Tezos (XTZ)

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Tezos (XTZ) is a blockchain project that aims to offer "the world’s first 'self-amending' cryptocurrency". Tezos launched a Betanet on 30 June 2018 which became Mainnet on 17 September 2018. Its 2017 initial coin offering raised $232 million.

Overview[edit]

Firmware (device) support Trezor Model T 2.0.8
Available in Trezor Wallet? No
Third-party wallets Simple staking

How to use Tezos with Simple staking walllet[edit]

1. Download and install Simple staking wallet.

2. Be sure to update your Trezor Model T to the latest firmware on https://wallet.trezor.io.

3. Open the Simple staking wallet and connect your Trezor device.

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4. Select and add address.

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5. Add a label to your address.

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6. Done, you can now receive and send Tezos with Simple staking wallet.

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7. It is possible to delegate funds with Simple staking wallet using Delegate funds option. Choose your tz address where you hold your Tezos - the wallet will automatically create KT address, send the funds to it and start delegating from it. After first using delegation, you can use the KT address directly.

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Technology[edit]

Governance[edit]

Tezos is a smart contracts platform like Ethereum but one of the main differences is that Tezos incorporates a process for upgrading the protocol over time through on-chain governance. This governance system is designed to allow for a smooth evolution of the blockchain rather than having to hard fork, which is a split of the blockchain into two separate versions.

Proof of stake[edit]

Tezos works on delegated Proof of stake which means that token holders can delegate someone else to validate on their behalf if they do not wish to participate in staking directly (e.g. lack of time, knowledge, or resources).

Formal verification[edit]

Tezos smart contract programming language, named Michelson, is a functional language which facilitates formal verification. Formal verification essentially allows developers to mathematically prove the correctness of their smart contract code. Formal verification is used in industries where there is little room for error (e.g. nuclear reactors, aircraft, medical devices).

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