Debunking Tezos FUD
Good news for MetaMask users - Tezos support is coming soon! This means you won't need to create a separate wallet to store your Tezos tokens. In the meantime, ZenGo is a user-friendly Tezos mobile app that utilizes Biometric Face Authentication. This ensures secure access without the need to manage another seed phrase.
Apart from ZenGo, there are other wallet options available. The Naan wallet and open-source AirGap Wallet and AirGap Vault apps are straight forward mobile solutions, while TempleWallet is a browser extension for those who are on desktop computer. Choose the wallet that best fits your preference and remember you can also use your mobile wallet to sign into NFT and DeFi websites on your computer too.
Baking-bad.org is an excellent resource for researching Tezos bakers and their yields. The website provides detailed information on each baker's performance and helps you make an informed decision when choosing a baker for delegating your tokens.
You can also use the website to check your upcoming reward amounts and verify you're getting paid the correct amount!
You can also use the website to check your upcoming reward amounts and verify you're getting paid the correct amount!
While it's true that Tezos faced some legal challenges in the past, these issues were resolved years ago, with the Tezos Foundation paying $25 million to investors who lost money. Today, the Tezos ecosystem is thriving, with NFT and DeFi use cases growing rapidly with TVL (XTZ) setting another all-time high. The platform's strong fundamentals in secure smart contracts and continuous development including 13 seamless protocol upgrades make it a solid option to consider.
Tezos is not just another altcoin. A common misconception is that Tezos lacks innovation because some websites mislabel it as an ERC token. However, Tezos was built from the ground up by a team of talented computer scientist academics. The platform features a unique on-chain governance model, formal verification and a self-amending protocol, distinguishing it from other altcoins.
Look at the mining pools for BTC:
15 pools with the largest controlling 27.9% as of 31 May 2023
Ethereum has around 7 staking pools with the largest staking pool (Lido) holding 34% as of 31 May 2023.
Compare these with the number of baking nodes on Tezos:
430 bakers (block producers which people can nominate to bake their Tezos rewards) with the largest Baker being Coinbase controlling only 14.6% as of 31 May 2023.
To quote this article: The initial token distribution (ITD) of a public blockchain is easily one of the most overlooked metrics of decentralization, despite the fact that it actually carries a high level of importance. 80% of the initial distribution of Tezos tokens were sold to the public, a ratio not too different to Ethereum's initial distribution. In the Ethereum ICO, there were 6,600 transactions from different wallets during the 42-day ICO. In the Tezos ICO, there have been at least 26,983 activations. A report by Chainalysis in 2019 showed that in Ethereum 376 whales (wallets with a large balance) control 33% of the circulating supply.
15 pools with the largest controlling 27.9% as of 31 May 2023
Ethereum has around 7 staking pools with the largest staking pool (Lido) holding 34% as of 31 May 2023.
Compare these with the number of baking nodes on Tezos:
430 bakers (block producers which people can nominate to bake their Tezos rewards) with the largest Baker being Coinbase controlling only 14.6% as of 31 May 2023.
To quote this article: The initial token distribution (ITD) of a public blockchain is easily one of the most overlooked metrics of decentralization, despite the fact that it actually carries a high level of importance. 80% of the initial distribution of Tezos tokens were sold to the public, a ratio not too different to Ethereum's initial distribution. In the Ethereum ICO, there were 6,600 transactions from different wallets during the 42-day ICO. In the Tezos ICO, there have been at least 26,983 activations. A report by Chainalysis in 2019 showed that in Ethereum 376 whales (wallets with a large balance) control 33% of the circulating supply.
Smart Contracts on Tezos
Tezos is a decentralized blockchain network that sets itself apart from other platforms with its unique features and approach to smart contracts, security, and verifiability. Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They enable trustless transactions between parties on a blockchain and can automate various processes. Tezos has a strong emphasis on smart contract support, allowing developers to create and deploy versatile and efficient applications.
Tezos' smart contract language Michelson, is designed to facilitate formal verification - a technique that mathematically proves the correctness of a contract's code. This helps prevent bugs and vulnerabilities, making Tezos a suitable platform for high-stakes applications like financial services, supply chain management, and governance.
Auditable Smart Contracts
Thanks to Michelson's human-readable syntax and formal verification capabilities, Tezos smart contracts can be audited more easily (and even on-chain, unlike Ethereum smart contracts which are byte code). This ensures that contracts perform as intended and helps maintain trust within the ecosystem.
Proof of Stake from the start (in 2018)
Proof of Stake is a way to decide which user validates new blocks of transactions. Tezos' innovation is Liquid Proof of Stake, meaning you don't need to lock up your Tezos to participate in the decision process and receive rewards. So your funds are liquid and accessible at all times!
Fees are cheap
Fees vary from a fifth of a cent, to 10 or 20 cents, depending on whether you're simply sending Tezos or using a smart contract.
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