Page Summary
Tezos is a decentralized open-source blockchain project where users can execute peer-to-peer transactions and deploy smart contracts. Tez (XTZ) is the native token of the Tezos blockchain. Arthur and Kathleen Breitman created Tezos in 2014. In 2017 they founded the non-profit Tezos Foundation in Zug, Switzerland to support the project. With this foundation, they raised $232 million in Bitcoin and Ethereum in one of the biggest initial coin offerings.
How does Tezos work?
Tezos uses proof-of-stake to reach consensus and has an on-chain governance model in place. This makes it possible to amend the protocol when deemed necessary.
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