Every user has the same number of votes as the XTZ they hold. Instead of hard forking, XTZ stakeholders (known as bakers) can vote on whether a change should be made or not. When this is done, all users are required to upgrade to the updated protocol. This is where a radical change is made to the blockchain protocol to validate blocks and transactions that were previously invalid or vice versa. Other cryptocurrencies like Bitcoin and Ethereum do what is known as hard fork updates. What is community governance? This is where Tezos stakeholders participate in network governance which includes deciding whether an update should be made or not. However, Tezos adopted a slightly different infrastructure that is perhaps responsible for a big chunk of the attention it is now getting: community on-chain governance. Just like Ethereum, it uses smart contracts technology and doesn’t like Bitcoin. When Ethereum strayed away from the path that Bitcoin had paved and created a different cryptocurrency, other new coins followed suit. Now, emerging cryptocurrencies are targeting the ‘weaker’ Ethereum and fighting hard to dethrone it from the coveted second position.īut why does Tezos think it is a better Ethereum alternative? With Bitcoin hitting an all-time high of over $68K, it has become impossible to compete with it. Yes, Tezos, just like Cardano, is now calling itself the ‘Ethereum Killer’. But before we dive into the nitty-gritty, let’s familiarize ourselves with this new ‘Ethereum Killer’. In this guide, we will be looking at some of the Tezos price predictions to try and gauge its future position in the market. Now it is one of the most promising cryptocurrencies, with its price and market cap growing steadily. However, the recovery didn’t take long and soon, Tezos joined the universal bull run in the crypto market and skyrocketed to above the $5 mark by February 2021.Įven as Bitcoin and Ethereum had captured much of the investor’s attention by their parabolic rise, Tezos, like other smaller coins, managed to steal some for itself. As these two and other cryptocurrencies were breaking records, Tezos was recovering from a crash. This was about the same time that Bitcoin and Ethereum started their steepest uptrends that saw them achieve new records at the start of 2021. As other cryptocurrencies were finally beginning to look up, Tezos crashed and bottomed out at $1.79 on Christmas eve 2020. It grew and touched above $4 in August before going through one of the most devastating plummets. However, this new coin did not exactly emulate the uptrend trajectory that defined the growth of most cryptocurrencies in late 20.Īt the start of 2020, Tezos was trading slightly above the $1 mark. Launched in 2017, Tezos has grown steadily and is now among the fastest-growing cryptocurrencies. As Bitcoin and altcoins like Ethereum surged to hit surprising all-time-highs, smaller less-known coins were too struggling to break out of their shells. The market-wide bull runs in May and November last year affected even the most dormant cryptocurrencies.
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