These slides cover the Tezos cryptocurrency, a project with unique governance and an ability for the network to update itself.

1. Tezos
Cryptocurrency
Explained
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2. What is Tezos (XTZ) ?
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● Created by mathematician Arthur Breitman
● Token is called “Tez” or “Tezzie”
● ICO: July 1, 2017 ($232 million BTC and ETH!)
● A censor proof, open source, PoS blockchain ledger
for smart contracts, apps, and assets.
● Uses formal verification (OCaml) to mathematically
prove the smart contracts on their blockchain.
● Was troubled by legal issues and bear market,
but a good price run since early 2019
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3. Formal Verification
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● Uses functional language: OCaml, Michelson
● Used in sensitive industries such as: nuclear
power, aircraft, and medicine
● There is 100% mathematical proof that a smart
contract will behave correctly / accurately and
avoid bugs or openings for hackers.
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4. (Delegated) Proof of Stake Validation
⬥ Participants are chosen at start of block cycle
⬥ Virtual validation of blockchain, called “baking”
⬥ Tez stakers have the chance to help validate,
earning interest on coins as blocks are created.
⬥ Participants need 8,000 Tez, but can delegate.
⬥ 2 types of delegates: Bakers create blocks,
endorsers agree on blocks.
⬥ Both need a Tez deposit and are rewarded.
⬥ Attackers lose their deposited coins.
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5. Tezos’ Unique Governance
⬥ The developers submit protocol changes along
with a reward price for compensation.
⬥ This makes it self upgrading to remain viable.
⬥ Has an election cycle for voting on protocol
⬥ Makes governance decentralized for bakers.
⬥ Is flexible and adaptable to new use cases and
pain points. Evolves based on network users.
⬥ Seems to be the best fit for future developments.
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6. Early Legal Battles
⬥ Dispute between president, investors and
rights owners of the tech (the Breitmans)
⬥ Launch of the network was delayed.
⬥ Investors sued to get their money back.
⬥ Claimed that Tez was unregistered security
⬥ Launched in 2018, made a comeback early 2020
⬥ Cointelegraph has a detailed report on this.
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