Tezos is set to launch a delegated proof-of-stake consensus system that will allow any token holder to participate in this ecosystem. The ecosystem features privacy, governance, smart contracts, and an economic model designed to provide incentives to those staking; the proof-of-stake system will pay these staking nodes through nominal inflation with new tokens. Tezos is scheduled for release for next month with billionaire Tim Draper already involved in the ecosystem with a positive view of the project.
To those who are not familiar with what the Tezos Project is, Tezos is a decentralized blockchain that governs itself by establishing a true digital commonwealth and facilitates formal verification, a technique which mathematically proves the correctness of the code governing transactions and boosts the security of the most sensitive or financially weighted smart contracts. But unlike proof-of-work blockchains such as Bitcoin, there is no mining in Tezos, but token holders can receive rewards for participating in the proof-of-stake consensus mechanism.
According to the Tezos Foundation announcement regarding the legal structure of the Tezos Foundation, its fundraiser, and related contracts have been approved by the Swiss Foundation Supervisory Authority.
With this regulatory stamp of approval, the Tezos team said:
“We are now excited to announce the official start of the Tezos fundraiser on Saturday, July 1, 2017, at 6 am UTC. We chose this date to give everyone enough time to complete their funding arrangements.
“We believe it’s important to do things right and protect our contributors and users from risk, which is why we went beyond current industry practice and waited to receive official approval before accepting contributions. We expect this high level of care to serve our technology, our community, and the world as we continue to build and grow this essential infrastructure for a free and prosperous society.”
In the official statement made available, Tezos also approved their official broker, Bitcoin Suisse, to offer its customers participation in the Tezos fundraiser for a fee. Note that only Bitcoin Suisse and no other websites are authorized to provide information on Tezos or accept contributions to the Tezos fundraiser.
Johann, Guido, Diego, and the Tezos Foundation team has this to say “the Tezos Foundation is extremely pleased with the fantastic community that is starting to sprout around the Tezos project. The interest in the Tezos fundraiser has been electrifying. It is an amazing vote of confidence in decentralized governance and in the world-class team developing the project. That interest has been matched by engineering development resulting in a testnet that has been operating for several months already and a production version that is expected to ship later this year.”
The Tezos token is called a Tez (XTZ), and when there are many, they are Tezzies (tay-z-eez). For those wondering how to keep and save their Tezzies after the fundraiser, an official explanation has this to say “during the fundraiser, users will be instructed to create a wallet and download a backup of that wallet in the form of a .pdf document.” The team recommends to print, or manually copy this file and place the document in a safe place. Once the Tezos network launches, investors will be able to import this wallet into the Tezos client to access their tezzies.