Dec 09, 2021 07:05
Cryptocurrencies became largely popular in 2009 after Satoshi Nakamoto developed Bitcoin. The pseudonymous founder, Nakamoto, was the first to utilize Blockchain technology. Since the creation of Bitcoin, other digital assets have made their debut in the market. These digital assets are thriving on a global scale. This is because they can also hedge inflation and are also a store of value. One of the many cryptocurrencies which seem to be pulling weight these days is Tezos. This article will discuss Tezos and see if it is a good token to hold for the future.
Brief History Of Tezos
The history of Tezos dates back to 2014 when Arthur Breitman wrote its project's white paper. According to Breitman, Tezos was designed specifically to fix the shortcomings of Bitcoin and Ethereum. It also seeks to create a system that will include users in its governance. In its design, Breitman and Katheleen proposed that token holders would participate in the future upgrades and development of the project.
What Is Tezos (XTZ)?
Like every other cryptocurrency, Tezos is a Blockchain network linked to Tez. Unlike Bitcoin, Tez holders usually receive the cryptocurrency as a reward for participating in the Blockchain's proof-of-stake consensus. It prides itself as a flexible Blockchain network that utilizes a self-amending protocol. It also utilizes on-chain governance to control, manage, and implement future changes to its network. The Blockchain network is designed to make use of smart contracts. It also allows its holders to manipulate the rules of the network. However, the project has not been devoid of its ups and downs. It has overcome the storm and is now one of the top 50 cryptocurrencies globally.
How Does Tezos Work?
As explained above, traders cannot mine Tezos. But users can use it to participate in the project's future development. Tezos boasts of high flexibility when compared to other Blockchain networks. Another distinct feature of the Blockchain project is its governance. According to its developers, users are given so much power to influence changes in the network. Users earn rewards when they make changes on the network. This means that the more contribution, the more incentives they get. The Tezos Blockchain allows token holders to vote without superiority or inferiority amongst any user.
Is Tezos A Good Investment?
In the last few years, the general perception of cryptocurrencies has started to tilt towards the positive. Their adoption is also on a massive rise. Despite the price volatility facing crypto assets, many investors still see the volatile assets as a good future investment. Tezos, in this case, is not exempted. Despite being extremely volatile, its token is advised by many analysts to be considered a long-term investment. This is applicable if an investor wants a long-term reward.
The problems associated with its ICO launch in 2017 seem to be still lingering around the image of the Blockchain network. After the ICO, developers did not issue tokens. This made investors file various lawsuits against the Blockchain project. The project eventually chose to settle investors who lost money. It gave investors $16 million after the court ordered it to pay $25million in settlements. This is one of the reasons why many investors are still unsure of the project's future as issues continue to linger.
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XTZ/USD chart - YTD 2021
Conclusion
Tezos has proven to be like every other cryptocurrency, which will continue to bounce back, even if it hit lows. Its price analysis shows that it is a good investment in the long future. Despite the crypto asset hitting several lows this year, traders cannot ignore its growth. Crypto analysts are still optimistic that the token is still up for some bull run before the end of 2021, as prices are set to hit $10 before December 31, 2021.
Tezos
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