Tezos Blockchain — An Overview
In August 2014, Tezos was conceived as a “self-amending” blockchain platform in a white paper proposed by Arthur Breitman under the pseudonym “L.M. Goodman”. In layman’s terms, it is a decentralized open-source blockchain capable of performing peer-to-peer transactions. Tez — denoted by XTZ, is the native cryptocurrency of the Tezos Blockchain.
But Why Tezos? Let’s take a look.
Significance of Tezos
- By design, Tezos embraces collaboration, smart contract safety, open participation, and long-term upgradability.
- Users can participate by proposing, evaluating, or by approving amendments to Tezos.
- As Tezos employs Proof-of-Stake, it requires significantly less cost and energy to operate.
- Through its proven on-chain upgrade mechanism, Tezos can easily add or adjust the functionalities.
- Tezos smart contracts make use of formal verification, which allows them to be mathematically verified and reliable.
Since Ethereum is based on Proof of Work (PoW), there are certain disadvantages.
- Proof of Work (PoW) is tremendously costly.
- The transaction rate of Ethereum is really low.
- Smart contracts cannot be verified.
- The forking process used to make changes to the blockchain may cause issues in the community.
Benefits of Tezos blockchain
Tezos blockchain overcomes the drawbacks of the Ethereum Blockchain, making it one of the significant competitors in the Blockchain space.
- There is on-chain governance for the effortless evolution of the Blockchain network.
- Makes use of Proof of Stake (PoS) to manage centralization issues
- Implements self-amending cryptographic ledger
- Organizational agility is achieved through decentralized innovation
Developing DApps on the Tezos Blockchain has many advantages and is being implemented on a global scale. Let’s examine the various steps involved in the DApp development.
- Set Up the Environment
- Compile and Deploy the Contract
- Set Up to Build the Front End
- Add TezBridge
- Set Up Taquito
- Add Your Wallet to TezBridge
- Initialize the Wallet
- Send a Transaction
- Withdraw the Contract Balance
Seems tedious? Looking for a leading Tezos DApp Development company? We have your back. Contact us today. At Clarisco Solutions, we offer end-to-end services to build dApps on the Tezos blockchain. We comprehend your requirements and offer customized solutions to help you meet your business goals.