Tezos operates as an open-source, high-performance blockchain designed for applications and assets, prioritizing decentralization, on-chain governance, and code security. The upcoming Tezos 2.0 evolution plans to enhance composability and scalability through layer 2 solutions, while adding support for mainstream programming languages such as Python, Typescript, Javascript, and others.

The protocol was originally constructed with formal verification to help developers prevent bugs in smart contracts, making it ideal for use cases demanding high certainty and security. Its Liquid Proof-of-Stake (LPoS) consensus model allows stakeholders to secure the network and earn rewards, either directly or via delegation. Uniquely, its on-chain governance permits stakeholders to vote on and create upgrade proposals. This self-amending capability enables the protocol to evolve without causing blockchain splits (forks), fostering community empowerment and continuous innovation.

First proposed in 2014 and launched in 2018, the Tezos Mainnet has maintained uninterrupted operation since its inception, building a reputation for technical excellence and a supportive community.

Arthur and Kathleen Breitman are the founders of Tezos. They introduced the concept in a 2014 white paper using the pseudonym L.M. Goodman, a reference to Satoshi Nakamoto that alluded to a journalist who had incorrectly identified Bitcoin’s creator.

In an earlier document, the Breitmans identified several major flaws in Bitcoin: the absence of a governance mechanism allowing user contributions, centralization and cost problems linked to proof-of-work, security risks, and a programming language too limited for smart contracts. Tezos was designed to address these specific concerns.

Arthur previously served as a quantitative analyst at Morgan Stanley and Goldman Sachs, and as a research engineer at Waymo and Google X. He studied applied mathematics at NYU’s Courant Institute and graduated from École Polytechnique. Kathleen worked as a senior strategy associate at R3, a group comprising over 70 financial institutions. Her professional background also includes roles at the Wall Street Journal, Bridgewater Associates, and Accenture. She earned her degree from Cornell University.

Tezos stands out due to its on-chain governance model, emphasis on formal verification for code security, and role as an early adopter of the liquid proof-of-stake (LPoS) consensus mechanism.

The network’s governance structure is distinct because it permits any participant to suggest and vote on protocol changes, with voting power determined by their staked holdings. This entire process occurs on-chain across five stages, three of which are dedicated to voting.

Since each stage runs for roughly two weeks, a complete upgrade cycle requires nearly three months. When a quorum is met and consensus is achieved, the protocol’s self-amendment capability automatically enacts the upgrade, reflecting the majority of stakeholder intent.

This approach prioritizes decentralization, differing significantly from systems like Bitcoin or Ethereum where a limited circle of core developers dictates the blockchain’s direction. Additionally, Tezos benefits from staking infrastructure on major exchanges including Coinbase and Binance, allowing holders to earn rewards on their XTZ—a feature not commonly available across many other projects.

At the time of writing, 977,621,108 XTZ are currently in circulation. The total supply has no cap, with validator rewards expanding it by approximately 4.5% each year.

In July 2017, Tezos conducted a token fundraising event that collected 65,681 BTC and 361,122 ETH. Valued at $232 million then, this stands as one of the largest token fundraising events ever held.

Roughly 80% of the initial supply was allocated to fundraiser donors. The remaining 20% was divided equally between the Tezos Foundation and Dynamic Ledger Solutions, the company established by the Breitmans to build the blockchain.

The Tezos network relies on a liquid proof-of-stake (LPoS) consensus model, which builds upon the concept of delegated proof-of-stake (DPoS). Under this system, any participant holding at least 6,000 XTZ can act as a validator, referred to as a "baker" within the Tezos ecosystem. Alternatively, those who do not meet this minimum requirement may delegate their holdings to any public baker on the network. This approach aims to make staking highly accessible and inclusive, fostering a diverse group of validators to maintain network security.

You can buy XTZ, often called “tez,” on most major exchanges such as Binance, Coinbase, HTX, OKX, Kraken, Kucoin, Bybit, Gate.io, and many others. These platforms offer trading pairs that link XTZ with fiat currencies and other cryptocurrencies like Bitcoin. Common pairs for XTZ include USDT, BTC, USD, and EUR.

Tezos Nodes is a service that evaluates the reliability of public Tezos bakers and monitors node performance for non-public Tezos bakers. In collaboration with the baking community, the team created a baker reliability index based on 10 key indicators. This index gives potential stakers the information required to select a dependable public baker.