What Is Tezos?
Tezos is a decentralized, open-source proof of stake blockchain network that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts. The native cryptocurrency for the Tezos blockchain is the tez which has the symbol XTZ. As of August 2021, there are about 400 block validating nodes (referred to as bakers) on the Tezos network.
The Tezos network achieves consensus using a liquid proof-of-stake model. Tezos features an on-chain governance model that enables the protocol to be amended when upgrade proposals receive a favorable vote from the community. This feature allows Tezos to avoid hard forks that other blockchains have to contend with.
Due to its energy-efficient proof-of-stake algorithm which became a popular topic amid concerns of the energy requirements of alternative proof of work platforms, Tezos has been selected by brands to build their Non-Fungible Tokens (NFTs) platforms and fan experiences.