Kathleen Breitman, co-founder of Tezos, explained how to differentiate XTZ from other cryptocurrencies in the conference TNABC 2022. He also explained a little how the Blockchain of this cryptocurrency works. He stressed that 2021 would have been a very good year for the crypto ecosystem. And while not everyone probably agrees with her, she noted that it was a good year for Tezos.
Breitman commented that Tezos is a second generation blockchain. This means that it works with a Proof of Stake consensus mechanism and can process smart contracts. He said that Tezos was dreamed up in mid-2014 by the couple Arthur and Kathleen Breitman, both Cornell alumni with solid careers in the technology and financial sectors.
His vision was to address Bitcoin’s most critical problems, such as its poor performance, limited features, and somewhat disorganized governance, which led to multiple hard forks throughout its first decade of existence.
Its co-founder highlighted at TNABC 2022 that Tezos supports smart contracts and dApps written in Michelson: Its own low-level programming language, or Liquidity, a more user-friendly alternative that translates into Michelson code.
Without going into technical specifics, Tezos advocates argue that Michelson’s features and logic make it ideal for high-value, high-security applications from enterprises and sovereign states. Tezos has an easy-to-learn developer portal for those who want to start writing Michelson smart contracts.
Tezos Differences From Other Cryptocurrencies: An Environmentally Friendly Blockchain
Now, Kathleen Breitman commented that reliance on Proof of Stake makes XTZ (and any blockchain that uses it) more energy efficient than its Proof of Work counterparts. Tezos has about 400,000 times less annual energy consumption than Ethereum (which still uses a hybrid of Proof of Work and Proof of Stake). Despite being three times faster in transactions per second.
“Tezos’ extremely green energy footprint” as he called it, is currently one of its most attractive features. He mentioned that several artists choose the XTZ blockchain to mint NFTs due to environmental (and probably also monetary) concerns with the Ethereum blockchain.
Some used for this are Hic Et Nunc and OneOf, platforms to launch their NFTs due to environmental concerns.
Tezos as a universal platform
Among other things, Kathleen Breitman expressed that she thinks of Tezos as a currency. Besides faithfully believing that, the most interesting applications of any smart contract platform will be the financial ones.
«Programmatic money is much more powerful than key exchange in the sense that it can represent more financial contracts». He added that he considers that the main purpose of a cryptocurrency is to send value through the Internet.
Another unique factor of Tezos is that its governance and updates happen purely on-chain through voting. Which is very rarely seen in layer one blockchains.
By having an official and formal way of approving changes to your chain (unlike Bitcoin and Ethereum which rely on a somewhat centralized authority) that is recorded directly on the blockchain itself. Tezos avoids disputes that can lead to hard forks and community fragmentation. Tezos developers can only implement a change to the blockchain if a supermajority of 80% above the minimum quorum agrees to it.
Killers of Ethereum?
During his presentation, he also stressed that they do not consider themselves “killers of Ethereum”. He is confident, in fact, that there will be four or five protocols that will have a huge amount of market share. And, then there will be a long list of projects that will exist in a “somewhat sad” way.
He added that the idea behind Tezos was to have a forum for updates to be ratified by the community of holders through a token vote. Instead of just being by a handful of developers.
He explained that it is a conservative process that takes at least three months. In fact, he commented that last night the community had rejected a ratification because it did not reach the majority of the 80% votes needed to move on to the next phase of approvals.
In the meantime, he said that 2021 had been great because of the door that NFTs opened. And, in addition, he considers that in the last five and six years, cryptocurrencies in general have changed the traditional financial system. Action that makes her very satisfied, since it assures that it is the correct path towards a better future for humanity.