Tezos, denoted by XTZ, is a blockchain network associated with a digital token. These tokens aren't mined as the network uses a Proof of Stake consensus protocol. The blockchain network is an open-source self-upgradable platform designed for creating and hosting applications and assets.

Stakeholders are tasked with the responsibility of governing … (read more)

Tezos, denoted by XTZ, is a blockchain network associated with a digital token. These tokens aren't mined as the network uses a Proof of Stake consensus protocol. The blockchain network is an open-source self-upgradable platform designed for creating and hosting applications and assets.

Stakeholders are tasked with the responsibility of governing upgrades for the primary protocol, including amendments made to the governing process.

Tezos decided to build a network where the decision-making process is inherently present, allowing stakeholders to take big decisions. Governance rules have been created for stakeholders that enable them to approve or disapprove network changes and upgrades without having to rely on hard forks. Any developer who wants to make a specific change can propose a protocol upgrade by attaching an invoice.

With decision making and governance rules built into the blockchain network, democracy decides where the project goes.