June 13, 2024

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A Peek into the Tez Cryptocurrency World with Tezos Fundraiser

Cryptocurrency is almost everywhere in the world. We would hardly find a person who isn’t familiar with the crypto world. That is the convenience of blockchain networking! No privacy checkups and authentications, no one to monitor the transactions, no interference from third parties, and whatnot, there is so much in store for us from cryptocurrencies.

Of course, people were skeptical about using these transactions initially. But once the benefits and transaction processes are clear, these seemed to be easier and more convenient. Where else can we skip the bank’s eyes! They are omnipresent, right? Privacy was one main reason for cryptos being so popular and widely used. 

Fundraiser Wallets:

People use cryptocurrencies for various purposes like business transactions, payments, etc. Before we proceed any further, we must understand the following fact. Whenever someone says they own cryptocurrency, it is not so. In fact, we own the private keys related to our currencies. These private keys are the security guards to our transactions. 

We usually have various hardware wallets to store these private keys, for they are the base for every transaction. Securing this information is absolutely essential as otherwise, we might end up losing everything we initiated. We now have advancement or rather a different type of wallets coming up in recent times. They are the fundraiser wallets. Tezos fundraiser is the catchiest and gripping among most of the existing ones. 

Tezos Fundraiser:

It is an open-source platform or a decentralized blockchain network for crypto transactions. Tezos also has a native cryptocurrency known as Tez, just like other blockchain service platforms. Tezos fundraiser works the best in deploying smart contracts and for performing peer-to-peer transactions. With over four hundred block validating nodes on its network, tezos works based on the pos model.

Proof of Stake Model:

Proof of stake is an extremely safest method of performing crypto transactions. In these transactions, the next block’s creator is chosen based on various random selection combinations and age or wealth. The pos mode leads to a distributed consensus in the crypto transactions. This fundraiser also follows an on-chain governance model wherein the protocol changes, as and when there is a favorable approval from the community. These methods eliminate the much-needed hard forks from the network. Sounds great, right! 

Features of Tezos Fundraiser:

Apart from the features listed above, this fundraiser presents us with the following intriguing features:

  • It easily upgrades itself as and when required without having to break the blockchain. So, there is a significant cut down in the execution and coordination costs during the protocol upgrades. 
  • The payments here can be either to a certain group or an individual. Doing this decentralizes the network and improves the protocols.
  • Every stakeholder has the chance to participate in amending the network’s protocols. It provides a systematic process for changing the protocols and reaches a common agreement.
  • Dishonest and corrupt participants can lose their deposits, while honest people can get rewarded through incentives.
  • If a person isn’t willing to participate in any process, he/she can transfer the rights to others on the network to participate on his/her behalf.