What Is Tezos?

Tezos (XTZ) is an open-source decentralized blockchain network platform linked to a digital token known as a Tez. It is an application backed by a community of builders, researchers, and validators. XTZ can be earned by an individual who holds 8000 or more Tez and becomes a “baker”. Additionally, users can stake their Tez and receive periodic payments based on the amount they have staked.

 

What Determines Price of Tezos?

 

Popularity

 

The growing popularity of staking Tezos, especially in 2019 and 2020, boosted its price. The more users that stake the coin, the less coins in circulation, which can lead to price appreciation.

 

Adoption of Tezos

 

The biggest companies in the world are now adopting cryptocurrencies as a medium of payment such as Tesla, PayPal, Microsoft, and Subway. As more companies and individuals adopt Tezos as a viable payment option, this increases the blockchain’s utility, demand and value.

 

Cryptocurrency Market

 

The value of Bitcoin is often a strong indicator of the health of the cryptocurrency market. As the leading cryptocurrency, Bitcoin’s price impacts the price of all other cryptos. For example, if Bitcoin is trading at higher levels, Tezos’ price has the potential to increase.

How to Buy Tezos?

 

To buy Tezos, set up an account through a cryptocurrency exchange or brokerage with a well-regulated and insured trading platform. Your information, such as your ID and bank account, is needed to create an account. 

 

Next, set up a Tezos wallet to store your XTZ securely. After these steps are complete, you are ready to purchase Tezos.

 

Where Can I Buy Tezos?

 

Cryptocurrency Exchange

 

A cryptocurrency exchange is a digital platform where you buy, sell, and trade cryptocurrencies. As mentioned above, you need to have a validated account before engaging in any activity. Examples of trading platforms are Binance, Kraken, and Coinbase Pro. These platforms are easy to use and provide helpful tutorials for newcomers. Additionally, some of the leading trading platforms are available as mobile apps. 

 

Cryptocurrency Broker

 

A cryptocurrency broker is a platform or an individual who acts as a third party for people who want to trade money for a product or a service. A cryptocurrency broker offers financial services to buy or sell cryptocurrencies for an exchange of price set by the broker.

 

Apart from Cryptocurrency Exchanges and Cryptocurrency Brokers, Tezos can be purchased and traded through peer to peer private transactions between two individuals.

When Is It a Good Time to Buy Tezos?

 

Cryptocurrencies like Tezos are very volatile, and prices may fluctuate dramatically and quickly. The key to gaining returns on your investment is to buy when the price is low for optimal return. Keep an eye on market trends, trading blogs, and the pricing dynamics of the overall cryptocurrency market to determine when the price of Tezos might be less. 

What Should I Consider When Buying Tezos?

 

Tezos future potential

 

Tezos is an altcoin with strong fundamentals as it is responsive to technological developments concerning the blockchain. Additionally, the project leaders are often indicative of that company’s trajectory. Orient yourself with the leaders of Tezos and their track record.

 

The long-term potential of Tezos stems from its strong foundation. The design of the blockchain is centered on security, making it credible and transparent. The platform is easy to scale up, owing to its upgradability features. Finally, the chain scores high on sustainability. On security features, the platform provides safety and robust code at both the protocol and application levels. Its proof of stake consensus algorithm makes the chain sustainable, energy-efficient, and fast. All these properties make Tezos a strong project for the long run.

 

Review the whitepaper

 

To understand Tezos’ function, future roadmap, and the people who created it, read the Tezos whitepaper. It will help you understand Tezos’ future use cases and scalability potential which is vital to a digital asset’s long-term success.  

 

Alternative Coins

 

An altcoin is the combination of two words, alternative and coin. These are the alternative cryptocurrencies to Bitcoin. Altcoin examples include Tezos, Cardano, Ethereum, VeChain, Alice, Linear, and PKT Cash.

 

Cardano

 

Cardano (ADA) efficiently leverages the proof-of-stake consensus algorithm which is less energy-intensive than Bitcoin’s proof of work algorithm. In 2020, the currency network went through a major upgrade that helped its blockchain become 50 to 100-times more decentralized compared to its peers in the large blockchain category. A subsequent hard-fork launch in September 2021 helped the network become conducive for the development and deployment of Smart Contracts and allowed native DApps to be built on the blockchain. 

 

When it comes to securing the network, Cardano’s PoS protocol Ouroboros is environmentally sustainable and verifiably secure. Data suggests that the Ouroboros makes Cardano 4-times more energy-efficient than Bitcoin. 

 

Ethereum

 

Ethereum (ETH) is the second-most representative currency in the crypto space after Bitcoin. Ethereum alone occupies nearly 18% of the cryptocurrency market. Developed on a decentralized and open-source blockchain system, the utility of Ether has surpassed that of its own and serves as a platform for many other cryptocurrencies. 

 

In recent times, Ethereum underwent one of its most significant upgrades, known as the EIP-1559. EIP stands for Ethereum Improvement Plan. This upgrade marked the beginning of a regime where users would not have to participate in an auction for their transactions to be selected by a miner. Rather than bidding, the improvement plan introduced an automated bidding system that includes a transaction base fee for transactions to be included in the next block. 

 

There is also the provision for a priority fee for users who want a speedier inclusion for their transactions. EIP-1559 also came with a fee-burning mechanism. The mechanism helps burn and remove a part of every transaction fee out of circulation, which lowers Ether’s circulating supply and increases the token’s value over time. 

 

VeChain

 

VeChain (VET) has two currencies. VET and VeThor. Having two unique tokens for a singular network helps avoid network congestion while absorbing fee fluctuations. The VET token, in specific, helps with transactions and other activities. The VET holders also qualify for a small amount of passive VTHO income that helps pay fees and works as a gas token. The VET token leverages the Proof of Authority consensus algorithm. The PoA mechanism consumes significantly low computing power and is far more energy-efficient than Bitcoin. The VeChain carbon footprint, active at just 2.4% of the emissions of mining a single Bitcoin, makes PoA efficient and secure. 

 

Alice 

 

Alice (ALICE), the native token of the My Neighbor Alice play-to-earn platform, is an in-game currency. Players or participants of the platform can spend these tokens to purchase items or Virtual Land. Players can also charge other players for visiting their virtual islands. Alice helps collect the revenue in that case. Alice also qualifies for staking. Users can deploy Alice to unlock special quests. Token holders also qualify for voting on the platform’s governance.

 

Linear

 

Linear (LINA) empowers a robust ecosystem of projects across multiple use cases. It enables a review platform, a farm management facility on the blockchain, an agricultural e-commerce platform, an electronic health record storage and management system, a platform that digitizes information of citizens, verified by the government.

 

PKT Cash

 

PKT Cash (PKT) is a fork for Bitcoin, and it is the world’s first bandwidth-hard proof of work. It supports a decentralized bandwidth market and micro-transactions with zero gas fees. It is a mined coin, and the minting happens every 60 seconds from a persistent internet connection that leverages the PacketCrypt proof of work. PacketCrypt generates the mining bandwidth and encryption which helps power the PKT network. Miners receive financial incentives to set up, operate and maintain PKT’s global, high-speed data infrastructure. Learn more about PKT Cash.

 

Where to Buy PKT Cash?

 

PKT is listed on major trading platforms like Bittrex Global and BitMart. 

 

You can also buy wrapped PKT ($wPKT), a token pegged to PKT on a 1:1 basis, on PancakeSwap. To trade wPKT, you must go to PancakeSwap and set up a MetaMask wallet. Fund your wallet with BNB, and then you buy wPKT. Once you have wPKT, you can choose to safely swap back into PKT using a website called ODApp.io or keep your tokens in your wallet.

Where to Mine PKT?

 

PKT is a proof-of-work mined coin; however, for mining, this coin uses the world’s first proof-of-work algorithm called PacketCrypt. Anyone can participate in announcement mining by simply joining a PKT mining pool or multiple PKT mining pools of their choice. Announcement mining is a common technique and involves miners sending encrypted data to a PKT mining pool. This effort moves data across the PKT Network.

 

The appeal of PKT is that it is a new technology with the advantage of real-world application in providing access to the internet. PKT has fast transaction speeds and near-zero gas fees, which expands the network’s utility value. The coin’s utility value of paying for bandwidth and powering a high speed, decentralized network makes it a coin with strong fundamentals.

Conclusion

 

As Tezos has become a strong cryptocurrency project that offers smart contract security and self-upgrade procedures. Tezos Foundation is a supportive community that runs by incentives to improve its protocol and the ecosystem. Before investing in this coin, make sure to do thorough research and exploration.

 

PKT is a technology that decentralizes access to the internet. This is accomplished by empowering people worldwide to connect infrastructure to the PKT Network to earn PKT Cash. PKT Cash is the cryptocurrency that powers the network and is designed to support microtransactions for bandwidth transactions. The low cost, high speed PKT Network is designed to help get the next billion people online.

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