Tezos’s seed protocol is based on a proof-of-stake system and supports Turing smart contracts. Tezos is implemented in OCaml, a functional programming language offering speed, an unambiguous syntax and semantic, and an ecosystem making Tezos a candidate for formal proofs of correctness. One of the Tezos’s feature is its ability to implement protocol capable of self-amendment. This is achieved by exposing two procedures functions to the protocol: set_test_protocol and promote_test_protocol. Tezos supports meta upgrades: the protocols can evolve by amending their own code. To achieve this, Tezos begins with a seed protocol defining a procedure for stakeholders to approve amendments to the protocol, including amendments to the voting procedure itself. Tezos’s proof-of-stake mechanism is a mix of several ideas, including Slasher, chain-of-activity, and proof-of-burn. The Tezos’s operations of a regular blockchain are implemented as a functional module abstracted into a shell responsible for network operations.
Fabrice Le Fessant
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Crowdsale token supply: unlimited - 10% of crowdsale token supply for the Foundation (4 years vesting period) - 10% of crowdsale token supply for the development team (4 years vesting period) - Bonuses: $422,000 - Early backers: $893,201