Tezos comes from the Ancient Greek word for Smart Contract. As a decentralized blockchain, Tezos manages itself by establishing a real digital federation to simplify formal verification. The technology mathematically ensures the accuracy of the transaction code and improves the security of smart contracts. Tezos is a universal, self-evolving cryptographic digital ledger. Its biggest advantage is that it can absorb the good aspects of any blockchain-based ledger, which implements various operations on the conventional blockchain as simple functional modules. These operations are utilized by the network Shell Shell to process network layer tasks. Bitcoin, Ethereum, Cryptonote and so on can be realized in Tezos through the network layer interface, and then be represented.

Tezos aims to solve the dreaded hard forks problem that pervades the crypto industry. Bitcoin, the first cryptocurrency, has experienced a total of 44 hard forks in its 11 years of existence. It is well known that block chain upgrade is very difficult and it's easy to have a bifurcation problem, such as COINS, etheric fang had seen bifurcate COINS, and these different chain, Tezos the chain have self-healing function, namely the scrip holders can do nodes, their mortgage tokens can entrust tokens "bakers" indirect participation in governance, In addition, technical upgrade and iteration are carried out to avoid bifurcation to the greatest extent, thus achieving stable upgrade.

The goal of Tezos is not to prevent forks, and disagreements are normal. Their solution was to find effective and formal procedures to determine which side won. In this way, the community no longer needs to be divided. The Tezos protocol has been carefully designed to facilitate parameter correction and protocol iteration. With on-chain autonomous systems, token holders can decide the upgrade path and priority of the system, which will help resolve disputes and avoid hard forks.

Tezos uses the same DPOS algorithm as EOS. On Tezos, verifiers are called Bakers. There is no limit to the number of Bakers. The condition for becoming a baster is to pledge a certain amount of Tezos token (XTZ) to participate in consensus. Mortgaged tokens are measured in "rolls", each representing 10,000 XTZ. Each volume of mortgage's XTZ has a unique ID, and this ID will play an important role in the selection of verifiers in the consensus process. Blocks produced on Tezos are calculated in Cycles, and there are 4096 blocks in a cycle. Based on the block generation time of one minute, a cycle is 2 days, 20 hours and 16 minutes. As a reward for participating in consensus and keeping the network stable, bakers are rewarded with XTZ. The reward is 16XTZ per block and 2XTZ per signature.

Tezos is characterized by support for smart contracts, with its own smart contract language, the first proposed through mathematical proof of code homemade transaction and network consensus mechanism, to solve the current thorny network upgrade fork problem. Tezos is a decentralized blockchain that governs itself by establishing a true digital federation, making formal verification easy. The technology mathematically ensures the accuracy of the transaction code and improves the security of smart contracts. Tezos is a universal, self-evolving cryptographic digital ledger. The biggest advantage of Tezos is that it can absorb the good aspects of any blockchain-based ledger, which implements operations on a regular blockchain as pure functional modules. These operations are utilized to process network layer tasks through a network shell. Tezos's self-healing capabilities allow for resolving any disagreements through on-chain governance, which can help eliminate hard forks around some major blockchains, allowing the network to adjust and improve over time. The Tezos Foundation has sufficient resources to support the development of the protocol. The foundation is one of the most funded foundations for blockchain projects and has been actively providing grants to those who help develop the ecosystem. But the throughput of the Tezos network is currently around 40 transactions per second, and there are many blockchain projects looking to achieve higher throughput, a level of capacity that is not sufficient to support large-scale adoption.

(1) Self-correcting ability, which can be upgraded without separating two different blockchains. This is important because a fork proposal or expectation can divide the community, change the incentives, and be opposed by interested parties. Due to self-correcting capabilities, the cost of coordination and implementation of protocol upgrades is reduced, and future innovations can be seamlessly delivered to everyone. (2) Blockchain governance, the management of the house of Representatives model, all stakeholders can participate in the management agreement. Elections can bring much convenience to stakeholders and provide a formal and systematic mechanism for easy agreement on proposed amendments to agreements, demonstrating efficiency. (3) Decentralized innovation. The community of interests can pay developers by using the principle of knowledge payment, which is easy to motivate individuals and teams to participate actively and make the maintenance of the network decentralized. To provide a new, open, diverse developer ecosystem that incentivizes contributions to its agreements! This is a good point, is that we understand the product development department, never stop. (4) Smart contracts and formal verification. Tezos provides a platform for creating smart contracts and building decentralized applications that cannot be reviewed or closed by third parties. Formalize the verification mechanism, using mathematical model to verify the reliability and security of the program. If good program technology can reduce the high cost. (5) Proof of equity: nodes maintain the daily operation of the network. Proof of equity is a mechanism of consensus reached between each Tezos participant and blockchain. Anyone who contributes to the network can participate and be paid accordingly. It can be seen that the threshold is very low, as long as there is ability is not afraid of useless. (6) Delegation, rewards and punishment, this is very consistent with corporate governance, very good. Reward positive people, honest people, and mistakes will pay a price.

Tezos also introduces very advanced proforma verification technology, which greatly reduces the potential vulnerabilities of smart contract writing. More advanced DPoS mining algorithms allow coin holders to maintain blockchain security by entrusting or self-running nodes, as well as receiving rewards.