The blockchain industry is constantly growing to meet the needs of different industries. Behind that, several factors are pushing blockchain innovations. This includes technical updates, business expansion, and many other things. In this trending flow, some blockchains like Neo and TeZos are coping with innovations. And they are slowly taking the place of the Ethereum blockchain in the crypto space. In these, TeZos Blockchain is seeding business opportunities via energy efficiency, baking rewards, and forkless upgrades.
So, this article covers how TeZos blockchain performs well with its outstanding characteristics and why startups prefer this blockchain for their business. Let us start with the fundamentals…
What is TeZos blockchain and how is it unique?
TeZos is an open-source decentralized blockchain. The main focus of this blockchain is to address blockchain adoption issues. TeZos works under the Proof of Stake algorithm and executes peer-to-peer transactions. This lets the blockchain network offer higher liquidity with low energy consumption.
Due to the self-amending governance system, it is able to meet up with the latest advancements that meet the business standards. With this rare feature, the network could update itself automatically. This is how TeZos eliminates the need for hard forks. Yet, a hard fork is a common process in other blockchains. In addition to that, the smarter smart contracts and energy-efficient algorithms make them compatible with the web3 revolution.
With these revolutionary upgrades, TeZos proved itself unique from other blockchains. Further, this blockchain is quite developer-friendly in design. And it allows open participant collaboration in DApps development. Thus supporting DApp development, and immutability due to decentralization, TeZos is nearly similar to the Ethereum blockchain. But what makes this blockchain leads against its rivals are processing speed, scalability, and lower gas fee.
So, as a startup, you may now have a question: Is TeZos a strong competitor to Ethereum? Let us find the answer…
TeZos Blockchain – An Ethereum Competitor
The fundamentals make you clear on the purpose of developing a TeZos blockchain. But what it actually does is to avoid hard forks, eliminate security issues in smart contracts, and overcome the larger usage of blockchain resources. The way how this blockchain manages all these things is the answer to your question. Let us explore this in detail…
Energy efficiency
Ethereum blockchain is fully functional with a proof of work consensus algorithm. Thus it consumes a large amount of power for blockchain operations. But regarding TeZos, the delegated proof of stake algorithm consumes significantly lower power (0.001 TWh). And this makes TeZos offer greater transaction output. This is the reason many NFT and DeFi use cases are now live with the TeZos blockchain. The noteworthy thing is, Ethereum is still the ruler in the NFT and DeFi market to date. But TeZos may change this very soon.
Baking rewards
Baking rewards in TeZos are identical to the staking rewards in Ethereum. But, what causes the difference is the flexibility of this blockchain network. The native token of TeZos is Tez (XTZ). This token could offer more liquidity due to the flexibility of this blockchain. This helps TeZos perform better than the Ethereum blockchain.
Forkless upgrades
A fork is a process of upgrading and incorporating changes to the blockchain’s protocol by its developer community. Some blockchains use this for blockchain performance improvement. And some for improving blockchain security. But, TeZos is different in this case. And its self-amending feature keeps the network upgrading periodically. Thus it ensures its stance against security risks and lack of performance.
With the above-mentioned factors, TeZos is different from other blockchains. Besides, its decentralized functionality and efficient performance meet the business needs of many startups. Thus they consider this blockchain more and better than prominent blockchains for businesses. Further, the increasing market demand also makes this blockchain a perfect competitor to Ethereum. But when it comes to DApp development, startups need to understand its technical capabilities. Let us see why to choose…
TeZos blockchain for DApp Development
DApp development is a trendy business idea among crypto startups. This business move lets startups easily connect with the DeFi ecosystem. As you know, Ethereum is the key player in DApp development. With justifying features and technology stack, Ethereum has a large contribution to it. But now, TeZos is slowly settling the business perspective in favor of them. The valid features behind this move are,
Proof of Stake
The Ethereum-based DApps have encountered large scalability issues. But this is not the case in the TeZos blockchain. Because any stakeholder can participate in the baking (staking) process. This enables the blockchain to carry out larger transactions using the delegated proof of stake consensus mechanism. As a result, the DApps are free from scalability issues. And the blockchain’s security and stability have faced its perk.
On-Chain Governance
TeZos allows any stakeholder to participate in the governance of this blockchain. They have the authority to vote for the updates of the blockchain. The technical upgrades make this blockchain consistent to handle DApp’s business advancements.
Self-amendment
As discussed earlier, the self-amending protocols are responsible for TeZo’s upgrade. Besides, this blockchain never wishes to split its networks through hard forks. This unique updating process improves the execution and coordination of DApps with the blockchain network.
Smart Contracts and Formal Verification
As a startup, you may think about what makes TeZos smart contracts even smarter?
The Michelson programming language is the reason here. This formal verification capability of this language verifies the validity of the smart contract code mathematically. Thus smart contracts are well-tuned to achieve higher security of the DApps.
With these impressive features, TeZos blockchain becomes a perfect fit for DApp development. Along with this, the higher scalability, higher performance, and low power consumption are the factors that push many startups to choose TeZos blockchain for DApp development.
You may now clear that developing the TeZos blockchain with top-notch quality standards will potentially upgrade your business. Generally, integrating a business with blockchain technology needs a careful examination from a team of professional developers. In this regard, approaching ZAB Technologies – a prominent Blockchain Development Company is a wise option for you.
Our team of professional developers is experienced in diverse types of blockchain development. Hence, TeZos blockchain development with top-notch features is not a complex task in front of our developer’s skill set.
ZAB Technologies is a reputed blockchain development company in the industry. Our skilled developers meet clients’ demands with industry-leading technology stacks and tools. Also, we provide end-to-end services by maintaining quality standards in all the ways possible. So get in touch with us to realize your dream blockchain business in a progressive flow.
