12 Facts About Tezos

Tezos is an open-source blockchain that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts.

Tezos uses an on-chain governance model that enables the protocol to be amended when upgrade proposals receive a favorable vote from the community.

Tezos, first proposed in 2014, was created by husband-and-wife team Arthur and Kathleen Breitman.

Tezos chose the name "Tezos" after writing a program to list unclaimed websites that could be pronounced in English.

Tezos sought to raise $5 to $10 million from banks but was unable to find backers.

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In 2016, the Tezos Foundation was established in Zug Switzerland by Arthur and Kathleen Breitman, Swiss law firm MME and South African cryptocurrency entrepreneur Johann Gevers, to support an initial coin offering for the Tezos platform.

In 2020, the Tezos founders settled the lawsuits, with the Tezos Foundation paying $25 million, before federal courts ruled on whether the ICO was a sale of unregistered securities.

Primary protocol of Tezos utilizes liquid proof of stake and supports Turing-complete smart contracts in a domain-specific language called Michelson.

Tezos protocol allows itself to be amended by a staged process performed by committing operations to the stored blockchain to submit proposals and to vote on those changes.

Tezos blockchain has been used for NFTs as an alternative to more energy-intensive projects such as Ethereum.

In 2018, the Tezos Foundation commissioned the audit company Least Authority to perform five audits which were published in March 2019.

An independent 2020 study revealed a potential flaw in the consensus proof of stake mechanism that Tezos was using at the time, by providing a theoretical analysis of the feasibility and profitability of a block stealing attack referred to as "selfish endorsing".