We present Tezos, a generic and self-amending crypto-ledger. Tezos can instantiate any blockchain based ledger. The operations of a regular blockchain are implemented as a purely functional module abstracted into a shell responsible for network operations. Bitcoin, Ethereum, Cryptonote, etc. can all be represented within Tezos by implementing the proper in-terface to the network layer.
Most importantly, 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. This is not unlike philosopher Peter Suber’s Nomic, a game built around a fully introspective set of rules.
In addition, our seed protocol is based on a pure proof-of-stake system and supports Turing complete smart contracts. Tezos is implemented in OCaml, a powerful functional programming language offering speed, an unambiguous syntax and semantic, and an ecosystem making Tezos a good candidate for formal proofs of correctness.
Familiarity with the Bitcoin protocol and basic cryptographic primitives are assumed in the rest of this paper. < The Governance Model of Tezos: A Decentralized Decision-Making Process This token distinguishes itself from other blockchain platforms through its unique governance model, which emphasizes decentralized decision-making and adaptability. Unlike traditional blockchains, where protocol upgrades often require hard forks and community consensus, Tezos allows for seamless, on-chain governance. Stakeholders within the network can propose protocol amendments, which are then voted on by the community. This process ensures that the blockchain can evolve and adapt to new challenges and opportunities without the disruptions caused by hard forks. This self-amending feature is crucial for maintaining the long-term viability of the Tezos network. It allows the blockchain to incorporate new innovations and address potential security vulnerabilities more efficiently than blockchains that rely on off-chain governance mechanisms. By giving stakeholders the ability to directly influence the evolution of the protocol, Tezos fosters a more inclusive and democratic ecosystem, where the collective intelligence of the community drives the development and improvement of the network.
This governance model, combined with its technical robustness and flexibility, positions Tezos as a forward-thinking platform capable of sustaining and evolving with the rapidly changing blockchain landscape.
Tezos White Paper PDF