Cryptocurrencies came into vogue ever since the Bitcoins being the first cryptocurrencies were launched into the market among the masses. There are a lot of reasons if one wants to discover why or how did these cryptocurrencies make it this big in the world. One, it helps keep pace with the digitalization going on around us. Two, it is extremely easy to use and has a simple user interface. Three, it is a form of revolt against people who do not want to submit to the norms of the world.
Virtual Money as a concept is extremely rare and unique and almost often transports people to the age of the barter system. How? Everything is made simple with these virtual currencies which originated and stayed on the internet either offline or online. The mechanics of it is easy, you get these cryptocurrencies by either exchanging or purchasing them and then you get to use them to invest or make purchases or exchange them for other currencies.
The currency is either stored online or offline, offline is much safer if looked at the statistics. Because often there have always been reports of currencies being stolen online from wealthy or influential people.
What is Tezos?
To understand Tezos, we must first dive into exploring the concept of blockchain which is what helps execute the functioning of cryptocurrencies smoothly. Blockchain records information that stops t from getting tampered with in any possible way, the blocks in each chain are composed of a significant number of transactions. With more records of transactions being added every time.
Tezos identified as XTZ can be defined as a blockchain network that is linked to a digital token. This is called a tezzie or a tez. Tezos is open source and decentralized, the network can carry out transactions. Tezos facilitates both investors and developers for being one of the biggest platforms for smart contracts. Tezos happened in 2014, brainchild to Arthur Breitman and Kathleen Breitman, publishing the outline of this on a position paper.
Tezos since its beginning was focused on incorporating an on-chain mechanism of governance to lessen the cost of coordination in upgrading the blockchain.
Initial Coin Offering equals Initial Public Offering in cryptocurrency, an ICO is launched by a company which wants to create new coins, app or service to raise money. Interested investors can take part in the offering and get a new cryptocurrency token. The token representing a product or service from the company or a stake in the company or project.
With this up and running blockchain Tezos ICO has already managed to get around 53,418 Bitcoins and 273,068 Ethereum. One has to agree to the fact that numbers like these make Tezos ICO one of the biggest crypto-funding. Added to this is of course the fact that Tezos ICO is uncapped and holds no upper limit on the quantity of funding can raise.
Tezos ICO or the insane amount of success it received reminds people yet again of how much impact the innovation of cryptocurrencies has brought to the lives of the people and the market around us.