Tezos is a self-amending blockchain network which incorporates a formal, on-chain mechanism for proposing, selecting, testing, and activating protocol upgrades without the need to hard fork. Operates under liquid PoS consensus.
2014 – Arthur Breitman and Kathleen Breitman, started developing Tezos with a core group of developers
2017 – $232 million ICO
Feb 2018 – Dispute and Board reshuffle
Jun 2018 – Testnet launch
Sep 2018 – Mainnet Launch
Apr 2019 – First Exploration Vote
Upgrades to the protocol through proposal & voting process. Uses min quorum adapted to the average participation and and 80% of supermajority support level to pass.
Developers independently submit proposals for protocol upgrades and request for compensation for their work.
The request for compensation makes sure that the developers have a strong economic incentive to contribute to the ecosystem
The proposal goes through a testing period wherein the community tests the protocol and criticizes it for possible improvements.
After repeated testing, the Tezos token holders can then vote on whether the proposal should be approved or not.
Once a legitimate upgrade is decided on, a “hot swap” occurs on the protocol, which initiates the new version of the protocol.
460 bakers (analogue of block validators)
106 public delegates (who you can delegate your XTZ tokens if you have less then 10k)