The first self-amending cryptographic ledger
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Tezos is the first and only blockchain implementation operating with decentralized governance.
Tezos is a distributed consensus platform with meta-consensus capability. Tezos not only comes to consensus about state, like BTC or ETH. It also comes to consensus about how the protocol and the nodes should adapt and upgrade
One of the biggest and most under-addressed risks in blockchain protocols is that, without a governance system and a mechanism to reach consensus on changes, they will either stagnate or veer off.
Tezos has been in active development since summer 2014, when we suggested that cryptographic ledgers suffered from a critical governance problem. Our predictions were sadly born out with the Bitcoin blocksize blunder and in the attempted bailout of the DAO by the Ethereum foundation. Cryptographic-ledgers need governance by consensus, not by roundtable.
Tezos is currently testing and bug fixes to move out of its prototype phase. We are scheduling to release Tezos in Q1 2017.
Tezos' unique smart contract language has full formal specification.
This makes Tezos contracts candidates for formal verification, a process which mathematically guarantees the correctness of the code. Such a step is critical given the potentially large amounts at stakes in financial agreements.
Currently, no other smart contract library offers this feature.
By implementing voting rights from the start, the ultimate owners of any governance choice or innovation in Tezos will sit at the proverbial table.
The self-interest of Tezos owners will attract a variety of business and transactional innovations to the ledger's fabric.
Though every governance scheme is subject to pitfalls, governance by vested stakeholders is typically a more sustainable practice than oligarchy.
Tezos decomposes the architecture of a cryptographic ledger into three layers:
By decoupling the three layers, participants can allow the protocol to evolve in a decentralized fashion.
With its powerful first class features, Tezos will be attractive as a smart-contract platform. It will permit the development of decentralized applications such as decentralized markets, insurance contracts, crowdfunding platforms, etc.
But Tezos is more than just a tool, it is an organization. Participants will use it in order to take larger scale coordinated action through the issuance or withdrawal of tokens. They will use it to tailor it to their own needs.