Tezos is a blockchain development platform that was created as an open-source technology. XTZ is the official cryptocurrency developed by the Tezos systems, which is listed among the top 20 cryptocurrencies with a current worth of more than $2 billion. XTZ resolves the purpose of developing a secure decentralized peer-to-peer network.

The Smart contracts are deployed to manage the Proof of Stake network that implements peer-peer transactions. The peculiarity of the Tezos platform is that it is a self-amending cryptographic ledger and can magnify according to the requirements. Hence the dApps built over Tezos allow swift trading of tokens and cryptographic coins.

Tezos blockchain network works on the decentralized ledger technique for managing applications and creates a formal verification system while empowering Smart Contracts. Here are some of the notable features of the Tezos network.

• Self-modification: The concept of Tezos network development is to get a system where hard forking is avoided while keeping the blockchain network in its easiest form, as the hard forking technique is not accepted as a regular mechanism.
• Authentic PoS: The uniqueness of the Tezos blockchain mechanism is that it allows all the users with any amount of token to participate as a delegate. It happens due to the Delegated Proof of Stake consensus protocol, which helps in the deployment process of Tezos nodes. Since all stakeholders can participate, they can also develop blocks and receive rewards.
• Formal Verification & Smart Contracts: Michelson is the official language of the Tezos network, which holds a formal verification facility and is used for writing Smart Contracts on Tezos. These Smart Contracts are self-correcting onto the Tezos platform, and the formal verification abilities authenticate the Smart Contract code.
• On-Chain Governance: The Tezos network allows every token holder to participate in the vote, known as protocol governance or on-chain governance. The process is beneficial for updating the blockchain, where the token holder’s participation determines the changes initiated in the protocol. However, it is up to the holders whether to accept the changes or not. On-chain governance allows transparency with minimum hard forks.

The Self-modification feature of the Tezos platform is an essential component, which is permitted by the Tezos network’s powered “Network Shell” for amending cryptographic ledgers. There are three main blockchain protocols involved in the Tezos platform’s working.

• Network Protocol: it is also called “Gossip Protocol,” which identifies the transactions between the nodes. The other functions are broadcasting blocks to the network, blockchain download, and peers detection.
• Transaction Protocol: it defines the formal scripting language used in creating cryptocurrency. Similar to the “Bitcoins,” the transaction protocol has the codes to mine the coin and apply the digital signature for transaction verification. The changes made in the transaction protocol are called “soft forks.”
• Consensus Protocol: It is helpful in reaching the consensus across the nodes in the blockchain network. The consensus protocol in the Tezos platform is called Delegated Proof of Stake.

The Tezos platform offers some of the most significant advantages over other blockchain platforms.

• It is the only network with a facility of a decentralized auto-upgrading system.
• The Tezos platform applies the upgrades without the hard forks due to the fixed rules and is beneficial in improvisation.
• The system security is managed by the Delegated Proof of Stake protocol.
• The platform is based on Smart Contracts, which is scalable & reliable, which is helpful for all enterprises.
• It enables high scalability with an enhanced performance level.