Tezos

Tezos (XTZ) is a high-performing, open-source blockchain designed for assets and applications, with a strong emphasis on code security, on-chain governance and decentralization. First proposed in a 2014 white paper and launched in 2018, Tezos is best known for its ability to upgrade itself without hard forks, and XTZ is the native token that secures the network and powers its governance.

What is Tezos?

Tezos was conceived by Arthur and Kathleen Breitman, who argued that Bitcoin's biggest shortcoming was the lack of a formal governance process. Their answer was a self-amending blockchain: a protocol that can propose, vote on and adopt upgrades on-chain, allowing it to evolve without splitting the community. Built with formal verification in mind, Tezos is well suited to applications that demand a high degree of security and certainty.

How does Tezos work?

Tezos secures itself with a Liquid Proof-of-Stake (LPoS) consensus, in which any stakeholder can participate in validation directly by 'baking' or indirectly by delegating their XTZ to a baker, earning rewards for helping secure the network. Its on-chain governance system lets stakeholders create and vote on protocol upgrades that the chain then adopts automatically, a mechanism that has kept the mainnet running uninterrupted since 2018.

• Liquid Proof of Stake, allowing direct baking or delegation
• On-chain governance that lets the protocol self-amend without forks
• Formal verification support for high-assurance smart contracts

Tezos tokenomics and supply

XTZ does not have a fixed maximum supply; instead, new tokens are issued as staking rewards, giving it a mild inflationary model. Circulating supply currently sits near 1.09 billion XTZ against a total around 1.11 billion. Holders can stake or delegate to earn a share of issuance. Historically the token has ranged from an all-time low near $0.20 to an all-time high around $9.12.

What is Tezos used for?

As a Layer 1 smart-contract platform, Tezos supports decentralized applications, tokenized assets and digital collectibles, and it has been used in high-profile institutional and NFT projects thanks to its focus on security. XTZ is used to pay transaction fees, to bake or delegate for network security, and to vote on the protocol upgrades that shape the chain's future.

Where to buy Tezos (XTZ)

XTZ is widely listed across major exchanges. To choose one, consult our best crypto exchanges ranking, which grades platforms on fees, liquidity and security. For custody and staking, our best crypto wallets guide covers wallets that let you hold XTZ and delegate to a baker.

Is Tezos a good investment?

Tezos offers a long track record, active governance and staking rewards, but it competes with many other smart-contract platforms and remains volatile. This is not financial advice; weigh its adoption, upcoming upgrades and the broader Layer 1 landscape before making any investment decision.