The Tezos ICO just ended - with a total fundraiser of $232 Million, eventually making it the largest ICO to date.
This sum relates to 65,630 BTC and 361,122 ETH which were collected until the close yesterday - this even topped the ICO of Bancor, which had previously been the largest ICO ever.
The ICO started on July 1, and had already raised a record-breaking $160 Million in the first 32 Hours alone.
There was a timed passage of 2,000 transaction blocks on the bitcoin network.
Although Tezos was named the largest ICO ever, I actually believe that Dan Larimer's EOS will surpass it. But the EOS ICO is still running for almost a year, so we'll have to wait and see.
What is Tezos about ?
Tezos is a new, improved kind of blockchain - it's a smart contract platform with a formal governance mechanism.
It's called a "self-amending cryptoledger", which rewards those who upgrade the protocols of the network and allows for
"seamless" upgrades of those protocols .
"Tezos is a new decentralized blockchain that governs itself by establishing a true digital commonwealth. It facilitates formal verification, a technique which mathematically proves the correctness of the code governing transactions and boosts the security of the most sensitive or financially weighted smart contracts."
Tezos vs. Ethereum - What's the Difference?
It seems like Tezos and Ethereum are quite similar since both focus on smart contracts.
But what exactly is the difference?
Both Tezos and Ethereum are smart contract platforms and decentralized ledgers that operate on a blockchain.
The first difference is their consensus: While Tezos operates on a proof-of-stake consensus protocol, Ethereum uses proof-of-work. But it has been announced that Ethereum eventually plans to switch to proof-of-stake in the future as well.
While Ethereum uses a hardfork to upgrade the network, Tezos has come up with another solution:
Their protocol upgrades are formally proposed on the blockchain where stakeholders can then vote for them according to preset governance rules.
If a proposal gets adopted, it is compiled and then automatically moves on to the Tezos testnet.
After a test phase, a confirmation vote is held - and if that turns out successfully, the testnet is automatically promoted to the main network.
This means that Tezos can upgrade without a hardfork.
How can you invest in Tezos ?
Right now, the ICO (crowdfunding) for Tezos is closed. So you can't buy any tokens right now.
But as soon as the tokens are launched on the exchange platforms, you can buy them like any other cryptocurrency.
There was no date announced for the exchange start, but it will probably take several months.
Conclusion
Tezos revolutionizes Blockchain technology - it's a very promising project that ended up being the largest ICO ever.
The technology is completely new and offers many solutions to problems we currently face with Blockchain.
I have also invested in Tezos and I think we'll hear a lot more about it in the future!
What's your opinion about Tezos and how it will influence the future of cryptocurrency?
© Sirwinchester