As the fiasco unfolded, the name “tezos” became crypto-world shorthand for ICO avarice. On one Ethereum-news site, a contributor wrote that Tezos was “a reminder for us all that the greed of the few could ruin great ideas and ventures for everyone.” Redditors called Tezos “the worst scam since Mt Gox.” Maybe Gevers was a bad actor, some allowed, but the Breitmans had installed him in the first place. Tezos crypto price Proof of People, an immersive three-day art festival held in London and presented by VerticalCryptoArt, was powered by the Tezos blockchain. The event combined the best of the metaverse with a real-world experience. More than 50 artists from around the world shared multisensory experiences, musical performances and a digital fashion showroom. A hackathon occurred, offering opportunities to introduce improvements to the Tezos blockchain. Events like this bode well for the future of the blockchain and its native coin, XTZ.

The XTZ token is the native cryptocurrency of the Tezos protocol. Its main use case is to participate in the LPoS consensus process of the Tezos protocol. Since Tezos is a self-amending blockchain, XTZ is also used for on-chain governance voting for chain upgrades. As the main party in securing the network, bakers also serve as voters for the Tezos upgrade process, with the importance of their votes allocated according to the size of their stakes. Tezos Trading & Investing Guides This eliminates the need to change the direction, focus, or current goal of the blockchain project by splitting it. Ultimately, having on-chain governance allows it to avoid having forks in the future. Tezos uses a delegated Proof-of-Stake, or DPoS, model, meaning coin owners can stake XTZ and receive rewards for keeping the project running. Through baking, new Tezos coins come into circulation, adding 5% to the total supply each year.