Bitcoin has continued to top the cryptocurrency market since its inception, due to its durability and market value. It further experienced exponential growth this year when its price hit $10,000 USD early may.
However, some other cryptocurrencies have also experienced a substantial increase in value and price. One of such coins is Tezos.
According to Wikipedia, Tezos is a technology for deploying a blockchain capable of modifying its own set of rules with minimal disruption to the network through an on-chain governance model.
Tezos, unlike bitcoin, operates on the “proof of stake” system of mining which gives miners mining power based on the number of tezos they hold.
This more protects the cryptocurrency and boosts its value as it attracts more attention due to this single attribute.
This system proves its reliability, as miners won’t be able to hack into the network to disrupt the system, and even if they do, it’s less profitable.
Tezos has doubled in price and risen by 85% since the beginning of this year. It now has a market capitalization of almost $1.8 billion USD. And has joined the top ten most valuable cryptocurrency.
The founder of Market analysis firm Quantum Economics, Mati Greenspan, who also holds some tezos remarked, “Tezos seems to be one of the most popular platforms for new projects to build on at the moment”.
“Tezos is not a proof-of-work based coin, so it can’t be mined,” said Joe DiPasquale, chief executive of hedge fund manager BitBull Capital.
“However, it is one of the more promising projects to come out of the initial coin offering-era, which gives it an edge in times such as these, when the bitcoin price appreciates and lifts the market for a select-few, quality projects.”