Last time we talked about the ins and outs of Tezos in a beginner’s guide to Tezos.
No doubt, there are a few pros and cons of Tezos too.
We all got to hear about Tezos in 2017, when their ICO made waves in the crypto and finance worlds by raising $232 million.
Though that figure has been surpassed since then. With their almost quarter billion dollars in raised capital, Tezos got a shot at becoming a major blockchain competitor to the likes of Ethereum, Digibyte, and Decred.
However, Tezos also has troubled in a few cases, which clouds its future.
Can this controversial project fulfill its promises? Let’s find out!
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The Tezos protocol mathematically proves its correctness of both in smart contracts as well as decentralized applications which run on top of its blockchain.
This is something that should help prevent the bugs in these smart contracts that can be extremely costly and damaging.
Getting Rich by Being a Baker
The Tezos blockchain still requires what Tezos calls “Bakers” for validating all its transactions and add them to the blockchain.
Tezos describes the baking as,
“The act of signing and publishing blocks to the Tezos blockchain.”
Therefore, bakers are similar to miners. Bakers make sure that the transactions are valid and there’s no double-spending.
For the bakers with an interest in Tezos, there are several discussion forums available, facilitating the communication inside the community.
It is a good place to find out the answers to your questions about the Tezos protocol.
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After its successful ICO, Tezos underwent a lot of conflicts between the Tezos Foundation and the Breitmans’ company in the US. The foundation was formed by Breitmans in Switzerland for taking the advantage of the nation’s relaxed banking regulations.
Funds from the ICO were controlled by the Tezos Foundation itself, which became uncooperative about using the funds to develop the blockchain further.
In many cases, a delay in token issuance has been noticed with XTZ not reaching investors even months after the ICO concluded.
It was caused by friction between the Breitman’s and the Tezos Foundation’s chair who disagreed over who to hire for the Foundation, and who would control XTZ website, email servers and domain.
Owing to all the internal conflict, the delay in the token distribution also sparked interest from the SEC (Securities and Exchange Commission) in the US.
Then, Tezos became a target of numerous lawsuits and an investigation on XTZ was led by Reuters.
Ever since, Tezos has faced a lot of problems, be it the lawsuits filed by ICO investors, or giving up on sole control on Tezos Blockchain
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