Review of Tezos Cryptocurrency: A Replacement of Ethereum or Another “Promising” Project?

tezos

Every year new blockchain-based projects appear that can accelerate the development of entire industries. We will talk about one of them today. So, what is Tezos platform: a revolutionary solution for creating decentralized applications or another scam project, the coins of which will soon be useless? Let’s figure it out.

Contents:

(please, click the topic to scroll down to it)

  1. Basic information about Tezos cryptocurrency
  2. Advantages and disadvantages of the platform
  3. Forecasts for Tezos
  4. Conclusion

1. Basic information about Tezos cryptocurrency

This project originated back in 2014, when the first round of its ICO was held, which collected an impressive amount of $18 million. Tezos is a platform, the main purpose of which is the creation of decentralized applications on its basis. You have already heard about something similar, haven’t you? Yes, the Tezos concept is very similar to Ethereum, but differs in its implementation and approach.

It should be noted that the Tezos algorithm is designed in such a way that it can receive updates automatically. That is, Tezos solved the issue with hard forks, which split the community of cryptocurrencies and are an integral part of such giants as Bitcoin and Ethereum. This property allows all members of the Tezos community to be always cohesive and indivisible. The PoS protocol guarantees the safety and fair voting of the participants in the system for solving pressing issues. For this, you need to store tokens on a specialized Tezos Wallet.

The development team is headed by the couple Arthur and Kathleen Breitman. Project advisers are very well-known personalities in the cryptocurrency industry, such as: a large venture investor Tim Draper, the CEO of the Zcash project Zooko Wilcox and others. Thanks to these people, the project was able to hold a very powerful second round of ICO in 2017 and collect about $250 million.

2. Advantages and disadvantages of the platform

The indisputable advantages of this project include:

  • the first blockchain, that solved the problem of hard forks, which will help all participants in the system to focus on the development of a single product;
  • a fairly well-known and strong team of developers, which also inspires optimism in the long term;
  • the level of trust and loyalty among investors, as evidenced by two successful rounds of the ICO;
  • high level of system security, which is provided by the PoS protocol (each network participant who keeps tokens on a special Tezos wallet can vote);
  • a scalable platform based on smart contracts, which can potentially be used in any business.

But like every project, Tezos has its own weaknesses, which we simply can not keep silent about:

  • disagreement within the development team, scandals involving embezzlement and lengthy litigation;
  • the forced KYC protocol, which led to the split of the network even before it was launched (it should be noted that the project was meant to avoid hard forks).

3. Forecasts for Tezos

The coin certainly has good support and might even replace Ethereum in the future. The developers have everything they need to implement these plans, the question is how they will use it. A huge impact on the development of the project has a trial.

Just the other day, the developers announced the launch of the first network, but so far in the test mode. Full-scale launch is scheduled for the third quarter of this year. This suggests that in 2018 Tezos still has every chance to give a good payback to its investors. By the way, the project has already grown by about 500% compared to last year. The coin rate at the time of writing stays at around $2.1 – $2.2, although, less than a week ago it was a little more than one dollar.

4. Conclusion

The Tezos project might replace Ethereum, but the developers still have a lot of work to do to achieve this goal. The beta version of the platform was launched in early July of 2018, and a full-fledged launch is scheduled for the third quarter of this year.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/