades, allowing for forkless updates. The platform aims to allow developers and users to continue working without disruption during upgrades.

Tezos is a blockchain network recognized for its distinct self-amendment feature. This feature enables any holder of the Tezos cryptocurrency, XTZ, to participate in voting on potential changes to the blockchain's rules. A decision reached through this voting process results in an automatic software update to incorporate these changes. This approach strives to reduce the likelihood of the blockchain undergoing a fork, which would result in two separate cryptocurrencies with distinct values. The self-amendment feature has sparked broader discussions about blockchain governance, categorizing crypto assets into those with "off-chain governance" and those with "on-chain governance". This distinct system enables Tezos users to participate in decision-making through a process known as "baking", which involves engaging their XTZ in specialized contracts. This approach to blockchain governance and evolution is a characteristic feature of Tezos in the cryptocurrency space.

Tezos utilizes a distinctive consensus mechanism known as Liquid Proof-of-Stake (LPoS) for transaction validation. In this system, participants, referred to as "bakers," validate transactions and incorporate them into the blockchain. To assume the role of a baker, one is required to allocate a certain amount of XTZ, Tezos' native cryptocurrency, for this purpose. This process is referred to as "baking." Bakers have the role of verifying the transactions in a block and confirming the order of transactions, a process that is part of the measures against double-spending or fraud. If a user does not wish to bake or lacks the necessary resources, they can delegate their stake to a baker. This delegation is a method by which the baker's potential to bake and endorse blocks may be influenced. Unlike Delegated Proof of Stake (DPoS) systems, LPoS does not have a fixed number of block producers. Block production rights are determined based on the stake each baker or delegator holds. This system is designed with the intention of fostering a more evenly distributed block production process, with the aim of enhancing the Tezos network's operational parameters.

XTZ, also known as Tez or Tezos, is the native token of the Tezos blockchain. It plays a crucial role in the governance of the protocol, providing non-monetary incentives to validators who contribute to the network's operation, and covering transaction fees. The XTZ token is used to interact with decentralized applications (dApps), cover transaction fees, and contribute to the network's operation through staking. In the Tezos blockchain, validators are referred to as bakers and must lock a minimum of 6,000 XTZ. XTZ staking is a part of the block validation process, with non-monetary incentives provided. However, Tezos incorporates a feature for smaller wallets: the concept of liquid proof of stake. If you do not have the required 6,000 XTZ, you can delegate your tokens to a baker and still contribute to the network's operation while receiving non-monetary incentives. This consensus mechanism aims to enhance the liquidity of proof of stake.

Yes, developers have the capability to create and deploy smart contracts on the Tezos blockchain. Developers can write smart contracts in Michelson, a low-level, stack-based programming language designed for Tezos. This language is intended to facilitate formal verification, which is a method to check the correctness of smart contracts. Tezos provides components for smart contracts, including contract types, transactions, storage fees, and more. Developers have the option to use high-level languages like LIGO, SmartPy, and others, which can be compiled into Michelson. These features and support are intended to assist developers in creating and deploying smart contracts on the Tezos blockchain.

Yes, users have the opportunity to participate in the governance decisions of the Tezos network. Tezos is a decentralized blockchain that strives to provide all stakeholders with an opportunity to participate in the protocol's future. This is facilitated through an on-chain governance process that enables stakeholders to vote on, test, or propose new upgrades for the protocol. The process is divided into five periods: Proposal, Exploration, Cooldown, Promotion, and Adoption. Each period lasts about 14 days, totaling approximately 2.5 months. Participants, also known as bakers, can inject proposals for the network to vote on during the Proposal period. If a proposal garners at least 5% of the network's votes, it progresses to the next phase. If a proposal doesn't achieve the 5% threshold, a new proposal period commences. Stakeholders can cast their final votes during the Promotion period. If a proposal reaches the Adoption period, it can no longer be canceled and will be implemented at the end of this period. This on-chain governance feature is designed to facilitate the evolution of Tezos while striving to maintain decentralization.

Tezos strives to enhance security and handle potential vulnerabilities within its smart contracts through a combination of resource constraints, transaction ordering, and careful handling of timestamps. Tezos limits the resources available to contracts, bounding operations size and placing a limit on the computations needed to validate an operation. This is intended to mitigate the risk of potential attacks that could exploit these resources. Transaction ordering is also crucial in Tezos, as it is a distributed system where block producers have the discretion to include, censor, and reorder transactions within a block. This is designed with the intention to reduce the likelihood of attacks that exploit transaction ordering. Tezos handles potential vulnerabilities related to timestamps by making the Tezos.get_now function equal to the previous block timestamp plus a fixed value, aiming to reduce the potential for manipulation. Tezos also uses a queue-based design for contract execution, which is designed to mitigate the risk of reentrancy attacks. Tezos incorporates techniques such as 'tickets' for authorization checks, which is intended to reduce the risk of unauthorized access to certain entry points.

The Tezos blockchain is utilized by various real-world applications and projects across different sectors. For example, Red Bull Racing Honda has formed a partnership with Tezos as their Official Blockchain Partner. In the DeFi space, Kolibri provides Tezos holders with the functionality to mint a stablecoin, kUSD, linked to their Tezos holdings. Hicetnunc is a platform that enables NFT artists to mint clean NFTs for low fees. Tezos Finance (Tezfin) operates as a decentralized on-chain lending platform, similar to other platforms in the industry. Homebase facilitates the creation and interaction with DAOs on Tezos. Smartlink offers a decentralized escrow payment system for Web 3.0. Wrap Protocol provides a bridge between Ethereum and Tezos, facilitating the migration of ERC20 tokens to FA1.2 tokens for users. Exaion, a subsidiary of EDF Group, uses Tezos to develop solutions aimed at minimizing its carbon footprint. Societe Generale - Forge is exploring the potential use of Central Bank Digital Currency on Tezos. CricTez is a non-fungible token-based fantasy sports dapp with a focus on cricket. Kalamint is a community-owned NFT marketplace on Tezos. Harbinger provides signed price feeds based on real-time market data from various exchanges to the Tezos network. These are just a few examples of the diverse applications and projects that utilize the Tezos blockchain.

Some of the developments that are anticipated for Tezos include the Etherlink launch, which seeks to establish a connection between Tezos and Ethereum, and the reduction of block times to 10 seconds. The introduction of a data availability layer is also expected, which strives to improve the system's functionality. The Tezos gaming landscape may see growth, and the potential of adaptive issuance is being explored, which could modify the Tezos economy. These developments intend to modify the user experience and alter the efficiency and scalability of the Tezos protocol.